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Banks up to new tricks

Adventurelife

Adventurelife

New Member
I am a banks worst customer. No overdraft free banking etc etc. However, just noticed on one of my personal credit cards a minimum interest fee of £0.50p having been applied this month. Irrelevant I know but thought I would dig further

Found it strange as my credit cards are normally in profit. ie I have direct debits to pay minimum each month but I also clear the balance the minute they come in so always in credit by a small amount.

After holding on the phone for over 10 minutes to get through, no one could answer it and having to call me back. I do notice they are sating on the statement a minimum interest fee of £0.50p.

Interesting new concept being applied to charge interest on positive balances:(

I know they are skint but that is a new one on me:huh:
 
G

Gouldie0

New Member
Although this is a small amount, think of the number of customers who wouldn't even question it and continue to pay the charge. The banks will continue to extract every penny out of us even though we the taxpayer bailed them out.

Sometimes I wish the government had let one them fail and 'bit the dust'. It's seems like we're coming out of this with less choice than what was there before, every bank or building society that's struggling seems to have or will be bought up by one of the bigger banks. Surely this goes against all competition rules and the government should be forcing them to sell assest quicker to generate further opportunity on the high street for other potential banks.

Rant over :(
 
frockery

frockery

New Member
If your account is in credit they should be paying you interest. (Now where is that hollow laugh icon?)

I'm no good at numbers, but if you have a credit or zero balance, the APR must be infinity to calculate interest of £0.50. It's just another charge for having one of their pieces of plastic.
 
Merchant UK

Merchant UK

New Member
I ended up with nearly zero credit :sad:

I had £8500 credit on one of my credit cards, I didn't use that one because of the high interest charges, so i just kept it as a backup incase of any problems with the house or car. I went the full 3 years without using it (That took some skill!!) When they sent me a new card, the form said my credit total had come down to £500 ??? :001_unsure:

So i guess the secret is to keep using them, and keep in their debt :(
 
Adventurelife

Adventurelife

New Member
I ended up with nearly zero credit :sad:

I had £8500 credit on one of my credit cards, I didn't use that one because of the high interest charges, so i just kept it as a backup incase of any problems with the house or car. I went the full 3 years without using it (That took some skill!!) When they sent me a new card, the form said my credit total had come down to £500 ??? :001_unsure:

So i guess the secret is to keep using them, and keep in their debt :(
I use them, as I understand how credit ratings work so I have ensured I rank in the top 1% in the UK. The reality is I would prefer not to use credit but in order to maintain a profile I have to.

But I turn them so quick I do not pay interest. However, I am detecting signs that they may be catching on to this and punishing it:sad:
 
G

Gouldie0

New Member
I think the worst thing is that you have to continue to use credit to maintain a credit rating. Surely it should just come down to whether you can afford it.

On a personal level the way the banks operates makes me laugh, I set up a direct debit to my credit card and within 7 days I received a letter from the bank advising me that my limit was being raised by £3,000. Did then enquire as to whether I needed this or whether I was responsible enough to handle this amount of money (it pushed my overall limit to £7,500).
 
Adventurelife

Adventurelife

New Member
I think the worst thing is that you have to continue to use credit to maintain a credit rating. Surely it should just come down to whether you can afford it.

On a personal level the way the banks operates makes me laugh, I set up a direct debit to my credit card and within 7 days I received a letter from the bank advising me that my limit was being raised by £3,000. Did then enquire as to whether I needed this or whether I was responsible enough to handle this amount of money (it pushed my overall limit to £7,500).
Totally agree, it does seem daft and creates transactions that do not need to happen ie pay by credit card and then have to settle credit card from current account when transaction could have been straight from the current account.

However, the banks pay a huge amount of attention to your credit rating. A recent conversation with a bank explained to me that I was a not a ideal customer because I had not borrowed from them or even had an overdraft.

They seemed to miss the point, that maybe that might be a good thing.
 
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