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ZOPA Credit Card
gatheringmoss
Posts: 8 Forumite
in Credit cards
Just a heads up if you have a Zopa CC, Zopa have hiked my interest rate up 10 points today 12% to 22% - completely out of the blue, I only use it for big purchases and rarely ever go over 25% of its limit - usually always paid off within 3 months. I can’t understand why they are doing this it’s puzzling (other than greed) I’ll just pay off what I owe before the new rate kicks in and ditch it.
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Comments
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Credit card issuers change their interest rates all the time - sometimes across the board (usually due to prevailing market conditions), sometimes for certain customer profiles, sometimes to changing risk appetite. Don't take it personally - if you pay off the statement balance in full every month (which is the "correct" way to use credit cards anyway) then a change in APR won't have any effect.
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I’ve had movement of a couple of points before on other cards over the years and just shrug it off, but ten in one go is pretty insane, just giving folks the heads up.0
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There is no "heads up", as each case is done on its own merits - yours changing has no bearing on anyone else's
The fact you are buying stuff and not paying in full every month might have flagged to the lender you're a bit more of a risk than they thought, so adjusted the rate to reflect the higher chance of a defaultSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Mine up from 17% to 26.7% - closed as I didn't really need it although it was my lowest APR card it no longer is. Not that I carry a balance - except a 0% balance transfer.Official SOS Club number 004 - Dry until (05.01.10)1
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