Vanquis Card

sparkey1

Risk based pricing. You told Vanquis that you were earning less, and you cancelled their insurance. You became higher risk.

In response they can raise your APR and insist on higher payments. I know its a bit perverse, but normally people contact banks about their payments when they are struggling. They dont normally contact them when they are doing ok with their payments.

There is one possible solution, but it means you closing the account. You have from memory 60 days to reject the change of conditions. You can ring them and register that. What that means is that they will cancel your card so you wont be able to use it. However the APR will be frozen. As long as you make the minimum or higher payment each month the interest rate will still be the same. You do not have to repay all the balance, you can continue to pay the minimum each month.

Read this MSE article on rate jacking here.

https://www.moneysavingexpert.com/reclaim/credit-card-interest-rate-increases/

[Deleted User]

sparkey1 wrote: »

Risk based pricing. You told Vanquis that you were earning less, and you cancelled their insurance. You became higher risk.

In response they can raise your APR and insist on higher payments. I know its a bit perverse, but normally people contact banks about their payments when they are struggling. They dont normally contact them when they are doing ok with their payments.

There is one possible solution, but it means you closing the account. You have from memory 60 days to reject the change of conditions. You can ring them and register that. What that means is that they will cancel your card so you wont be able to use it. However the APR will be frozen. As long as you make the minimum or higher payment each month the interest rate will still be the same. You do not have to repay all the balance, you can continue to pay the minimum each month.

Read this MSE article on rate jacking here.

https://www.moneysavingexpert.com/reclaim/credit-card-interest-rate-increases/

All of which I already posted above...

[Deleted User]

If you are still able to meet repayments with the salary cut then there was no need to tell them. Only need to tell them when the SHTF.

GlasweJen

I didn't want the insurance but they applied it anyway. Didn't notice as I paid the card in full every month. Last year I didn't pay the full balance for whatever reason and lo and behold there was the insurance so I called them and told them to remove it. Paid off balance in full again, next month got a letter and my rate had gone up by 20%.

Samsung_Note2

What id like to know is what balance you must have to pay £187 minimum payment.

stu_beefy

Sorted, it, went on this site and found interest free card so have transferred the balance to that, so because they !!!!ed me off and refused to answer reasonable questions I posed to them they will get nothing now, poor service so as a customer i'll take my custom elsewhere.