I use to have an Edgars mastercard with an interest rate of 14%. After receiving a letter that Blue Bean will be taking over the mastercard, it was stated that the interest rate would stay the same, and that none of my limits would be changed. The first statement I received from Bluebean, showed an increase in interest rate (now 17%). I queried this, and the interest was rectified, back to 14%. This went fine for a couple of months. I have not used my card, as I am trying to settle debt. Now, suddenly, my interest rate is back, up to 17%... After spending more than R100 on phone calls, I still have no answer as to why the rate has changed. The only answer I get, is that my balance is over a certain amount, and therefor the interest went up. I did not increase the outstanding amount, I have only paid money into the account... So the higher my outstanding amount, the lower t he interest rate. Completely contradicting what the agent tells me over the phone. According to her, the rate should be lower if the amount owed is lower... Who will reimburse the extra 3% charged? This was not done on the previous occasion either... Never mind the phone bill to them...
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