Russethouse Posted February 2, 2008 Share Posted February 2, 2008 http://news.bbc.co.uk/1/hi/business/7224268.stmA thread on www.moneysavingexperts.com suggests that it is those customers who are paying off their balances at the end of each month that are being dumped, either as well as or instead of, those with poor payment records. Link to comment Share on other sites More sharing options...
woolybananasbrother Posted February 2, 2008 Share Posted February 2, 2008 Banks are there to make money and that only. If you do not generate enough profit for them why should they keep you as a customer?Don't be sentimental people, banks are in the same league as pimps and drug dealers. Link to comment Share on other sites More sharing options...
Frederick Posted February 2, 2008 Share Posted February 2, 2008 Guy on radio this afternoon got his letter to say he was being dumped .......£10.000 limit on his card....balance today £300 ....He was one of those who always paid up by the due date ...they made no money out of him . Link to comment Share on other sites More sharing options...
woolybananasbrother Posted February 2, 2008 Share Posted February 2, 2008 Exactly. Why the he§§ do people think that banks are a charity?[6] Link to comment Share on other sites More sharing options...
Russethouse Posted February 2, 2008 Author Share Posted February 2, 2008 My CC make no money out of me either - in fact we get vouchers based on our spending.[:)]What is wrong is the way that Egg have inferred that they are dumping 'problem' customers, which is patently not so in everyones case.(Well, I guess to Egg they are a problem ! [;-)]) Link to comment Share on other sites More sharing options...
woolybananasbrother Posted February 2, 2008 Share Posted February 2, 2008 RH, your brackets sum it up entirely. But also remember that the throw outs are probably computer driven, so the criteria include potential income too.[6] Link to comment Share on other sites More sharing options...
Russethouse Posted February 2, 2008 Author Share Posted February 2, 2008 Then they should alter their statement accordingly - of course they do still get a percentage from the trader so they are hardly subsidising anyone.I 'm not shedding any tears for them...... Link to comment Share on other sites More sharing options...
Bob T Posted February 2, 2008 Share Posted February 2, 2008 I would never shed a tear for any banking business, they are all after your money and what better way to get it than give you a credit card. I only ever had one once for about 2 years, but didn't use it. That probably gives me a bad credit rating, but I don't care as I don't need any credit. If I want something then I'll save for it.If people have not got enough money to live without a credit card, then they have not got enough to pay the interest on one either. Link to comment Share on other sites More sharing options...
Scooby Posted February 2, 2008 Share Posted February 2, 2008 We always use a credit card and pay it off every month - we are using one with 4% cash back atm and have earned £300 on it since we took it out in October. When the deal ends we will change to another card. Not having a credit card is wasting money on lost interest and free deals. Link to comment Share on other sites More sharing options...
Russethouse Posted February 3, 2008 Author Share Posted February 3, 2008 We have a John Lewis card which allows me to scan my shopping in Waitrose, we put everything on it and pay it off in full each month. We get John Lewis vouchers as a 'reward'.Suits us as we are regular Waitrose shoppers and our first port of call for household stuff is John Lewis anyway.I think CCs offer a certain amount of consumer protection too.4% cashback is a pretty good deal ! Link to comment Share on other sites More sharing options...
Frederick Posted February 3, 2008 Share Posted February 3, 2008 Where are all these card deals then ? Last week Richard B's airline wanted 46 quid from me for my use of a card to buy 2 tickets to OZ !...... 1.5% of the fare ..... He got a cheque ... Link to comment Share on other sites More sharing options...
Georgina Posted February 3, 2008 Share Posted February 3, 2008 [quote user="Scooby"]We always use a credit card and pay it off every month - we are using one with 4% cash back atm and have earned £300 on it since we took it out in October. When the deal ends we will change to another card. Not having a credit card is wasting money on lost interest and free deals.[/quote]The problem would be for me not being able to hire a car without a credit card which you need to go back home or abroad. I am a little worried that they are binning a lot of people who actually pay off their card each month, which even though some are saying they are a business, don't they actually make a percentage from the shops anyhow, so why would they do this? Unless they are binning the people that do the credit card shuffle and use one card to pay off another, switching from one deal to another, as Martin Lewis suggested once.Georgina Link to comment Share on other sites More sharing options...
