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

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!!

Comments

  • 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
    marvin Posts: 2,186 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker I've been Money Tipped!
    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?
    I started with nothing and I am proud to say I still have most of it left.
  • 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
    wayoflife Posts: 281 Forumite
    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
    INCREASE INTEREST ON SAVINGS!

    ...I will thank you if youve been helpful, please do the same! :j
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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
    wayoflife Posts: 281 Forumite
    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
    INCREASE INTEREST ON SAVINGS!

    ...I will thank you if youve been helpful, please do the same! :j
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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
    wayoflife Posts: 281 Forumite
    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?
    INCREASE INTEREST ON SAVINGS!

    ...I will thank you if youve been helpful, please do the same! :j
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