Reduce Barclaycard interest rate

Raniator

Hi there!

I'm new here so thought I'd say hello first :T

My question is: has anyone been successful is speaking to Barclaycard and getting their interest rate reduced?

I'm going to give them a call to ask but am curious to hear people's experiences here first… I had a letter a while ago (probably about 12 months ago, could be more) telling me they were going to increase the interest rate on my card. I'm aware of the rule where you can object to this but only learnt about that way after the deadline.

Has anyone succeeded and got them to drop it or offer any other offer to help with repayments?

Thanks,
R.

Fruit_and_Nut_Case

Welcome to MSE :wave:

Raniator wrote: »

I'm aware of the rule where you can object to this but only learnt about that way after the deadline.

That information should have been on the letter they sent you. If it wasn't I think you may have grounds for complaint.

Raniator

Fruit_and_Nut_Case wrote: »

Welcome to MSE :wave:



That information should have been on the letter they sent you. If it wasn't I think you may have grounds for complaint.

Well that's interesting in itself… I don't still have the letter, but I guess I can always ask the question?

ukdiva

Just to share my recent demise with you. So I had racked up approx £14k on two Barclaycard credit cards and decided to try to confront the problem head-on. My circumstances changed since 2013 and I was really struggling and had no way out. I took MSE's advice and mid October I rang B/Card requesting an interest rate reduction but to my dismay they refused. Not the one to back down easily I had to speak strongly to them and also threatened with FOS (which I still intend to do), to get them to listen. My interest rates were 16.9% and 18.9 % and after me raising a complaint with them regarding my loyalty as I have been with them for more than 10 years and kept my account in good standing, they decided to look into the matter. I raised a complaint and nearing around 56 days they relented and agreed to decrease it 12.9%. It was a very difficult battle to follow but it is imperative that you raise a complaint and then apply non-stop pressure until you get a feasible outcome. The last thing they want to hear is the FOS, because they are charged £500 for each complaint raised to the ombudsman. I hope this helps you out.

leeroy2009

Raniator wrote: »

Hi there!

I'm new here so thought I'd say hello first :T

My question is: has anyone been successful is speaking to Barclaycard and getting their interest rate reduced?

I'm going to give them a call to ask but am curious to hear people's experiences here first… I had a letter a while ago (probably about 12 months ago, could be more) telling me they were going to increase the interest rate on my card. I'm aware of the rule where you can object to this but only learnt about that way after the deadline.

Has anyone succeeded and got them to drop it or offer any other offer to help with repayments?

Thanks,
R.

yes Barclaycard can and will reduce the apr, countless threads on here about them doing just that, and not just with thoses in financial difficulty

leeroy2009

ukdiva wrote: »

Just to share my recent demise with you. So I had racked up approx £14k on two Barclaycard credit cards and decided to try to confront the problem head-on. My circumstances changed since 2013 and I was really struggling and had no way out. I took MSE's advice and mid October I rang B/Card requesting an interest rate reduction but to my dismay they refused. Not the one to back down easily I had to speak strongly to them and also threatened with FOS (which I still intend to do), to get them to listen. My interest rates were 16.9% and 18.9 % and after me raising a complaint with them regarding my loyalty as I have been with them for more than 10 years and kept my account in good standing, they decided to look into the matter. I raised a complaint and nearing around 56 days they relented and agreed to decrease it 12.9%. It was a very difficult battle to follow but it is imperative that you raise a complaint and then apply non-stop pressure until you get a feasible outcome. The last thing they want to hear is the FOS, because they are charged £500 for each complaint raised to the ombudsman. I hope this helps you out.

I have a strong suspicion they only reduced yours to shut you up lol, im actually highly confident the fos would of also found in Barclaycards favour should they of not given into you.


some of us including myself get apr reductions every year or so, and ive had quite a few apr reductions my self, not because I had financial difficulty's though, quite simply because the computer allowed to advisor to reduce the apr.

meer53

ukdiva wrote: »

Just to share my recent demise with you. So I had racked up approx £14k on two Barclaycard credit cards and decided to try to confront the problem head-on. My circumstances changed since 2013 and I was really struggling and had no way out. I took MSE's advice and mid October I rang B/Card requesting an interest rate reduction but to my dismay they refused. Not the one to back down easily I had to speak strongly to them and also threatened with FOS (which I still intend to do), to get them to listen. My interest rates were 16.9% and 18.9 % and after me raising a complaint with them regarding my loyalty as I have been with them for more than 10 years and kept my account in good standing, they decided to look into the matter. I raised a complaint and nearing around 56 days they relented and agreed to decrease it 12.9%. It was a very difficult battle to follow but it is imperative that you raise a complaint and then apply non-stop pressure until you get a feasible outcome. The last thing they want to hear is the FOS, because they are charged £500 for each complaint raised to the ombudsman. I hope this helps you out.

What are you going to FOS about ? They reduced your interest rate for you after you complained. What do you expect FOS to do ?

I can't see what Barclays have done wrong really, you've spent their money, knowing full well what their interest rates were, i'd accept their reduction and shut up now otherwise you may find a little note added to your account about your "financial difficulties". Those interest rates aren't bad really compared to some.

It's usually best to speak nicely to people when you're asking for something, not threaten them.

PeacefulWaters

ukdiva wrote: »

Just to share my recent demise with you. So I had racked up approx £14k on two Barclaycard credit cards and decided to try to confront the problem head-on. My circumstances changed since 2013 and I was really struggling and had no way out. I took MSE's advice and mid October I rang B/Card requesting an interest rate reduction but to my dismay they refused. Not the one to back down easily I had to speak strongly to them and also threatened with FOS (which I still intend to do), to get them to listen. My interest rates were 16.9% and 18.9 % and after me raising a complaint with them regarding my loyalty as I have been with them for more than 10 years and kept my account in good standing, they decided to look into the matter. I raised a complaint and nearing around 56 days they relented and agreed to decrease it 12.9%. It was a very difficult battle to follow but it is imperative that you raise a complaint and then apply non-stop pressure until you get a feasible outcome. The last thing they want to hear is the FOS, because they are charged £500 for each complaint raised to the ombudsman. I hope this helps you out.

The FOS cannot compel Barclays to change an interest rate as that's a commercial decision.

No £500 fee will be charged and the complaint won't progress.

YorkshireBoy

ukdiva wrote: »

The last thing they want to hear is the FOS, because they are charged £500 for each complaint raised to the ombudsman.

Wrong on two counts...

1. The case fee is £550 and has been for some time, and

2. Only 1 in 6 complaints incur a case fee because they are passed up to an adjudicator. The others are handled for free(!) by frontline staff. Yours would have been one of these and, as others have said, been swiftly thrown out.

Other than that, the bit I quoted above is spot on.

Serendipitious

Barclaycard once told me that the best way to get eligible for automatic rate reductions is to make extra payments every month for around 6 months.

The tricky bit about doing that (if your direct debit is set to pay the minimum each month) is that you only have a 6 day window in which to make any extra payments. This window is apparently in the days leading up to the direct debit being taken from your bank, according to their staff. Anything outside of that (if your direct debit is set up to pay the minimum) will be deducted from that month's direct debit. So say the minimum is £100 coming out of your bank on 21st, and you pay an 'extra' £30 on the 7th, their direct debit will only take £70 on 21st. Which seems daft to me but that is how it is. Whereas if you pay the extra £30 on the 19th or 20th, the system will accept that and will also take the £100 on 21st, meaning you have succeeded in making an extra payment that month.