The Riff-Raff Element Posted February 3, 2008 Share Posted February 3, 2008 [quote user="Georgina"]The problem would be for me not being able to hire a car without a credit card which you need to go back home or abroad. I am a little worried that they are binning a lot of people who actually pay off their card each month, which even though some are saying they are a business, don't they actually make a percentage from the shops anyhow, so why would they do this? [/quote]As m'learned friend WBB implied, what these sharks REALLY want are people who run up, say, £1000 on the card and on top spend £500 or so per month that they dutifully pay off but always with a chunk of interest. It is no accident that the industry is trying to shed cheques - it is the one means of payment that the prudent can use without profiting the bloodsuckers. We can confound them by cotinuing to use them and by taking our business away from those who refuse to either issue or accept them. These people are our servents and deserve to be reminded of the fact. Particularly now that they've sqaundered billions betting on the dogs and will be whoring for any business they can grub up.I love banks, me. Link to comment Share on other sites More sharing options...
Baz Posted February 3, 2008 Share Posted February 3, 2008 Egg is only the start, it is has been reported that HSBC are now turning down 50% of the applications for new cards. Switching cards to get a better deal may not be wise in the present climate.Baz Link to comment Share on other sites More sharing options...
woolybananasbrother Posted February 3, 2008 Share Posted February 3, 2008 Jon, your servant they ain't. Link to comment Share on other sites More sharing options...
Russethouse Posted February 3, 2008 Author Share Posted February 3, 2008 I'm crossing my fingers that John Lewis value the customer loyalty aspect.I think before doing anything financial its becoming more and more worth while for consumers to read the money saving expert site. Link to comment Share on other sites More sharing options...
The Riff-Raff Element Posted February 3, 2008 Share Posted February 3, 2008 Jon, your servant they ain't.Oi! Stop trying to spoil my Sunday daydream!I'd just got to the bit where the branch manager had finally kow-towed to my satisfaction and was about to deliver the line "And now you will dance for me! Yes! Dance! Lest I take my business to CIC across the road where I understand they are giving our free biros with every new account...."What I don't quite understand is that if the customers haven't got the money (which they can't have, otherwise they wouldn't need the credit) and the banks haven't got it (because if they had they'd be lending it), where has it all gone? I've checked, and I haven't got it, so who has? It's all a teensy-weensy bit worrying. I mean, supposing that it never existed in the first place? What have we been building our economy on for the past 20 years? [8-)] Link to comment Share on other sites More sharing options...
Russethouse Posted February 5, 2008 Author Share Posted February 5, 2008 This mornings post bought a letter from MBNA or mbna (as if a change of typeface makes them any better [:@])They will now charge 3% on balance transfers, cheque transactions,Cash transactions and money transfers - at the very least that will be a serious disadvantage to those who keep changing their CC to 0% deals.........how many other CC providers will follow ? Link to comment Share on other sites More sharing options...
Chancer Posted February 5, 2008 Share Posted February 5, 2008 I have an Egg credit card which I always used to pay off in full every month and which has not been used for over 2 years now, they have not informed me that they want to withdraw the card, indeed they have just sent me a new one.Could this perhaps be due to the fact that I have a credit balance of £15 which I keep forgetting to spend[I] Link to comment Share on other sites More sharing options...
Chancer Posted February 5, 2008 Share Posted February 5, 2008 Maybe it's paranoia but I have not been able to access the the Egg on line accounts at all today even via google, has anyone else had a problem?I can get the homepage and others trying to sell stuff etc but not the customer internet login. Link to comment Share on other sites More sharing options...
Hoddy Posted February 5, 2008 Share Posted February 5, 2008 I just tried and it said the site was temporarily unavailable.Hoddy Link to comment Share on other sites More sharing options...
Chancer Posted February 6, 2008 Share Posted February 6, 2008 Hmmm still not connecting.I would have thought that more than 24 hours is not temporary for a bank.I had a similar problem when I first moved to France and it was always defaulting to Egg.fr but not his time.Can anyone access the banking (click your accounts from homepage) from either France or England?Having all my "eggs" in one virtual basket is a bit concerning right now! Link to comment Share on other sites More sharing options...
Baz Posted February 6, 2008 Share Posted February 6, 2008 J.R. I use egg everyday and it was certainly working yesterday morning and I understand from Egg it should be up and working this afternoon. If you enter the Egg site and leave your email address they will inform you it is immediately it is up and running. Earlier this morning it was partially working but would not move past the initial security, I should not be concerned about Egg as it is part of one of the largest Banking concerns in the world.Baz Link to comment Share on other sites More sharing options...
Benjamin Posted February 6, 2008 Share Posted February 6, 2008 [quote user="Baz"] I should not be concerned about Egg as it is part of one of the largest Banking concerns in the world.Baz[/quote]Just like Société Général then? [6] Link to comment Share on other sites More sharing options...
Hoddy Posted February 6, 2008 Share Posted February 6, 2008 I just logged in successfully.Hoddy Link to comment Share on other sites More sharing options...
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