Although I try to be pretty credit conscious and pay my outstanding balance every single month, occasionally I do slip up. It happens, and I have to pay the penalty. And that’s how money lenders make their money. But this time Discovery Card have overstepped the mark. Without so much as a hint of a notification, from October to November they’ve hiked their interest rate a whopping 3% from 19.50% to 22.50%. (And somehow this despite me being a “Platinum” account holder, for whatever that’s worth).
Sorry okes, I’ll go back to gym next month – maybe that will help?
2 replies on “Discovery Card Interest Rate Hike”
That sucks. I’d cancel as well.
Well, then they still hold deposits for between 3 and 8 days, before it reflects on your account. Imagine the interest they are making there!
Now imagine if you get stuck, have to top up your credit card through internet, and then .. oh f#$ux !! you are a trip, you transferred your last bit of money from your cheque or savings account to your discovery card in order to use the plastic for the hotels, the taxis, the airflights etc. and … you are stuck. Discovery first needs a few days to make some money .. Add a few more days if it is a bigger amount .. you mos can afford it right ?
Now where is the value proposition in that.
What suckers we are !!