Co-operative Credit Card Increase APR AGAIN WHY.

[deltapete]

Dear All.

I hope someone can advise and help , I've had a credit card with the Co-operative a Platinum credit card fixed for 5 years at 9.9% no problem there.

Then at end of term reverted to 12.9% fine now a few months later its going up to 14.9% as I hope some of you will understand I questioned this and phoned them asking why the so recent increase.

 

The chap said Mmm well its because its automated I said well why , he went of to speak to a manager he came back saying its to do with your spending pattern and possibly credit reference.

 

I've been with them 20 years or so have other credit cards and recently Barclaycard have increased my credit limit by £1000 pound , I always pay on time pay more than the minimum, I haven't changed my spending pattern never been late or missed any payments.

 

So I said why the increase he couldn't really answer I had a balance of £300 on card paid £150 today .

 

I feel very badly let down by them they had no real answer and its only Coop that have ever increased there APR of coarse im not happy in sure they can surely use there customer loyalty department and lower my APR but no real answer .

 

I have written to complain but im wondering if im within my rights to have a explanation why because they can't really tell me apart from making more money from me.

 

I've been a loyal customer of there's for over 20 years to be treated as such , when I paid in full on time everytime my APR remained the same I find this very hurtful and totally without justification in my eyes .

 

I said to the guy look at my account never late or missed any payments you couldn't wish for a better customer but he just said im sorry I don't know what to say .

 

I know lower the APR because it can be done because a company many years ago did when I said id close my account , ANY POINTERS ID BE GRATEFUL .

 

Like I've said I've written a letter stating why have they done this and to look at my account over the 20 years never to default and threatened to rightfully leave if nothing is done to address my concerns .

 

Sorry if this sounds petty but this is the only company who have acted in such a unreasonable manner with no real answer or concern about customer relationship.

 

What's there saying good with money mmmm yes mine they take .

 

Any info id be grateful.

Many thanks Pete.

Edited March 28, 2013 by citizenB
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[Sidewinder]

You have already provided the answers in your post as to why they have done this - a balance of £300 and being a good customer. They simply aren't making enough money out of you. Banks and card companies are a law unto themselves, and in the current climate they will change their lending criteria with the weather - it may even be due to BC increasing your limit that they have changed the APR on theirs.

[deltapete]

You have already provided the answers in your post as to why they have done this - a balance of £300 and being a good customer. They simply aren't making enough money out of you. Banks and card companies are a law unto themselves, and in the current climate they will change their lending criteria with the weather - it may even be due to BC increasing your limit that they have changed the APR on theirs.

 

Thank you for that as I've said never had this happen in many many years , so it seems to be the general way they do things, maybe I've just been very lucky .

Well if I get no joy with regard the letter I've sent I'll happily close my account with them.

What a way to treat a customer of 20 years plus , is this the norm for Cooperative Bank then ?

 

Have I just been lucky or are they all at it , funny thing was all the time I paid in Full 90% of the time for many many years no change in APR and sometimes I didn't use it for whatever reason id get a increase of credit limit .

Does make me mad , customer service points out of 10 mmmmmm being very generous 1 and that's being honest , Cooperative you have one chance if they ever bother to read this , make amends and deal with my complaint and if you want my business kindly lower my APR , put your money where your mouth is !

Least I know why they put good with money now , god I was slow sussed it

Thanks for your reply my matter doesn't seem out of the norm I see .

[citizenB]

If you are going to close your account because of this - I think they have to allow you to repay the balance at the old APR rate.

[deltapete]

If you are going to close your account because of this - I think they have to allow you to repay the balance at the old APR rate.

 

I believe your right I've sent a letter today to complaints sent recorded so should be there tomorrow.

I'll give them a chance to reply and I hope come to an agreement to lower my APR I know they have the remit to do so ,its a case if they want my business after 20 years of being so loyal and reliable .

I only have £150 to pay and can do this end of month , so the balls in there court .

I'll have to see if there at all bothered or not , be I interesting to see what they will reply.

I do know they can quite easierly do so its just will they want my business ?

 

Still can't believe the way they handled it so far though unbelievable bad customer care.

Thank you for your comment.

[Old Cogger]

recind their rate rise by writing you do not agree with the rise and enclose the credit card in pieces.

[deltapete]

recind their rate rise by writing you do not agree with the rise and enclose the credit card in pieces.

 

Thanks Mike.

Maybe i should of done that and enclosed it in the letter I've just sent.

I know people out there have far more troubles with regard credit card companies, but this did I'll put it politely cheese me off .

They just couldn't justify there actions for doing so and the guy kept saying all I can say is im sorry you feel that way .

How was I meant to feel ? Get the flags out and celebrate Mmm don't think so.

I really thought id give them a quick call speak to a kind helpful member of customer service and be put through customer loyalty department to have a reply of coarse sir we can lower APR to ? , thank you for your time and we hope we can continue be of service to you etc etc .

Problem solved , im sure many of you in the know are fully aware they can easierly lower a person APR if they wanted to they put it up easierly enough.

Well I'll keep you posted to see what reply I get , I'll be interested to see how valued a customer I am by there reply and actions.

 

Has anyone had any joy in such a matter as of this , I mean by writing to complaints ?

 

Many many years ago another credit card company increased a card I phoned them and they lowered it over the phone and sent out a new confirmation letter .

 

Id be interested to hear if anyone has had success with another credit card company but preferably Cooperative Credit Cards.

 

Thank you in advance.

Regards Pete.

[Old Cogger]

Thanks Mike.

Maybe i should of done that and enclosed it in the letter I've just sent.

I know people out there have far more troubles with regard credit card companies, but this did I'll put it politely cheese me off .

They just couldn't justify there actions for doing so and the guy kept saying all I can say is im sorry you feel that way .

How was I meant to feel ? Get the flags out and celebrate Mmm don't think so.

I really thought id give them a quick call speak to a kind helpful member of customer service and be put through customer loyalty department to have a reply of coarse sir we can lower APR to ? , thank you for your time and we hope we can continue be of service to you etc etc .

Problem solved , im sure many of you in the know are fully aware they can easierly lower a person APR if they wanted to they put it up easierly enough.

Well I'll keep you posted to see what reply I get , I'll be interested to see how valued a customer I am by there reply and actions.

 

Has anyone had any joy in such a matter as of this , I mean by writing to complaints ?

 

Many many years ago another credit card company increased a card I phoned them and they lowered it over the phone and sent out a new confirmation letter .

 

Id be interested to hear if anyone has had success with another credit card company but preferably Cooperative Credit Cards.

 

Thank you in advance.

Regards Pete.

 

Credit card rate increases are on the up with a lot of greedy companies, only way is to abandon the facility and send respose to their increase notifcation within the time limit and state "I recind the increase and enclose credit card (in pieces), and the rate to clear the account/close remains as the rate in existance now.