Rate reduced from 17.9 to 6.9% !!!!!!!

funkyfish

I have just made a 'phone call to the "Loyalty dept" of my credit card provider and suggested they may like to reduce my interest rate (17.9%) to save me the bother of taking my custom to one of the many company's offering fantastic deals at this time of year.

I have to say I was flabbergasted to be offered a rate of just 6.9% the only provision being that I spend at least £50 per month!

I didn't even use the 0870 'phone number thanks to www.saynoto0870.com

It IS worth a call!!

JesseJames_2

The reason for the £50 per month is that they will charge you this balance at the the usual rate (17.9%).
At the end of the year this will be £600 minimum.
They will then pay of the balance using the reduced rate amount of 6.9% first, so your average APR will increase every month until you will be back up to your usual 17.9%.

If you can't get a better offer from another credit card or can't get the 'loyalty dept' to waive the £50 per month then stay clear IMO.

marvin

JesseJames wrote: »

The reason for the £50 per month is that they will charge you this balance at the the usual rate (17.9%).
At the end of the year this will be £600 minimum.
They will then pay of the balance using the reduced rate amount of 6.9% first, so your average APR will increase every month until you will be back up to your usual 17.9%.

If you can't get a better offer from another credit card or can't get the 'loyalty dept' to waive the £50 per month then stay clear IMO.

Sorry what am I missing here what has this got to do with the OP and can you tell us which CC it was?

JesseJames_2

marvin wrote: »

Sorry what am I missing here what has this got to do with the OP and can you tell us which CC it was?

Sorry, misread the OP's post - I had read it as if it were a Life of Balance offer.
Funkyfish, can you get back to us with more specific details?

wayoflife

get an egg card, the rate (should be!) 7.9% with no minimum spends required, you get cashback and offers through also....

if you indeed are using this card for purchases and not paying off in full each month then please post some more details so we can advise you on a balance transfer... there are some life of transfer with no fees available, low fees and 0% offers also

YorkshireBoy

wayoflife wrote: »

...there are some life of transfer with no fees available...

Please could you give an example of a provider offering such a card (to new customers).

wayoflife

YorkshireBoy wrote: »

Please could you give an example of a provider offering such a card (to new customers).

Barclaycard platinum-6.3% check firstly that you are definately applying for the right card; as there are so many, this link should work;
http://www.barclaycard.co.uk/personal-home/cards/index.html
also, it doesnt say but i think that you have to transfer this in the first 60 days from account opening.

M&S & More credit card- 7.9% for 2 years, transfer within 6 months of account opening; also a purchase deal but remember the payment heirachy;
http://www6.marksandspencer.com/pages/default.asp?PageId=home&Product=CC&WT.ac=MASM_RetailCC01

the ulster card 0% 9b/t and purchases) for 6 months with no fee;
http://www.ulsterbank.co.uk/ni_01.asp?id=PERSONAL/CREDIT_CARDS

hope this helps mate

YorkshireBoy

wayoflife wrote: »

Barclaycard platinum-6.3% check firstly that you are definately applying for the right card; as there are so many, this link should work;
http://www.barclaycard.co.uk/personal-home/cards/index.html
also, it doesnt say but i think that you have to transfer this in the first 60 days from account opening.

Thanks for that.

The direct url is here...

http://www.barclaycard.co.uk/personal-home/cards/platinum-hero/platinum-6-5-interest/index.html

You're correct about 60 days as well, according to the summary box in the above link.

M&S & More credit card- 7.9% for 2 years, transfer within 6 months of account opening; also a purchase deal but remember the payment heirachy;
http://www6.marksandspencer.com/pages/default.asp?PageId=home&Product=CC&WT.ac=MASM_RetailCC01

the ulster card 0% 9b/t and purchases) for 6 months with no fee;
http://www.ulsterbank.co.uk/ni_01.asp?id=PERSONAL/CREDIT_CARDS

Can't let you have those, because they're not 'life of balance'.

wayoflife

lol well m&s was or a long time... it was even as low as 4.9% 6 months back...

ive seen you on alot of posts mate, you must have more time on your hands than even me!!! ;-)

How are you doing with your credit cards atm then? any good tips?