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Bank of Scotland credit card interest has increased by 5%!!!


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Hi I have noticed that my Bank of Scotland Platinum NSPCC CC has since february 2004 increased from 14.9% to 19.9%. Two percent of this rise happened since August 2006. :o Is this normal???????????

My question is, how fair is this to the customer. Is there any thing I can do about this as hardly ANYTHING comes of my balance once the interst has been applied each month:x .

Anyone out there able to help?????

CAPITAL ONE (O/H!): Won £1864.63 including contractual :D

GE MONEY: WON £266.00

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A lot of the CC issuers are raising interest rates because they are losing out on "income" from charges.

 

Unfortunately they are entitled to to this so long as they comply with their terms and conditions, e.g. they have to give you notice (30 days?) before applying any new rate.

 

There's not much you can do other than try and pay a bit more off each month from your highest interest cards to try and get the balance down.

 

Maybe you could look at paying a bigger chunk off and using the balance thus cleared to pay some of your monthly bills that you normally use cash for. The following month clear this new balance (interest free of course). After the first month this can help bring down your overall payments.

 

Pete

I will not make any deals with you. I will not be pushed, filed, stamped, indexed, briefed, debriefed or numbered. My life is my own. Number 6

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Hi Pete.

Thank you for your reply.

Now that does seem quite a good idea. Still grossly unfair considering the Bank of England base rate.

 

CC Interest rates are never the best.

 

Pay off as much as you can and use the card to pay some bills as I said. If you keep it up it does drop the interest charge quite dramatically over time.

 

Pete

I will not make any deals with you. I will not be pushed, filed, stamped, indexed, briefed, debriefed or numbered. My life is my own. Number 6

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