Liverpool Victoria Credit Card changes

Donnie

Noted an interest charge on my account.
I called to query the charge, as I pay the full statement balance every month and have never paid interest before.
I was told that Liverpool Victoria had informed ALL of their credit card holders in their September statement, that Cash withdrawals would have interest accrued regardless of whether the full statement balance is paid.

I certainly didn't see that. When I asked to see the revised terms and conditions I was told that they hadn't produced any.
So there is no sign of this change on their website terms and conditions.
Of course I made them refund the interest charge.

Watch out.

I have informed Martin via email, so that he can update the Credit Card section of the website.

Can anyone else confirm that they received this communication via their statement?

italiastar

They also introduced commision on foriegn transactions - I cancelled immediately.

Donnie

Yes, though that was on transactions outside the EU.
So still has some use, but this is pretty poor, as I've received no notification.
I was promised a copy of the statement it was supposedly on. So far, nothing.

Donnie

Received a duplicate statement today on which is printed; "From the 1st November 2005 interest on cash advances will be charged at the rate of 12.9% per annum from the date the cash withdrawal advance is charged to the account. The cash advance fee remains the same at 1.5% or minimum £1.50"

Missing are the words, "regardless of whether the statement balance is paid in full"

Thus, it reads as simply a change to the interest rate, as interest was ALWAYS charged if you DIDN'T pay the full statement balance.

Added to this is that no one in their offices seemed to know what they were talking about in these matters. (I was told that they only started charging a 'cash withdrawal fee' in April 2005. Utter nonsense). As well as not knowing if they had to reflect this material change in their terms and conditions(It certainly isn't there).

Very poor showing thus far.

bbruce

I'm likely in the same boat as I used mine in Nov.
Statement must be imminent.
Looks like another complaint call to them coming soon.

Donnie

Actually, looking at my statement, I don't see any withdrawals for November anyway.
So the interest would be for a withdrawal on a September or October statement.
That contradicts EVERYTHING they have said to me AND what is written on my so called 'duplicate' statement which has no entries at all.
Their products and quality of service is going downhill. Another case in point is their travel insurance doubling in price with benefits slashed by up to a third. Absolute rubbish!

A lambasting is going their way.

bbruce

Thir phone lines are very busy - probably so many complaints. This is the last time they make their 0870 commission out of me!
After keeping me on hold for a while whilst discussing it with her senior adviser, she said "that's the way it is". She said purchases outside the EU attract 1% but cash advances are now 2.75% plus interest from the date of withdrawal.
Sure enough, the Interest and Foreign Currency Transactions sections of the IMPORTANT INFORMATION on the back of the statement have changed - very sneaky.
She didn't offer a refund but its only a couple of quid so I didn't press the point - I just said I'll be using the card less - probably just in the EU.
I'll keep the account open until I use the loyalty points on it - maybe forever. I recall they have (maybe had in the past since they've become MGBs) an attractive rate for credit balances.
They can spend money sending statements for £0.00 until then.
In the meantime, I'll apply for a Nationwide card - something I've been meaning to do for ages.

Donnie

0870? Don't even think about it. Call them on 0800 373 191.

Spoke to credit card department today and asked them why there has been nothing to indicate that interest charges will be levied regardless of whether the statement balance is paid in full, as was the case before.

No satisfactory answer was obtained , so he will 'discuss it with his colleagues' and pass it on to the 'correct people'.
I certainly think that NO cash withdrawal interest charges should be levied in the cases of statement balances being paid in full, until they properly inform their customers of this material change.
So far there has been no statement to indicate that interest will be payable regardless of whether the statement balance is paid in full.
When the Nationwide CC did the same, at least the made it clear what they were doing.

Very poor effort from Liverpool Victoria thus far.

Donnie

Information on how to contact/report to the relevant authority/ombudsman, promised by Liverpool Victoria on the 28th, has not been forthcoming.
I'll be on holiday for a while, but I WILL be following their progress and do an update when I'm back.

GotEverything

I have been caught out by Liverpool Victoria too - interest charged on a cash withdrawal in France in December. I had used it in Europe in August with no charge. I do not recall seeing anything about changes in-between times. The lady at the call centre claimed it had been in place, "for a long time now; since October".

I am pretty annoyed about this. Any advice on which card to switch to would be much appreciated.

Simon-h_5

I too noticed this on my statement - bit disappointing as I'd only just got the card for Euro spending and it would have been a good way to get cheap cash withdrawals. Will keep the card for spending only, but will have to source other ways of getting the cash.