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aqua card interest rate increase


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hi

sorry if this is in the wrong forum but i've just wondering if anyone has any experience with aqua card putting up interest rates?

I've had the card about 2 years had a couple of credit increases always paid on time but today i've had a letter telling me they are putting up my interest rate from 34% to almost 46%, i am at a loss to unsderstand why?

anyone got any advice for me ?

thanks

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You can opt to stop using the card and pay it off at the current rate. Does it not say that on your statement? It usually does, but if I am correct you only have so long to do it in. Try searching rate jacking, its a common practise I'm afraid.

 

Someone more knowledgable should be along soon to confirm or correct the above.

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Yes, you can opt to end the agreement and repay the outstanding balance at the current rate - I believe you have 30 days. However, do check either your terms and conditions or the letter they sent advising of this.

 

It is rather frustrating if you have been maintaining the account properly.

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Try searching rate jacking

 

Unfortunately, you do not fall into the rate-jacking category, to fall into the rate-jacking the following has to happen...

 

No Interest Rate increases within the first year - OP has had the card for nearly 2 years.

Allowed to raise the rate once every 6 months.

Not to increase the APR if in debt problems - the OP pays off every month.

Give thirty days notice - The OP has received written confirmation.

The OP can reject the rate but they must then close the account and pay the out-standing balance within 60 calender days.

 

The only thing the OP could do is write and ask for a written explanation into why the APR has been increased.

 

 

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I had the same letter yesterday with identical increases in interest rates. Same about having card for a few years with no missed payments or exceeded limit. I know you can close the account if rejecting the increase but my concern is that the letter says you can repay over a reasonable period of time. I only pay the minimum amount each month. With an outstanding balance of £2800 will minimum payments be enough (if closing account) or are they going to expect more each month given the wording "repay over a reasonable period of time"?

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I think if their actions cause you to close the account and stop using it, then you are able to repay the balance in instalments as you are doing.. only now the balance will actually be reducing as you wont be spending.

 

It might be a good idea for you to pay a set amount each month rather than the minimum amount requested, that way it will reduce even quicker.

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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