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The Co-op will punish credit card customers who legitimately reject an interest rate rise by demanding they repay costly debts in just six months. Otherwise, they must accept the initial hike.
The group's banking arm, often popular for its good customer service, has been accused by customers of breaking the spirit of new rules designed to protect consumers against large rate rises (see the Reject Rate Jacking guide).
Under new terms, if a Co-op customer rejects a rise but fails to repay the debt in time, they will have to pay the increased rate, which can add hundreds of pounds to costs.
Those with thousands of pounds of debt are unlikely to be able to afford full repayment in six months so will end up on the increased rate.
http://www.moneysavingexpert.com/new...ing-card-rules
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Clawing back some of the money they have paid out in PPI claims I wonder ?
The group's banking arm, often popular for its good customer service, has been accused by customers of breaking the spirit of new rules designed to protect consumers against large rate rises (see the Reject Rate Jacking guide).
Under new terms, if a Co-op customer rejects a rise but fails to repay the debt in time, they will have to pay the increased rate, which can add hundreds of pounds to costs.
Those with thousands of pounds of debt are unlikely to be able to afford full repayment in six months so will end up on the increased rate.
http://www.moneysavingexpert.com/new...ing-card-rules
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Clawing back some of the money they have paid out in PPI claims I wonder ?
