Barclaycard Rate Increase - Closed Card

mozzer251

Hi,


I have a 'suspended' Barclaycard transferred from Egg that I cant use (and is being paid off). My latest statement has details of an interest rate rise as the Bank of England rate has risen.


I queried this as the card is 'closed' but was advised that it wasn't Barclaycard that had raised the rate but was the Bank of England so the rate rise was valid.......


Seems a bit sneaky.

PRAISETHESUN

I'd check the original terms of the card. They might have put some sneaky clause in there about the interest rate being variable and linked to the BOE rate... if so, you're out of lucky I'm afraid

molerat

From BC FAQs

If I close my account will the remaining balance be subject to Bank of England Base Rate changes whilst I pay it off?


Your interest rates move in line with the Bank of England Base Rate, however, changes to the Base Rate (up or down) won't affect you if you close your account. You'll just need to continue to pay your balance down at your current interest rate until it's cleared.