Texaco withdraws Life of Balance Offer

MSE_Martin · 1 September 2005 at 1:20PM

The Texacocard, previously best card for life of balance transfers, has no withdrawn the card, making it no longer available to new customers.

Here is their statement:

Statement regarding Texaco’s UK credit card – 30 August 2005

"Texaco confirms that its UK credit card, issued and administered by the Lloyds TSB’s Create Services Ltd division, will no longer be offered to new customers.

The decision, made jointly by Lloyds TSB and Texaco, follows the completion in April of a review of the Create Services business by Lloyds TSB. While the details of individual business partnerships remain confidential, Lloyds TSB reviews these relationships on an ongoing basis as part of everyday business activity.

The Texaco credit card will be closed to new business, with immediate effect, but our existing credit card customers will be able to continue using their cards, benefiting from the special rates and terms that they have on their accounts. These accounts will continue to be managed by Lloyds TSB and no action is required by our cardholders."

Further to that, I asked for confirmation of another issue. Here is my question and their answer:

Q: Whatever decision you make about the T&C's for existing customers in the future, are we right to assume that any balances transferred by them while the rate was at 3.9% will stay at that rate for the 'life-of-balance' as per the original offer? For instance, a customer who transfers £5,000 onto the card now, at a life of balance rate of 3.9%, will only pay 3.9% on that £5,000 until they have totally paid it off?

A: That's correct

See Best Balance Transfers article for updated information about the best products

michaels · 1 September 2005 at 2:50PM

Hmm - by chance I applied for one of these on the 26th August requesting 15k bt and got 'referred' - I wonder if I will get this. Does holding a 12m advance card affect acceptance for this card?

Rafter · 1 September 2005 at 4:42PM

Hmmm. Bank base rate = 4.5%, Texaco card rate = 3.9% = Loss for Lloyds = strategic review = no more offers for new customers.

Learning for moneysavers = Grab these offers while you can. A bank will not sustainably write loss making business and if they don't recruit enough 'ill informed' customers who start using their cards for purchases, then the offer won't last forever.

Thanks for clarifiying the situation for existing customers though Martin. I guess Lloyds weren't prepared to stomach the uproar if they tried to renege on the deal and demand payment from existing card holders or migrate them to a standard Lloyds TSB product.

Wonder what they will do when the plastics need replacing in a few years though, and moneysavers still have a big % of their promotional balances left?

R.

mountainofdebt · 1 September 2005 at 5:24PM

Must be the first time in a long time that hubby and I have actually managed to 'bag' a bargain!

Thanks Martin!

Petal_3 · 1 September 2005 at 5:38PM

I received my new card on Friday! I haven't BT'd yet....I guess I just scrape in??? My OH has one too. Maybe I should call them and clarify
x

Petal_3 · 1 September 2005 at 6:21PM

Just called Texaco customer services. My BT is fine - he seemed unaware of the withdrawal and said "Well I don't know where you heard that...it's still on the website today"

x

Fatboy_NSS · 2 September 2005 at 12:04AM

When I read this thread I panicked (sp?), had been thinking about this card for a while but had been waiting for my pay rise to come through. Anyways went to https://www.texacocard.co.uk/index.html and found it still open for business. Obviously not been withdrawn just yet, but get in quick!

MSE_Martin · 2 September 2005 at 12:08AM

Hi

As you can see the official notice of withdrawal is above. While its still on its website - this is always a worrying time. It is perfectly possible it will reject all applications and by applying you are adding an unnecessary search to your file. That's why I officially take it out of articles

Would be interested to hear if anyone had made a successful new pplication in the last couple of days though

Bun · 2 September 2005 at 1:54PM

My husband applied for one of these on 29th August, for approx £8k of balance transfers. He has a good credit score and is never turned down, apart from on this occasion.
They say to check with experian, which we will, but has anybody else been turned down unusually for credit reasons just as it withdraws it to new customers? We would like to know if it is a real refusal, or just a standard excuse as Martin suggests.

Thanks in advance

Bun

michaels · 2 September 2005 at 2:26PM

Bun wrote:

My husband applied for one of these on 29th August, for approx £8k of balance transfers. He has a good credit score and is never turned down, apart from on this occasion.
They say to check with experian, which we will, but has anybody else been turned down unusually for credit reasons just as it withdraws it to new customers? We would like to know if it is a real refusal, or just a standard excuse as Martin suggests.

Thanks in advance

Bun

Exactly same thing happened to me, applied on 26th - never turned down for anything before - I was wondering if it was because I already have a Loyyds Advance card?

Bun · 2 September 2005 at 2:39PM

I think it would give you the card but you can't BT anything from a Lloyds card onto it but I could be wrong.....

Texaco withdraws Life of Balance Offer

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