Well this is proving interesting.
This is my primary card with a rather unhealthy balance.
Done the SAR thing and there's a few hundred in charges, I have yet to send a prelim.
Now they have increased the APR twice over the last 18 months and I wanted to get to the bottom of this, so I recently fired this off to them:
Today I got a response.
ANyone want to guess what they had to say ??
This is my primary card with a rather unhealthy balance.
Done the SAR thing and there's a few hundred in charges, I have yet to send a prelim.
Now they have increased the APR twice over the last 18 months and I wanted to get to the bottom of this, so I recently fired this off to them:
Dear Sir/Madam,
Could I please have an explanation and clarification as to the reasons and methodology used when determining what monthly interest rate to charge on a card.
Over the last 18 months the monthly interest rate has increased on THREE occasions from 1.094% a month at inception, to 1.240% in October 2006, to 1.597% in July 2007 and finally to 2.210% in December 2007. I would like to know the detailed reasoning behind these increases, especially as the overall rate has increased by 1.116% per month, more than doubled, since the account inception in February 2005. This equates to an overall increase to 29.9% APR from the original 13.9% APR a raise of 16% !
I hope that you will enter into a sincere dialogue with me about this matter and I am writing this letter to you on the assumption that you would prefer to do this than merely respond with standard letters and leaflets.
I would appreciate your due diligence in this matter.
I await your rapid response.
Yours Faithfully,
ACCOUNT NUMBER: XX XX XX XX XX
Could I please have an explanation and clarification as to the reasons and methodology used when determining what monthly interest rate to charge on a card.
Over the last 18 months the monthly interest rate has increased on THREE occasions from 1.094% a month at inception, to 1.240% in October 2006, to 1.597% in July 2007 and finally to 2.210% in December 2007. I would like to know the detailed reasoning behind these increases, especially as the overall rate has increased by 1.116% per month, more than doubled, since the account inception in February 2005. This equates to an overall increase to 29.9% APR from the original 13.9% APR a raise of 16% !
I hope that you will enter into a sincere dialogue with me about this matter and I am writing this letter to you on the assumption that you would prefer to do this than merely respond with standard letters and leaflets.
I would appreciate your due diligence in this matter.
I await your rapid response.
Yours Faithfully,
Today I got a response.
ANyone want to guess what they had to say ??
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