Just incase anybody uses the above.
Yesterday I received a letter that looked like the normal run of the mill junk mail from the above mentioned bank cc company, the sort of note that gets filed in the bin.
Knowing that I no longer used but still had the card & a small balance left to pay I happened to scan read the letter on the way to the bin....interest rate on the said card will be increasing to 26%, that grabbed my attention so a read on & right at the foot of the letter....
"you can cancel your account & retain your current interest rate on a standing balance & purchases" words to that effect.
So I called & said I want to cancel the account & keep the current rate of interest on the monthly payments.
The very nice lady gets into general chit chat mode "Ok not a problem, I've taken in the region of 200 calls just asking to do the same today, customers are cancelling cards left right and centre or transfering balances to Santander or Virgin"
She then said " You can if you want just request that you stay on your current interest rate, it's not a fact advertised in the letters we send out but if you ask you will not have the increased % rate attached to your account. Thats not to say in the future there wont be an enforced % raise"
So it looks like the banks are relying on people binning the letters without reading them & making them look like a junk circular helps. They then look set to gain higher proffits, the CEO gets a f*** off bonus for being no better than Dick Turpin.
Yesterday I received a letter that looked like the normal run of the mill junk mail from the above mentioned bank cc company, the sort of note that gets filed in the bin.
Knowing that I no longer used but still had the card & a small balance left to pay I happened to scan read the letter on the way to the bin....interest rate on the said card will be increasing to 26%, that grabbed my attention so a read on & right at the foot of the letter....
"you can cancel your account & retain your current interest rate on a standing balance & purchases" words to that effect.
So I called & said I want to cancel the account & keep the current rate of interest on the monthly payments.
The very nice lady gets into general chit chat mode "Ok not a problem, I've taken in the region of 200 calls just asking to do the same today, customers are cancelling cards left right and centre or transfering balances to Santander or Virgin"
She then said " You can if you want just request that you stay on your current interest rate, it's not a fact advertised in the letters we send out but if you ask you will not have the increased % rate attached to your account. Thats not to say in the future there wont be an enforced % raise"
So it looks like the banks are relying on people binning the letters without reading them & making them look like a junk circular helps. They then look set to gain higher proffits, the CEO gets a f*** off bonus for being no better than Dick Turpin.
