APR Rate increase Bank of Scotland

Jime1703

I have just noticed that the APR rate on my Bank of Scotland credit card has increased from 15.90% to 20.9% which is outrageous considering the credit crunch climate at the moment. I cant believe banks can get away with doing this, offer people a credit card at one APR rate and then increase that rate massively:mad:.

I dont suppose there is anything I can do about it, but just wanted to whinge about it and get it off my chest.

natweststaffmember

If that was the rate at the time you took it out and it was a variable rate then they can do that BUT as a consumer, you can get rid of them for a better rate of interest with another provider.

cifpower

You could give them a call and politely ask them to reduce it?

clio

Natwest
You got any idea what makes credit card companys/banks increase the apr..
it,s def not random so there must be some behind the scenes shenanagins going on !!

jamalfatty

I have just noticed that the APR rate on my Bank of Scotland credit card has increased from 15.90% to 20.9% which is outrageous considering the credit crunch climate at the moment.

To be honest, although any increase is unwelcome, an increase of just 5% to 20.9% is not that bad when compared to a lot of other peoples increases, especially considering the credit crunch

clio wrote: »

Natwest
You got any idea what makes credit card companys/banks increase the apr..

Ultimately it's shrinking bottom lines

clio

JamalFatty
cheers for info, is that another way of saying more profit for the comapny ??

thriftymomma

If you miss a payment or are late or even if they just feel like it they can change your rate, but it may be worth giving them a call and telling them you have another card that you can transfer the balance onto and see if they will alter it for you.
Good luck. x