capital one doubled interest rates, is this right ?

garyfl

garyfl

garyfl

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Joined
26 Jun 2010
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2,118
Location
west yorkshire.
basically a little while ago, i posted in here saying id gone over limit and was charged £12, i asked if it would harm my credit, it didnt and im down to £360 now from £500.

The thing is, if my interest rate isnt bad enough at 34.9% they seem to have doubled it :s, when it was maxed instead of owing £15 i owed £29 in interest.

Was this cos i went over the limit or has something happened recently.

TL;DR - my credit card is now charging me double interest no matter what - 70%. something i can do ?





edit: when i say it hasnt harmed my credit i mean in a way that it hasnt harmed my credit report, nothing has shown, it maybe the culprit of the double interest which is the question i am asking you.
 
yeah my goal is to definitely pay it off, hope to at least do it in the next few months. im a student and works so im lucky in a way in that i dont have other bills to pay for, but i think double interests rates is scandalous.
 
You'll find a lot of credit cards are now taking the mickey, thing is all they're doing is shooting themselves in the foot, sure it'll help short term but all it does is push everyone into paying it off, then they're back to square one.

Hate the things, and will be glad to be rid of asap.
 
Most people who get caught out by this can't afford to pay it off, so there is not really an worry about masses of people suddenly not paying interest
 
True i suppose, but it stinks.

Im in the fortunate position of paying them off, which im sure they really don't like but stuff em.
 
You need to get burned bad once... you'll never max your CC ever again !!

We NEVER roll over the month (I'm on Capital One as well). always paying it off in it's entirety every month.

ie:

If you can't afford... Then you can't have
Credit Cards are ONLY used for online purchases.

Sorry to sound so bullish... Trust me on this... The voice of experience is speaking to you !!
 
Outcast said:
You need to get burned bad once... you'll never max your CC ever again !!

We NEVER roll over the month (I'm on Capital One as well). always paying it off in it's entirety every month.

ie:

If you can't afford... Then you can't have
Credit Cards are ONLY used for online purchases.

Sorry to sound so bullish... Trust me on this... The voice of experience is speaking to you !!
Click to expand...

Credit is a valid way for purchasing items for payment longer than a 1 month term. Not everyone screws up like you clearly did.
 
thats taking the P
I'm still waiting for my barkleycard letter for last month
but I'm looking for a 0% to transfer to!
 
Morba said:
Credit is a valid way for purchasing items for payment longer than a 1 month term. Not everyone screws up like you clearly did.
Click to expand...

A loooooooooooooong time ago. (1983)

Rolling over the month is a mugs game. I can easily afford to do it but choose NOT to.

Nobody is going to hold me over a barrel ever again
 
Outcast said:
You need to get burned bad once... you'll never max your CC ever again !!

We NEVER roll over the month (I'm on Capital One as well). always paying it off in it's entirety every month.

ie:

If you can't afford... Then you can't have
Credit Cards are ONLY used for online purchases.

Sorry to sound so bullish... Trust me on this... The voice of experience is speaking to you !!
Click to expand...
No i totally agree, all too easy to go mad on them and wind up in trouble.

They're a useful tool, nothing more.
 
Comes from experience like yourself i too went off the rails for a while, paid the price, but im now in a much more comfortable position and will have them both paid in a couple years.

Still more the fool me for putting myself into that position, i should have had more restraint.

Mind im tighter than a ducks backside nowadays :D
 
Outcast said:
A loooooooooooooong time ago. (1983)

Rolling over the month is a mugs game. I can easily afford to do it but choose NOT to.

Nobody is going to hold me over a barrel ever again
Click to expand...

Credit cards are a viable means to pay for a large purchase over a couple of months. Just not for weak minded people :p
 
If you can't clear off the card every month why on earth have it? an overdraft or loan would be far cheaper.
 
Energize said:
Pointless though really because you spend tons in interest, so you may as well have just waited a few weeks and then bought it.
Click to expand...

Well if you are even half intelligent then you get a credit card with no interest for 12 to 18 months. No interest :rolleyes:

If you have a card that is charging more than you are happy. Simple, just switch to another credit card with no interest.

Credit cards are very handy if used correctly.

Todge said:
If you can't clear off the card every month why on earth have it? an overdraft or loan would be far cheaper.
Click to expand...

Again. How is free cheaper than an overdraft or loan?
 
you could always complain about the apr, find out what the typical rate is i.e 20% and ask for that? if they dont give it go to the ombudsman,, they more than likely find in your favour :)
 
Credit cards are an oxymoron...if you're well-off you get a great one with a good 0% deal which you don't need, in order to suck you in and hope you forget about that 0% so they can send a nasty letter after the deal expires.

Or hope they can get you when you don't make a monthly payment - I've noticed American Express are terrible with the number of different dates and balances they have. I hate my online account with them and the paper statements are work. I'm not thick but it's impossible to work out what's due so I setup a direct debit to clear it each month.

But if you're not well-off, you can only get cards with high interest rates (such as the OP - Capital One is a last resort) so that if you're unable to clear it in a month, you're truly shafted and it hurts much more than the well-off person paying an extra £50 or some small amount.

I've missed one monthly payment while I was at uni and nobody at home opened my post, and I didn't have a direct debit setup. That cost me £70 - £35 late-payment fee and the rest interest (it was a Virgin 16m 0% so I whacked a large balance onto it and paid it off over the period). I also went over-limit on holiday with a card and got a £12 fine eventhough I cleared it the same day - that was my bad $ to £ maths - very annoying.

So...in summary...if you can't setup a direct debit to clear it each month or pay off the 0% over the deal term, don't ever ever get one. Save up, get a loan, or borrow from family. The cc is the absolute last resort and while I understand the lenders' point of view (higher risk = higher charges), 30%+ APRs are taking the p*** and hurting the wrong people the most.
 
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