Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

    • worriedDan
    • By worriedDan 13th Mar 17, 8:48 AM
    • 195Posts
    • 615Thanks
    Interest rate hike rejection rules
    • #1
    • 13th Mar 17, 8:48 AM
    Interest rate hike rejection rules 13th Mar 17 at 8:48 AM

    If a CC provider increases your rate, I am aware that you can choose to cancel the account, and continue to pay balance at existing rate. Does this mean that the account would show as being defaulted on your credit file, even if you maintained at least minimum payments. ?
Page 1
    • rtho782
    • By rtho782 13th Mar 17, 8:55 AM
    • 1,091 Posts
    • 798 Thanks
    • #2
    • 13th Mar 17, 8:55 AM
    • #2
    • 13th Mar 17, 8:55 AM
    No, but it does mean you wouldn't be able to spend on the card anymore, and they will probably want payment quicker than just paying minimum payment every month.
    Deposit Saved since 01/12/15: 13,000 / 15,000 House Bought!

    Debt Cleared since 01/12/15: 6,000 / 7,500
    • Money Rollercoaster
    • By Money Rollercoaster 13th Mar 17, 8:57 AM
    • 245 Posts
    • 605 Thanks
    Money Rollercoaster
    • #3
    • 13th Mar 17, 8:57 AM
    • #3
    • 13th Mar 17, 8:57 AM

    It isn't a default as such, so it seems as long as you stick to the terms and you repay according to what's reasonable, then you should be fine.

    It is important to note that the rate hike thing doesn't apply to the removal of promotional deals and 0% rates ... it's more to stop people going from 18% APR to 30% APR etc
    Living Life @ 174 BPM >> CC Balance (0%) -3,565.99 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -19,803.74 - Target DFD Nov 2020
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,344Posts Today

5,627Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line?

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin