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Santander increasing interest rates
jools1985
Posts: 336 Forumite
in Credit cards
Has anyone else had a letter from Santander which states their standard rate is increasing from 1/11/18? I've had one today for my Santander Zero card. It states the new standard rate will increase from 18.9 per cent per annum to 23.9 pa. Quite an increase 
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Comments
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That sounds like they have reviewed your account and increased it.0
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I agree. They are still advertising 18.9% APR representative on their website...I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
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do you use the card often, not at all or maxed out? it would be on your account and situation that it has increased
one of my older cards i rarely use had an increase by 5% last year.0 -
Has anyone else had a letter from Santander which states their standard rate is increasing from 1/11/18? I've had one today for my Santander Zero card. It states the new standard rate will increase from 18.9 per cent per annum to 23.9 pa. Quite an increase.
I have no idea what the interest rate on any of my cards is. It's completely irrelevant as, like with all good MSE people, the balance is paid off in full every month.
If you don't like the rate increase you can reject it, the card will need to be paid off and closed and you can apply for a new one.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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do you use the card often, not at all or maxed out? it would be on your account and situation that it has increased
one of my older cards i rarely use had an increase by 5% last year.
I've only used it 3 times this year, when I was on holiday in the US. The transactions were less than $40 in total (for Uber cabs).
Thank you to everyone who has replied. I'm going to reject the increase and close the account.0 -
They did this to me about 6 months ago.I cleared the balance but before I had the chance to close it,they sent me an 18 months BT deal which delayed the inevitable.I have a deep burning indifference0
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I've only used it 3 times this year, when I was on holiday in the US. The transactions were less than $40 in total (for Uber cabs).
Thank you to everyone who has replied. I'm going to reject the increase and close the account.
If you are likely to make use of the fee-free foreign transactions and you pay in full each month (whereby the APR is academic) it might be worth considering keeping it.0
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