Marbles Credit Card Rate jacking. AGAIN…

Marbles was the first Credit Card to give me a second chance, I can't deny that. Use it well and improve your Credit rating I was told. So low and behold after receiving my credit card and spending on it monthly, I ensured I didn't leave a balance.

The Original APR was high but when you have bad credit you don't really shop around

My rate when I took out the Credit Card was 34.9%, that's high but for people with a Bad Credit Rating these are the kind of standard rates we can expect.

As my credit rating improved I applied and was successful for Main Stream credit cards.

Good Credit Limit for a Sub prime card

I kept my marbles.com credit open, simply because it had a nice credit limit, just under £3000. It was handy for Car repairs, Vet bills and the like.

Once my new Main Stream credit was in place I received a letter out of the blue from Marbles to inform me they was increasing my Credit APR to 44.9% an increase of 10%

Not Holding a balance on a Sub Prime Card

It didn't matter to me, I didn't hold a balance but it didn't make much sense when I looked at my improved credit rating, surely like Main Stream providers my risk had reduced not increased.

Now, roll on four months, yes 4 months and once again I have another letter, this time a further increase to 50.94%.

Now before I get left comments like, You agreed to their terms and conditions, they can do it legally, yes, that's not my point, my point here is Morally.

This Credit card obviously expect people who get a hike to say OK NO, I will close the Credit Card.

Of Course, I don't plan to close the Credit Card, it's still in my wallet for the same purpose, a Safety net.

However, what they don't realise is, if I needed a safety net, charging me 34.9% would actually encourage one to maybe pay some interest if things got tight, but at 50.94% I wouldn't even be tempted, in fact, I would probably go to one of these short term lenders.

So the saying, Cutting your Nose of to spite your face does come to mind.

Credit Card rate hikes are not right in my mind in any sense. Wouldn't it be better if Marbles sent out a Letter explaining the Card has served it's purpose and maybe it would be better to try for a Prime Card? We will be closing your card in X days?

 



Dad of 7, including Autistic Twins, first hand experience in Credit problems following the challenges faced with having Autistic children. (Unable to work due to supporting their needs, My credit rating became what can only be described as wrecked) Using my own experience, Credit 4 Everyone was born. A website dedicated to the rebuilding of a UK credit rating. The site was born providing the struggles in getting accepted and as things improved, the challenges one faces in maintaining a good credit rating. On this website you will find information regarding Pay monthly Credit catalogues, buy now pay later, mobile phone contracts for bad credit, current account options when your credit rating stops you getting even the most basic of services and personal loans/car finance. I will share my own experience which shows you how I built a credit rating with an Experian credit score of 120 and Equifax of 90 to a Credit rating both rated as Good in 2 years. How you can rebuild your credit rating, the companies that will help you on the journey and how things can improve. About the website Pay Monthly Catalogues with Credit, Buy it now pay later, Guaranteed Mobile phone contracts and Guaranteed no credit check bank accounts. Credit 4 Everyone specialise in helping people with bad credit get the credit they need. We offer Financial products and services for everyone and work hard to review products, our aim is in Helping you get accepted with our helpful hints and tips.

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