Credit card - opt out of interest increase

airbolt | 09:55 Thu 23rd Jul 2009 | Personal Finance

3 Answers

My credit card firm has just told me that apr on purchases is increasing from 10% to 17.5% ! They then say you can " opt out" of the interest rate by agreeing to pay off your balance and not use the card. Looks like they are having a "weeding out" of all the borrowers they do not want.

I am paying off my balance slowly so I will probably go for this option.

Will "opting out" affect my credit rating?

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I can't see it making your credit rating worse- if anything it might improve it if your repayment record improves

bednobs

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this really confused me, if you have the money to pay off the balance, just do it!

I think airbolt means 'pay it off in instalments'

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