JLewis partnership card

steed1

Hi
I have just been informed that JLewis is increasing the interest rate on my card from 16.9% to 18.9% thats a 2% rise do i have to accept this increase or can i refuse it .
steed1

derps

If you could refuse it, why would anyone accept it?

Silvertabby

Do as sensible people do - pay the full balance every month and get the benefits for 0% interest.

steed1

I thought i have read somewhere that you can reject the increase with the understanding that the card is cancelled when the balance is paid off

Richey_

Never heard of that. It if you don't pay back as per the contractual agreement you are at risk of being defaulted. There is almost certainly a clause that allows them to vary the interest rate as they please

jonesMUFCforever

I am surprised about the replies so far - yes most credit card lenders do offer a freeze on interest rate rises but the card is blocked for new transactions.
Phone them and see what they say.
You haven't mentioned the amount outstanding or if you have any alternative cards - a balance transfer to a new card might be a better option if you can get one.