Omno massive APR increase

Sausage345

I wondered if anyone is with OMNO? 

I’ve been with them a year. Suddenly they’ve increased the APR from 29% to 45% from May this year. 

They say it’s to do with individual accounts but also changes in market conditions. They gave to option to not accept this but it means your account is effectively frozen and closed. 

I declined this increase, but I know of multiple people this has effected. I use the credit responsibly and there is no reason I can see for the increase. 

This seems a bit odd to me. 

sausage_time

If you always paid your balance in full would the APR actually matter?  I have a few credit cards and I honestly could not say what the interest rates are (apart from one 0% offer i'm currently using). 

MEM62

Sausage345 said:

I use the credit responsibly and there is no reason I can see for the increase. 

In which case you will not have an outstanding balance and the change in interest rate will have no impact on you.