Save money by rejecting credit card rate hikes within... - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Save money by rejecting credit card rate hikes within 60 days

Save money by rejecting credit card rate hikes within 60 days

Save money by rejecting credit card rate hikes within 60 days
The content is accurate at the time of publication and is subject to change.

There have been reports that many card companies such as Barclays have increased their credit card interest rates by 20% and thousands of customers from the UK are fuming. However, card holders have a choice now with the new rules in place, and they can reject the increase within a 60-day period. Reports in the press have condemned the 20% increase from Barclays on.


Some useful tips to beat the hike in credit card rates:



  • Make use of the right to reject the increase within the 60-day period. If the customer does not accept the hike in rates, they can choose to give up the card and close their accounts. The outstanding debts could be paid off in installments instead of paying a lump sum and these payments will be made with the current interest rates. The card, however, cannot be used to make new purchases.

Martyn Saville, credit card expert feels that this hike in interest rates by the banks is outrageous. He feels that the 20% hike is unjustifiable and the banks should not make excuses for having reviewed individuals` accounts to justify their interest rate increase. He also adds that, the base rate for the last two years has been at 0.5% and Libor (banks` lending rates to each other) is well below 0.8%. He feels that the banks` claim about reviewing individual accounts, etc., will only squeeze the customer out of every last penny, which would be used to increase the banks` profit margins as well as to help subsidize new businesses.



  • Rejecting the hike in interest rates will help in saving money, but switching to a new card altogether will help to save even more money. The irony of Barclays is that, they still have the best 0% balance transfer offer in the market. However, for someone who already possesses a Barclays, switching their existing debt to an interest-free deal will not be possible.

The best deals could be found by reading “Which? Credit card reviews” and by using the “credit card switching calculator” where one could work out the money that could be saved. However, as a rule the best deals will only go to the ones with the best scores. If you wish to increase your chances of getting a new credit card then read the “credit report explained” which is a free guide and get some useful tips.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Capital One Partnering Up with Airlines

Posted: November 16, 2018

Starting in December Capital One is partnering with a dozen airlines so their cardholders can transfer their miles and book flights. The new transfer benefit will be available to people with the Capital One Venture One, Spark Miles and ... Continue reading
Getting Quadruple Points with the New Business Gold Card by American Express

Posted: November 12, 2018

American Express is rolling out a new credit card for small businesses, offering quadruple reward points on the two categories in which they spend the most during the month. There are six categories they can earn these enhanced rewards in, ... Continue reading
Now Cardholders can use Ultimate Rewards for Apple Products

Posted: November 9, 2018

Chase credit card holders can now use their rewards to buy Apple products via the new Apple Ultimate Rewards Store. When shopping in the new store people with a Chase Sapphire, Freedom and Ink credit card can use their reward points to pay ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles. That's $600 towards travel!
For Excellent, Good Credit
Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay
For Excellent, Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!