Credit Card Help

purplewombat

Hi

Am looking for some advice re my credit card. I have had a payment plan with Barclaycard for about a year paying £20 per month which was supposed to be until June 2008. A few days ago I recieved a letter from them informing me that as I had been such a good customer and always payed on time they were kindly reissuing me the credit card (that I had cancelled) at a reduced payment of £19 a month with a higher rate of interest. After half an hour of trying to get through on the phone I was informed that they have the right to cancel my payment plan at any time without warning and without reason, and can reissue my card despite my not wanting it. Apparently there is nothing I can do about it and I cant cancel the card.
Are they really allowed to do this and what should I do? Would it be better to transfer my balance to another card company or just carry on with Barclaycard?

CLAPTON

you dont actually have to use the card
you can cut it up

if you can get a CC with a lower interest rate it may well be better to transfer the debt taking into consideration that you may have to pay a BT fee.

however if you are in an arrangement wth Barclaycard your credit record may be adversely affected so best to check that before you apply for another card

purplewombat

Thanks for the reply

I'm definately going to cut the card up and I think I will look into transfering my balance to somewhere with a lower interest rate if I can.