Sky Mastercard

djb999

Have had sky mastercard for around 18 months with a £1500 credit limit. I took out as it had 0% purchases offer for a year which was very appealing to me at the time. Anyway after 12 months the standard
interest rate came into play which i now see was 2.27% monthly interest on purchases which was bad enough but 2 months ago it was increased agin to 2.529%. Are credit card companies just allowed to increase their rates, to this extent, when their advertised rate was a lot lower? Also been reading a lot of articles on here abour 0% balance transfers or low life of balance offers which sound great but with a less than perfect credit rating would i even be accepted? Have recently been "upgraded" by LloydsTSB platinum mastercard with a reasonable monthly interest rate of 1.385% so would that have any sway with Sky lowering the rate? As i am having a whinge, would like to know if LLoyds are contravening trade description law when advertising in their promotional leaflets/literature that the minimum credit limit on a platinum mastercard is £3500 when my limit is only £1000. Phoned them re: this and they offered to see whether they could increase my limit which was subsequently declined! Therefore not everybody with a platinum m/card has a minimum limit of £3500. Are they allowed to advertise this as such if, in fact ,it is not true or accurate?

YorkshireBoy

djb999 wrote: »

Anyway after 12 months the standard interest rate came into play which i now see was 2.27% monthly interest on purchases which was bad enough but 2 months ago it was increased agin to 2.529%. Are credit card companies just allowed to increase their rates, to this extent, when their advertised rate was a lot lower?

Yes. They price for risk, and especially so in the current climate.

Also been reading a lot of articles on here abour 0% balance transfers or low life of balance offers which sound great but with a less than perfect credit rating would i even be accepted?

It depends exactly how "less than perfect" your credit history is. A couple of late payments might be acceptable, whereas CCJ's and defaults will almost certain preclude you from the better offers.

Have recently been "upgraded" by LloydsTSB platinum mastercard with a reasonable monthly interest rate of 1.385% so would that have any sway with Sky lowering the rate?

I would imagine you'd have to BT some/all of the debt away to LTSB to generate an offer from Skycard.

As i am having a whinge, would like to know if LLoyds are contravening trade description law when advertising in their promotional leaflets/literature that the minimum credit limit on a platinum mastercard is £3500 when my limit is only £1000.

Their website says £1,000 for your product