For me, I have my Monzo Flex (19% APR), and i’ve also got a 0% card with a high street bank. I mainly use Flex because of it’s USP (the “Flex-ability” of paying more towards a single item when I have some spare cash). The “pay over 24 months” trial came at just the right time for me to buy new white goods for the house.
However, if I get hit with an APR increase, then I will be reducing my spend on Flex and sticking to pay in full or interest free over 3 months so Monzo will actually lose money from me.
My Barclaycard had been at 6.2% for maybe 15 years or more. When the rates started going up this time round it was the first time the new T&Cs kicked in whereby the rate follows the BoE rate, so now my rate is 11.something % I think.
My current Flex rate is 9%, if it starts rising it will once again be not competitive, but then again, I’ve never had another credit card that could ever compete with Barclaycard.
I won’t speculate on individual circumstances because the new rates are personalised.
But to reassure you, your current interest rate is one of the factors we consider when calculating your new rate, as we want to make sure the increases we’re making are reasonable – no one’s rate will go up by as much as 10% (i.e. from 19-29%).
For individual rates, you’ll naturally need to wait and see.
Has something changed with flex recently? When i used to flex something it would look like income i.e. +£x in green. Now it looks like another deduction and it also sums into the total spend for the day?
Anyone had this before? Bought something off eBay on the 15th, 2 transactions for £2.19 and £2.29, both have been dispatched. Not sure why PayPal would then request it again, then it’s been returned? I paid in full all ready.
It’s gone back into my current account so I’ve paid it back again but still weird.