ZOPA Credit Card

gatheringmoss

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. 

CliveOfIndia

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.

gatheringmoss

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.

Nasqueron

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 default

robbo990

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.

Emily_Joy

robbo990 said:

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.

Does ZOPA offer 0% balance transfer?