Virgin CC - are upping my interest rate by 15%!

lewpster

Just got in to find a letter from Virgin money saying that they are upping the apr on my credit card from November from 14.9% to 29.9% apr..... :mad:

I am fuming... I have never missed a payment and have a balance of about £900 on a card with a £1,000 limit.

I am unlikely to get another credit card so what can I do? Has anyone else got this letter?

Thanks in advance

lewpster

I do not use it and pay off about £30-£40 each month, as am trying to get my other card down with a higher interest rate...

Just applied for another card with an introductory rate so fingers crossed

MRSTITTLEMOUSE

This happened to us,about the same rate change.We had always paid the balance off each month so we were lucky we did'nt have to worry about it.I thnk Virgin have done this to quite a lot of us on here.

wbk666

have you asked for an explanation?

hillendale

lewpylew wrote: »

Just got in to find a letter from Virgin money saying that they are upping the apr on my credit card from November from 14.9% to 29.9% apr..... :mad:

I am fuming... I have never missed a payment and have a balance of about £900 on a card with a £1,000 limit.

I am unlikely to get another credit card so what can I do? Has anyone else got this letter?

Thanks in advance

They tried the same rate change with me as soon as my 0% ended so i called them and told them i was going to close my account they then offered me an 6 months fee free 0% and keep my rate at the standard rate .
Give them a call remember you are the customer
regards
hope this helps

[Deleted User]

They dropped the rate for me too when I called. I waited for confirmation then closed the account; don't like the way they treat people - not sure if it's a virgin thing or mbna thing.

lewpster

Thanks! I did try and call but the queue was too long. What if I threaten to leave and they say go on then..... I will have nowhere to transfer all the money. My other card has about £550 on it.... ?

Tr@cker

Ive had the same letter today and im classed as a 'good customer' the card might be worth hanging on to though. They offered me a 0% 9 month deal on BT's weeks ago in an unsolictited phone call.

reformedEffortMaker_2

I got the same letter, its the second increase this year!!! and i am £42 in credit!

I called up and asked to close the account.....will need to sign up to another 0% deal in time for christimas......

Squirrel29

I just called them and said I was shocked at the rate increase to 29.9%, had been a customer for 2 years and had conducted my account well with no late payments. They said a number of accounts had been "reviewed" and account conduct did not make any difference!

They said they could change the rate to 23%, I told them to forget it.

It looks like they are trying for force out people who don't make them enough profits.

Squirrel29

I tried again tonight and they said the can keep it at 23% but as I have been paying over my minimum payment and have been customer for 2 years, to call back on Monday and speak to "Customer Loyalty Dept". Will give it a go, I really don't want to have to sign up for another card as I have done a few applications in the last 3 months and wanted to leave it a while. I have been doing so well on my snowball (see sig!) and these huge APR increases are really ruining my chances of being debt free within a reasonable time.