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Anyone any experience of challenging an increase in interest rates on their Coop credit card?

 

I received a letter notifying me of a 1% increase effective 60 days from the letter as a result of a review of my account. This is the first time in the 30+ years I have held the card I have received such notification and I have never received notification that the interest rate was to be reduced as the result of such a review!

 

I suspect that the review process is a one-way street and would like to challenge it, probably directly through the County Court as an unfair practice under COBS. I will first contact Jon Bowen (Head of Customer Services, ex head of Sales) for an explanation of the EXACT review process and elements they considered as a part of the review but do not expect a timely or useful response.

 

In the letter they provide a broken link to the UK Cards Association fact sheet on re-pricing (I eventually found the doc myself) but that does not throw any useful light on the topic other than the issuing bank has the right to review and alter the interest rate to reflect risk and they can decide what elements to review.

 

If I do not know EXACTLY what elements have led to this increase how can I possibly change my spending/payment behavior to not only ensure there are no further increases but to reduce the current level? By not making this data available to me they are denying me the opportunity to reduce my CC interest rates and using opacity to gouge another 1% out of me!

 

PS I am a member of the Cooperative movement but that obviously makes no difference; we are all treated equally (sometimes badly) , members or not....

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