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Increase in Credit Card Rate


CrispDust
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I have this week received a letter advising me that the monthly rate on my Lloyds TSB Visa card has been increased from 1.35% to 2.125% - a 75% increase.

Has this happened across the board, or have I been singled out?

Bear in mind that I pay the balance off in full 11 out of 12 times. Damn sharp practcie if you ask me. Can they customise rates when all I am doing is being financially prudent? I have never defaulted, late payment or otheriwse had any indiscretion on this account in 12 years.

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Hi CrispDust.

 

It's probably their way of compensating for the profit they;re losing through repaying penalty charges.

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Yep, it's across the board, they sent me a note of the increases on a card I dont even use, that was nice of them.

 

It now shows that I must pay something like 24% on cash advances.

 

I'll use that in my contractual interest argument, i.e. if I needed to take cash from the card to cover the shortfall from their charges, I would have had to pay 24%.

 

So that would be the cost to me, of their taking my money. Ha Ha Ha.

 

Thanks for the help LLoyds. :D

Read, Read and Read some more.

 

The answers are all out there...

 

By the way, it's your claim. I only offer an opinion as another reader. :confused:

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