Advice Needed: Blacklist?

bombblast1968

I have a number of credit cards I have used for years to move my debt around to keep on 0% for as long as possible, the debt amount has gone up and down over the years but at present is quite high. I have noticed however that the 0% BT offers dried up about 9 months ago and I've had none in that time. Obviously I am getting to a point where most of my deals are coming to end of term and have no-where to BT to. Also yesterday I received a letter from MBNA stating that from November they are switching to a "simple rate" system whereby every transaction (purchase, cash and balance transfers) is going to be moved to one rate, that rate being about 28%.

1) am I paranoid in thinking something is being engineered against me for some reason, or is everyone feeling this change with credit card companies no longer being so keen to give BT offers

2) is there a way I can stop them changing the interest rate on my balance from 0% to 28% in November if my 0% term hasn't yet ended, what are my rights here?

Thanks for reading.

BoGoF

1) Yes you are

2) Your promotional rate will remain

jimbo26

1. Yes you are being paranoid. The offers have most likely dried up because your debt is high, and lenders are worried about your ability to repay them.

2. No, nothing you can do.

Moving forward you need to concentrate on reducing your debt, and not just moving it about. Have a look on the debt free wannabe boards.

bombblast1968

Thanks for your responses. Although the answers to question 2 conflict each other.

Another question, anyone else have MBNA credit cards and received the same letter notification?

I was just wondering if anyone else felt there is a general shift in lenders attitudes at the moment.

Penelopa.Pitstop

MBNA must be standarising rates. Both cardholders in my household received these letters. It won't affect your promotional offer.

BoGoF

If you are on a promotional rate then that will remain. The letter you got refers to non promotional spending/transfers.

There was an article on MSE the other day (can't find it now) saying deals were becoming less generous.

I still get regular offers from Barclaycard/MBNA as an existing customer but sometimes there comes a point where you have exhausted the card shuffling trick and just need to pay it off....seems that may be the case with you.

Wellard_Mann

bombblast1968 wrote: »

Another question, anyone else have MBNA credit cards and received the same letter notification?

Yes, for both my MBNA Visa and MasterCard. With a lower interest rate in my case though.

jimbo26

Sorry, misread the post. Your promotional rate will remain until the end of the relevant period. It will then revert to their standard rate.

vacheron

Yes, you're just (understandably) a little paranoid.

I've also received the letter from MBNA, but the 0% promo term remains the same and I intend to pay it off once it expires at the end of next year anyway.

And also have lots of 0% cards so am realistic that I am unlikely to be given any more... (at least not until a few months after the the CRA's have updated my credit file once the 0% deals begin to drop off and I paid off a few of them!)

AnotherJoe

Maybe two or three months ago I heard ML on a money advice program saying that 0% deals were becoming harder to find and you should make sure you have the money to pay them off because a time will come when you cannot roll over the debt.
OP, if this isn't just stoozing then you need to be making plans to manage your debt rather than keep shuffling the deckchairs. Good luck.

jimbo26

bombblast1968 wrote: »

I was just wondering if anyone else felt there is a general shift in lenders attitudes at the moment.

Yep same for me. Rates all being standardised. For me they stayed the same. There does seem to be a move by CC companies to offer a single rate for all types of transactions.