Tight !!!!!! Tesco

madachab

After reading Martin's Credit Card Shuffle article, I noted this particular paragraph with interest...

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"Sometimes simply calling and asking for an interest rate reduction works. The credit card market is competitive and interest rate matching policies are common. If you’ve got a cheaper rate on another card, it should help.

Saying “I need cheaper debt, but I’d prefer not to leave you” works, as customer retention reps often have substantial power to authorise deals."
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Bearing in mind I've had the card for a number of years, I decided to ask Tesco Personal Finance about what rate they would offer me to stop me going elsewhere. I thought with them making so much money they would hardly miss a couple of quid from little old me!!

The response...
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"I'm sorry if you feel that our current rate causes you to question our loyalty to customers..." (I NEVER SAID THAT?????).

"We realise that other companies offer reduced rates for a short period of time and many card companies are offering permanent competitive rates..."
"However, I am sorry but I am unable to change the rate on your account!"
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Well thanks for nothing Tesco Personal Finance. Looks like you just lost a customer to one of those other companies you mention.

oldagetraveller

Same here, had and used their card for years, already voted with my feet and gone elswhere.

Galstonian

This has to be done with tact and diplomacy. You can't just ring up and say "what will you give me to stop me going elsewhere?"

In my experience if you ask them if there are any promotional offers that you could be eligible for explaining that you have had offers from competitors but would rather stay with them.

YMMV

oldagetraveller

Tact and diplomacy unfortunately didn't work for me so I tactfully and diplomatically cancelled and went elsewhere!

peawack

oldagetraveller wrote:

Tact and diplomacy unfortunately didn't work for me so I tactfully and diplomatically cancelled and went elsewhere!

And so did I !

Robert_Sterling_3

A brief message to original poster

Substitution of a $ for an s in your thread title does not, in my opinion, make your title any less inappropriate than if you had used the original letter.

tin

Interesting, I tried the same thing with Barclaycard maybe 7 years ago or so, and got a very similar reponse! The account got closed asa(w)p

mountainofdebt

Sometimes it takes more than one go to get them to offer you a promotional deal.

I tried asking RBS for a couple of months for a promotional rate and kept getting refused as the computer 'hadn't selected me' but eventually it did!

I'm confused as to why tesco are being called everything under the sun for not giving you want? If you don't want to pay the interest rate you are currently paying then go to another credit card company but be at least adult about it.