Credit Card Interest Rate Rise

[FMOB]

Received a letter from the card company this morning saying the interest rate on the card is going up because their borrowing cost has increased.

I think it is a bloomin' cheek because they didn't reduce the rates they charge when borrowing costs hit the floor and now rates are back at near historical norms they want to charge more.

It is totally shameless and even worse in a cost of living crisis, thieving gits.

[The Leaper]

Solution: use a pair of scissors.

R.

[anonymous-user]

I would rather go without something than pay the 29.9% APR or whatever the current rate is. My card is used for two reasons.

1)Ordering things over the internet that cost more than £100 for the protection and instantly paying it off.
2)Hire cars (Not hired a car in at least five years)

I guess I am not the sort of customer they really want. Have to say I have often thought of just cancelling it, but I keep it "just in case".

Paying 29.9% interest on things I have long since forgotten about and consigned to land fill? No thanks.

[Chris Type R]

Joey Deacon said:

I would rather go without something than pay the 29.9% APR or whatever the current rate is. My card is used for two reasons.

Surprisingly 0% deals still seem to exist for credit cards - with low or 0% transfer fees.

[DanL]

The Leaper said:

Solution: use a pair of scissors.

R.

Or pay it off every month in full… Interest payments on credit cards are optional.

[supersport]

DanL said:

The Leaper said:

Solution: use a pair of scissors.

R.

Or pay it off every month in full… Interest payments on credit cards are optional.

This and milk the cash back

[Simpo Two]

supersport said:

This and milk the cash back

Ah, gone are the days when you got a 1% back on everything, for ever, for no extra...

https://www.moneysavingexpert.com/credit-cards/bes...

[GrizzlyBear]

Simpo Two said:

supersport said:

This and milk the cash back

Ah, gone are the days when you got a 1% back on everything, for ever, for no extra...

https://www.moneysavingexpert.com/credit-cards/bes...

Still would you rather have 0.5% cashback or pay 40% interest for not paying it off? The cashback will not be much, but the alternative is nothing! or paying a shed load of interest for unsecured debt (which is designed to encourage you to pay it off every month...).

Edited by GrizzlyBear on Friday 27th October 17:06