Gave up Santander 123 credit card - two years ago

[Mr $quandaŁot]

In May 2013 I received a letter from Santander, notifying me that the interest rate on my 123 credit card would go up to 29.9% APR. The old rate was 18.9% plus the annual fee of Ł24, making it somewhere in the low 20s.

Rate jacking is far too common and, unfortunately, banks are within their rights to do so.

I decided to reject the increase and start repaying the balance of just short of Ł3,700.

Two years on, my balance has halved!

There have been times when I would have liked to have my 123 credit card, but in all honesty, I'm not sure if I ever want to see another credit card in my life.

My intention is to pay all my Santander debts, including my not so small overdraft. Once that's done I will close all my $atan$ accounts and sing "one I'm two leaving three Santander" and so them a finger - can you guess which finger it's going to be?

[FlamingParrot]

Re: Gave up Santander 123 credit card - two years ago

When MBNA sent me a similar letter in 2009 saying the interest rate was going to be something silly like 36% :mad2: I gave them two fingers and stopped paying them! :grin: :grin: :grin: Despite not using the card (it had reached its limit) and keeping up the minimum monthly payments, the balance was increasing rather than going down every month, so the card went over the limit and MBNA started applying overlimit charges. It's been a while since all that and the SBd clock is ticking away very nicely. :clock: :clock: :clock:

Had to repay the Satan's loan though due to risk of set off. Interest on that one was low though, just over 6%. :grin: