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Creditcard balance xfer rates

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    Creditcard balance xfer rates

    I've had a small balance on a Capital One creditcard for some time now, I got it a few years ago at a promotional rate of 3.9% for the life of the balance.. being a low rate I've just been paying the minimum monthly payment.

    Gets my statement through today and noticed the interest amount has gone up almost 10x from last month.

    Rang them up and was told that because the cost of lending has increased, so has my interest rate. I asked how they could do this since the money on the card was still at the 3.9% life of balance rate, and just kept getting the same reply "the cost of lending has gone up".

    Rang financial ombudsman and they said I can put in a complaint, but chances are there will be something in the T&Cs allowing them to do this.

    Anyone else been stung? I've also heard there's a list of other card providers doing this as of this month?
    The cycle of life: born > learn > work > learn > dead.

    #2
    I pay mine off every month. Sorry.

    Comment


      #3
      Sneaky, evil sods.

      Get on to a comparison web site, get yourself a new 0% card (Virgin do one) and pay the balance within 13 months and you won't lose out.
      +50 Xeno Geek Points
      Come back Toolpusher, scotspine, Voodooflux. Pogle
      As for the rest of you - DILLIGAF

      Purveyor of fine quality smut since 2005

      CUK Olympic University Challenge Champions 2010/2012

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        #4
        Apart from the 3% balance transfer fee.

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          #5
          The money we're talking here is not an issue, the balance is <£2000 and the interest went from £0.58p/month to £10/month... it's the principle of the matter which is important.
          The cycle of life: born > learn > work > learn > dead.

          Comment


            #6
            Originally posted by DimPrawn View Post
            Apart from the 3% balance transfer fee.
            Which is no more than he was paying Capital before the rates shot up
            +50 Xeno Geek Points
            Come back Toolpusher, scotspine, Voodooflux. Pogle
            As for the rest of you - DILLIGAF

            Purveyor of fine quality smut since 2005

            CUK Olympic University Challenge Champions 2010/2012

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              #7
              Originally posted by chris79 View Post
              The money we're talking here is not an issue, the balance is <£2000 and the interest went from £0.58p/month to £10/month... it's the principle of the matter which is important.
              I understand - but the credit card companies don't have principles so they won't. What they will understand is lost business and bad publicity.

              And thanks for the warning - I'll certainly be keeping an eye on my statements.
              +50 Xeno Geek Points
              Come back Toolpusher, scotspine, Voodooflux. Pogle
              As for the rest of you - DILLIGAF

              Purveyor of fine quality smut since 2005

              CUK Olympic University Challenge Champions 2010/2012

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                #8
                They probably assumed that most folk would not even notice.

                I ain't used my credit card in over 5 years, don't even know what the rate is.

                Comment


                  #9
                  I use my credit cards as much as possible, earning cashback, and keeping money in my bank account as long as possible which offsets my mortgage.

                  Difficult to say how much I save doing this.

                  Always pay off in full every month, except where I have 0% deals on the go.

                  Comment


                    #10
                    I do the pay for everything on a cashback credit card and then settle the bill each month too.

                    The one thing I don't do is pay interest on anything. Interest is dead money for fools.

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