Creditcard balance xfer rates

[ace00]

.........
Rang financial ombudsman and they said I can put in a complaint, but chances are there will be something in the T&Cs allowing them to do this.
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They should have sent you a letter prior to any change to the interest rate. Did they, and did you read it? Otherwise get legal.

[BrianSnail]

Shirley there's some legal mumbo jumbo that says they have to give you written notice of a change in interest rate?!?

[BrianSnail]

They should have sent you a letter prior to any change to the interest rate. Did they, and did you read it? Otherwise get legal.

I meant, WHS!

[Not So Wise]

What most people don't realise about cards is the card companies can pretty much rewrite the contract whenever they want (all they have to do is notify you in advance), change interest rates, increase caps, lower caps or call in entire amount outstanding without explanation

[Cyberman]

I do the pay for everything on a cashback credit card and then settle the bill each month too.

The one thing I don't do is pay interest on anything. Interest is dead money for fools.

aren't we paying interest on the National Debt that Broon has doubled....... !!

[Gravy Train]

What most people don't realise about cards is the card companies can pretty much rewrite the contract whenever they want (all they have to do is notify you in advance), change interest rates, increase caps, lower caps or call in entire amount outstanding without explanation

In that case why don't they introduce a 1% offer +3% transfer fee for life for balance transfers and then exchange it for a 15% APR once everyone has jumped on board?

[pmeswani]

I've had a small balance on a Capital One creditcard for some time now, I got it a few years ago at a promotional rate of 3.9% for the life of the balance.. being a low rate I've just been paying the minimum monthly payment.

Gets my statement through today and noticed the interest amount has gone up almost 10x from last month.

Rang them up and was told that because the cost of lending has increased, so has my interest rate. I asked how they could do this since the money on the card was still at the 3.9% life of balance rate, and just kept getting the same reply "the cost of lending has gone up".

Rang financial ombudsman and they said I can put in a complaint, but chances are there will be something in the T&Cs allowing them to do this.

Anyone else been stung? I've also heard there's a list of other card providers doing this as of this month?

I applied for the 8.9% rate card a when it came out. I got turned down and was offered a 40% rate card instead.... to which I turned down straight away. I'm glad that I didn't get it based on your comment. Managed to get a Credit Card from HSBC on a 14 month 0% promotional rate on my balance transfer.