Onmo APR increase

Mario_A

Just a quick heads up, Onmo just sent an email telling me that the APR is going from 34.2% to 47.99%. Wow. I am going to get shot of that, its just such a huge increase. I have had other credit cards previously and the APR has never gone up by that much. Theres a button to repay the minimum at my current APR and close the account. That sounds perfect to me. I understand APR increases but not nearly 14%.

Mario_A

Actually I just thought I will have to pay it off in one go, thats not going to help. So I will pay off the card as fast as I can and then close the account.

CliveOfIndia

Whenever a card issuer increases the APR, you always have the option of rejecting the increase and repaying the balance at the old APR.  But that does mean you can't use the card for any new spending, and the account usually gets closed once you've repaid the balance.

Though there's an argument to say that if you're carrying a balance on any interest-bearing card, it's a good idea not to put any more spending on a credit card anyway.  Ideally you want to be repaying in full every month.

ManyWays

That is a lot!

As @CliveOfIndia says, your first move should be to press that button and reject this increase. And also aim to clear it as soon as possible.