We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Halifax/Lloyds cards interest rate hike widespread?
just been informed by Halifax complaints dept that all Hfax & Lloyds credit card interest rates are being hiked (2 of mine 3.5%+ from Nov) for existing customers. I have excellent credit scores on TransUnion (via MSE) and Experian and always pay off balances on time.
Anyone else had this issue or had any luck getting hikes cancelled?
Comments
-
Your make believe credit score is irrelevant. If you pay off your balances in time (I assune you mean you pay in full monthly) then it's irrelevant what the interest rate is.
If you are not happy then yiu can reject the increase but that means you cannot use the card going forward.
4 -
Nope for any of my 4 LBG cards, but any interest rate above 0% does not concern me as I ensure I do not pay any so they could hike it to 99% for all I care. If you pay off your balances it should not concern you either.
Never associate with idiots on their own level, because, being an intelligent man, you'll try to deal with them on their level - and on their level they'll beat you every time.
Being hated by idiots is the price you pay for not being one of them.
Jean Cocteau 1889-1963
5 -
As per the previous replies, if (as you say you do) you always pay in full every month, then the interest rate is irrelevant - you won't be charged interest anyway.
You can reject the rate increase, but you will then not be able to use the card for any further purchases, and you must still repay any outstanding debt at the current APR.
1 -
I got this, extremely strange. I've been stoozing for 20+ years, first time I've had a letter to inform me that the standard rate on a card is being hugely hiked (outside of base rate changes).
A 0% purchases card, with the deal lasting until next year and less than a grand balance.
MBNA randomly closed an account that I'd had since 2004, that had a nil balance. No explanation, available liability was £10K+. Another first, I've had plenty of dormant accounts closed, but always given an opportunity to use the card again and maintain the account.
0 -
All my cards with an outstanding balance are on 0% deals.
The 3 which aren't are paid in full every month.
As you say yours are paid in full too, it doesn't matter what the rates are. (I couldn't even tell you what my rates are on my 3 non-promo cards). 💁♂️
• The rich buy assets.
• The poor only have expenses.
• The middle class buy liabilities they think are assets.1 -
It doesn't matter too much, but it's best to consider the what if scenario, ie what if something goes wrong. I'd much rather have a fall back rate of 20% than 50%!
0 -
I have zero percent on purchases for two years on two cards. One with Halifax cl £5000 and Lloyds cl £14000 so any interest rate increase not an issue.
However I think they did advise me earlier this year my Apr was increasing to 26% and offered me another card at Apr of 12.9%.
0 -
……..and always pay off balances on time.
@cmonyebath In which case you are not impacted by the change so it is a non-issue.
1 -
So it would seem that Lloyds Group have changed their policy on interest charged.
It used to be Base rate + x% interest.
There has been no recent BoE rate change so it would seem like profiteering - so if you do owe amounts that you are charged on - move them ASAP.
0 -
Their core 12.9% card (Lloyds Ultra) is now 14.9% for no apparent reason.
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.6K Banking & Borrowing
- 254.8K Reduce Debt & Boost Income
- 456.1K Spending & Discounts
- 248.2K Work, Benefits & Business
- 605.8K Mortgages, Homes & Bills
- 179K Life & Family
- 263.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards