Not smiling anymore

Milarky

My Smile classic credit card statement for July is showing an increase in the standard interest rate from 1.313 (16.9 APR) to 1.456 (18.9). A pretty usual rate change these days you'll agree. However my concern is:

1) They only produce online statements
2) The statements don't appear to note applicable interest rates anywhere on them (I only know about this change because I happen to have a revolving balance, and have been charged this interest, which at any other time I would not)
3) When a change of interest rate normally occurs credit cards typically raise a statement (i.e a paper statement) at least 30 days in advance. This happens even on accounts not being used - hence a blank statement with no transactions, accompanied by a printed 'Notice of variation' of some kind)
4) Smile could have sent an email notification about this but I don't remember getting one (and I check my spam folder daily so doubt I missed it there) I suppose the notice COULD have been contained in their 'Smilemore' brochure which I do receive (and promptly delete without close study) of course...

Anyone else with a Smile card remember getting any notice of this latest rate change I wonder?

ad44downey

No, they never informed me either. All the credit card companies seem to be at it.

Hazzanet

Last one I got was 26/04:

As a smile credit card customer, we're required to let you know about any changes relating to your account with smile. If you want to drop us a line regarding this email you should contact our enquiries team at [EMAIL="questions_for_you@smile.co.uk"]questions_for_you@smile.co.uk[/EMAIL] - please don't reply to this email as this mailbox can't accept incoming mail.

From 1st June 2007, we'll be changing rates on our smile credit cards.

As a Classic card customer with a smile current account your standard rate will be changing from 13.9% APR typical to 15.9% APR typical. You'll still benefit from 0.5% cashback on every penny you spend*. Here are the new rates:

Classic with a smile current account

Purchases, Cheques, Balance Transfers
Present 13.9% per annum
New 15.9% per annum

Cash
Present 16.9% per annum
New 18.9% per annum

And remember, as a smile current account customer, you'll still get a preferential rate on your credit card.

smile

Milarky

Hazzanet,
Whoops! I did get that email also in April and the rate change is all there in black and white. The weird thing is I actually sent them a sarky email at the time, which said:


"To be fair, yours is not the biggest hike I have seen. This month, my Alliance and Leicester credit card when straight up from 16.9 to 24.9 percent - and they haven't even informed me of it yet (I simply spotted the change in monthly interest in small printing at the foot of my statement)"

But I forgot all about it in the meantime (Oh, and I don't read anything closely enough!)