IHG: Priority Club Rewards VisaBack to Forum
AnonymousGuest20 Nov 2010
I’ve had the Priority Club Rewards Visa card for a few years. It’s useful because it’s Visa rather than AMEX, as many of these affinity cards are, and is taken in more shops.
I always pay off the account each month. It’s the way I was brought up.
I’ve recently received the following letter.
Your interest rate for purchases is changing from 16.9% to 21.9% from 31st January 2011.
This is happening because we’ve taken a closer look at how you’ve been managing your account lately, as well as other financial information we have.
You can decide to close your account if you would prefer….
If you do want to close your account, please 0844 251 0304 by 13 January 20111…”
Available in large print, Braille and audio format….
I understand they aren’t making any money from me…. but still.20 Nov 2010
IO, they are making money from you, through the merchant fee that is charged to the retailer when you use the card. It may be that they are not making enough money from you though. And 21.9% is quite “reasonable” compared to BA Amex at 46% (usurious would be a better term for Amex).
At least you have a Visa. Despite having (or given your experience perhaps because of having) a spotless credit record and a decent salary, I have been turned down for the card on a number of occasions, even though I had the predecessor card from a different supplier.
In consequence, my loyalty has switched to Marriott who would give me a rewards card. I have pointed this out to IHG, but they seem quite happy for their Visa bank to lose them custom.
And it looks as if the bank may be doing the same with you. It’s a perverse approach from IHG.2 Dec 2010
The IHG card has a very poor earnings rate for Priority Club points, and I would only ever consider using it when actually staying at an IHG property. Even then I rarely use it because of the poor value it represents.
Once I had spent the minimum required for the sign up bonus (which was a not ungenerous 20,000 points when I took it out) I have put the credit card in the safe; it only comes out when I need to top of my account with a few points, though that is usually more easily/efficiently done by converting Amex Membership rewards.
I agree, set up a direct debit for the full balance and avoid borrowing on credit cards at all costs.2 Dec 2010
VK I quite agree.
I only use reward cards in the businesses that they relate to, hence why my business is now tending much more towards Marriott than to IHG.2 Dec 2010
Received the same letter at around the same time. Its not as if the letter offers any explanation or means by which you can challenge or query it.
It implies I am a credit risk, think, which I find offensive. I am on the hunt for Simon Cottenham’s phone number…..14 Dec 2010
The sign up bonus for this card is back at 25,000 and if you haven’t already applied for one, you would be well advised to do so before the bonus returns back to a modest 10,000:3 Jan 2011