why should i pay 30% on my credit card in this coronavirus crisis

horizonview

I am in the early stages of a holiday let business and had great booking this year . needless to say they are cancelling by the day. I have no mortgage so wont get relief there. so I use my credit cards for emergency cash flow. how is it ethical for these large banks/companies to charge 30% on the credit card when in this climate its being use to stay afloat and put food on the table.
with the bank of England rate so low. how can the government let this happen as it will just put people under more financial pressure which they can ill afford. 

think the government should be pressed on this …. only something as powerful as MSE can help us.

Willing2Learn

I do not agree.  If 30% APR is the interest charged in accordance with your credit agreement, then why is that so wrong?  Your card issuer will be flexible when considering solutions for your COVID-19 cashflow problem


Edit:  And welcome to the forum 

[Deleted User]

To get a lower rate, you need to lower the risk you represent to lenders.

benbay001

Coronavirus has been an issue in the UK for less than a month.
If you didnt have a contingency plan to cover less than a months downturn without turning to high interest debt, then you can only blame yourself.

Nick_C

Close the business and go and work for a supermarket. Or claim benefits. 

horizonview

the reason for cash flow problem in future is large national company who I use …….
collect the amount of the holiday 10 weeks in advance to their arrival   then pay me and keep their commission fair enough business.
however for april bookings which they have had the money for 10 weeks already. which I was due to be paid 1st april.... that cancel highly likely all of them . the company are offering them 12 months to rebook at my holiday let fair again.... not refunding the guests money and not paying me anything ….. that is my dilemma. so potentially they will have had the money for over 12 months. while I get nothing... thoughts on that please ???
as for a job.... I had one working for Hospice charity shop paid staff … until last year when I decided to leave and concentrate on my new business after a very successful year previously.

I am looking throught my credit cards and have one with 16.9% so if needs be I will use that. 

happyandcontented

Try to get a 0% card and balance transfer quickly.

[Deleted User]

horizonview said:

however for april bookings which they have had the money for 10 weeks already. which I was due to be paid 1st april.... that cancel highly likely all of them . the company are offering them 12 months to rebook at my holiday let fair again.... not refunding the guests money and not paying me anything ….. that is my dilemma. so potentially they will have had the money for over 12 months. while I get nothing... thoughts on that please ???

It's the risk of a business based on seasonality and disruption.  You won't get paid if there are no bookings.  I'm not sure what other thoughts you want.

Jeremy535897

You should look carefully at the  COVID-19 support for businesses in the hospitality sector (which includes self catering accommodation in England). You may well be eligible for a grant of £10,000. Talk to your local authority. See the Government's coronavirus advice to businesses. You will see that there is also a grant of £10,000 available to English businesses who pay little or no rates because of certain reliefs (you definitely won't get both!).