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MSE News: Millions of Barclaycard and Lloyds credit card customers face higher intere

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Former_MSE_Helen
Former_MSE_Helen Posts: 2,382 Forumite
in Credit cards
Barclaycard and Lloyds' credit card customers will have their interest rates linked to the Bank of England base rate...
Read the full story:

Millions of Barclaycard and Lloyds credit card customers face higher interest rates

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Comments

  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    This is old news!
    Mine was advised months ago.
    No rise in interest rate for me - not until base rate increases at least.
  • MABLE
    MABLE Posts: 4,231 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Mine on my Avios card is staying at 11.95 percent for purchases and cash advances.

    However never draw cash on cards and pay in full every month.
  • 20aday
    20aday Posts: 2,610 Forumite
    Ninth Anniversary 1,000 Posts Combo Breaker PPI Party Pooper
    Old news for me too-Lloyds Bank notified me of the change back in July of this year.
    It's not your credit score that counts, it's your credit history. Any replies are my own personal opinion and not a representation of my employer.
  • Ben8282
    Ben8282 Posts: 4,821 Forumite
    1,000 Posts Combo Breaker Newshound!
    jonesMUFCforever wrote: »
    This is old news!
    Mine was advised months ago.
    No rise in interest rate for me - not until base rate increases at least.


    So was mine. In fact I would say it was years ago now. Have not been advised of any interest rate increase though.
  • No_6
    No_6 Posts: 835 Forumite
    Part of the Furniture Combo Breaker
    Who pays interest on a CC card if they use them wisely ?
  • chuckley
    chuckley Posts: 4,405 Forumite
    Part of the Furniture
    Barclaycard told me I'd pay an extra 21p per £1000
  • NoNoDrama
    NoNoDrama Posts: 237 Forumite
    Why are they doing this? Adding base rate to existing interest rate? Is it forced by the government or are they just rinsing extra money out of people?
  • SnowTiger
    SnowTiger Posts: 4,461 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    chuckley wrote: »
    Barclaycard told me I'd pay an extra 21p per £1000

    For every 0.25% the BoE Base Rate rises.
    As an example, let's say the Bank of England Base Rate goes up by 0.25%. You'll then pay 21p a month more in interest for every £1,000 of your balance.
  • SnowTiger
    SnowTiger Posts: 4,461 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    NoNoDrama wrote: »
    Why are they doing this? Adding base rate to existing interest rate? Is it forced by the government or are they just rinsing extra money out of people?

    They're not adding the Base Rate.

    They're splitting the APR in two. Someone whose APR is currently 18.9% will have a personal rate of 18.4% plus the BoE rate of 0.5%.
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