Increasing Credit Card interest rates

The rates are changing
Your standard interest rates are being increased to reflect the increased cost of providing your credit card.

What the interest rate changes will mean for you
If you don’t pay your balance in full every month, the increased interest rate will mean you’ll pay more interest each month and it’s likely your monthly minimum payment will increase. 

If you have a 0% promotional rate, there will be no immediate impact to you. Your promotional rate will continue, and any balance left when the promotional period ends will be charged interest at the new rate.

What to do if you don’t want to accept the new rate
You can let us know within 60 days from the date on your email or letter that you don’t want to accept the new rate. If you choose this option, you can pay back your balance over time in line with your Terms and Conditions at the existing interest rate. However:

  • you won’t be able to use your card for further transactions
  • you’ll need to cancel any regular payments and subscriptions that you make on this credit card
  • any additional credit cards attached to this account will also be blocked.

Once you’ve cleared the outstanding balance on your credit card your account will be closed automatically.

Paying off your balance if you don’t accept the new rate 
Just so you’re aware, you don’t have to pay your balance off immediately if you don’t accept the new interest rate. You can pay it off over time at the current interest rate. 

You’ll need to keep making at least your minimum payments each month. If you have a Direct Debit set up it will continue to take your payment each month. 

If you only make minimum payments, it will take you longer to clear the balance and mean you pay more interest.

Tell us if you don’t want to accept the new rate
There are 3 ways you can contact us:

1. The quickest and easiest way is to use our chat service in online or mobile banking which is available 24 hours 7 days a week.

All you will need to do is click on ‘chat with us’ > chat with Sandi > type ‘Close my credit card’ > Other

Mobile Banking

Log on to your Mobile Banking app, choose ‘More’, ‘Help and contact us’, then ‘Chat with Sandi 24/7’.

Online Banking

Log on to your Online Banking account and click the ‘Chat with us’ button on the right-hand side of the page.

2. You can also contact our call centre on 0330 9 123 123 

3. Visit the nearest branch. 

Balances on a 0% promotional offer
There won’t be an immediate impact if you have a 0% promotional rate. This is because your promotional rate will carry on. We’ll only charge interest at the new rate on any balance left when the promotional period ends. 

You can look at your monthly statements to check if you’re on a promotional rate. You’ll receive a text message telling you the new rate when it’s due to expire.

Rate changes and the money you owe
When there’s an interest rate change on your credit card, it applies to all of the money you owe on it. However, this doesn’t include any balance you have on a 0% rate until the end of the promotional period.

We’re here to help if you’re having money worries
You can get in touch with us and our trained financial care specialists will discuss your options with you. The quickest and easiest way to get in touch is by clicking on ‘Chat with us’ when you’re in our Mobile Banking app, or when you’re logged on to Online Banking.

Once you’ve selected to chat, type ‘financial support’ and answer a couple of questions to get started. Depending on your answers we’ll then connect you to one of our financial care specialists. 

You can also visit our financial support page to see how we can help. Or you can also contact us on 0800 389 6655 between Monday to Friday 8am to 6pm and Saturday 9am to 5pm.

Getting more information about interest rates 
If you’re looking for more information about interest rates, you might want to check your credit card or provider's ‘Summary Box’. It’s a table which show your card’s important product features. The information in this box will help you compare different credit card offers. 

Understanding the annual percentage rate (APR)
The APR tells you how much your card provider is charging you for credit. It includes the actual interest rate and any monthly or yearly fees. It’s the figure that lenders have to use in advertisements so that you can compare the rates they are offering. 
Explore what our credit card terms mean

Other borrowing options
Based on your existing account status and credit scores you may be able to look at other borrowing options such as personal loans.
Explore our borrowing options

The interest rate can change depending on how you use your card
We charge different interest rates when you use your card in a number of ways. For example, we might charge you different interest rates: 

  • when you buy something
  • when you take out cash
  • when you transfer balances from other cards, and 
  • as part of promotional offers. 

We’ll list the rates in each card’s Summary Box.

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