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Credit Card APR increase
jkduser
Posts: 9 Forumite
in Credit cards
I have spoken with Virgin today over concerns with the APR on my credit card.
It startes at 12% and is now at a whopping 34%. I have a £5000 balance on it. After raising my concern I was advised that this can be done at any time and there is effectively no limit on any increase they wish to apply.
It is in the terms and conditions.
Can this really be legit and is there any comeback?
Please help.
It startes at 12% and is now at a whopping 34%. I have a £5000 balance on it. After raising my concern I was advised that this can be done at any time and there is effectively no limit on any increase they wish to apply.
It is in the terms and conditions.
Can this really be legit and is there any comeback?
Please help.
0
Comments
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There are numerous posts regarding this issue. They can charge what they like. personally I would avoid MBNA like the plague. The cards are fine for stoozing or balance transfers (as long as you pay off the debt before the 0% ends) but that's about it.0
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JKD
Has your 0% offer finsihed then, can you not shift the debt to another card.0 -
Unfortunately, it's in the t&cs when you signed up for the card, so yes it would be legit for them to increase or decrease your APR. They can also alter your credit limit.0
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