Liverpool Victoria Credit Card changes

Rafter

Sorry guys but why should any bank lend you cash for free for up to 60 days?

They closed this loophole because so many of you were doing so and although the wording on the statement is a bit ambiguous, it does say that interest will be charged from the date the transaction hits your account in the case of cash withdrawls.

Interest free on purchases is paid for by the retailers through an 'interchange' fee but this does not apply for cash withdrawls.

R.

fannyadams

Can I just check something?

If i get this LV credit card and I 'load' it with sterling before I go to EU, like Martin suggests.
If I take out cash at a cash point machine in EU will I incurr charges?
Has anyone tried this?
Would it help if I asked the 'nice' people when I phone up on Monday to apply?

grumbler

fannyadams wrote:

...If I take out cash at a cash point machine in EU will I incurr charges?

I don't have this card, but I am pretty sure they will charge you 1.5% (min. £1.50) even if you front-load the card.
Why not Nationwide debit or cash card?

fannyadams

Wouldn't I need to have Nationwide (Bank) account to have Nationwide debit/cash card?

I bank with A&L for the moment (only another 7 months til my free OD is used up then I'll be off to find another sucker who'll let me OD for nothing - bwahahahah!)

So I think this LV card *might* be a possible compromise for business trips to EU.

Thanks for the tip tho' I might consider Nationwide as my next victim.

Skint Biker Mum

grumbler

fannyadams wrote:

...I might consider Nationwide as my next victim...

Why wait? You can apply for their account straight away. There is no need to switch account or salary. Applying for another current account is not more difficult than applying for new CC.

Donnie

Rafter wrote:

Sorry guys but why should any bank lend you cash for free for up to 60 days?

They closed this loophole because so many of you were doing so and although the wording on the statement is a bit ambiguous, it does say that interest will be charged from the date the transaction hits your account in the case of cash withdrawls.

Interest free on purchases is paid for by the retailers through an 'interchange' fee but this does not apply for cash withdrawls.

R.

Actually Liverpool Victoria are supposed to be a Friendly Society, not a bank.
Secondly, there IS a cash withdrawal charge.
Thirdly, the wording is ambiguous as interest was charged before, though only if the full statement amount was not paid.
So the wording may indicate that previously, interest was only charged from the date the statement was produced.

The policy change is not the complaint. It's the sly, underhand way it has been implemented.

Martin has not picked up on it as of yet. I have sent him a note that the advice on the 'cheapest way to spend overseas' page is out of date and therefore misleading to readers.

For reference; http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1106765397,71685,

Donnie

It's slightly perturbing that Martin hasn't changed the advice and modified the information on the site, especially as I notified him of the change last year.

Can someone give him an alarm call?

simonleblank

I use the Nationwide cash card for holiday money. No comission and GREAT exchange rates. Also no credit check. Only downfall is that I can't load it on egg money as questions change each time. Anybody else have this problem?

MSE_Martin

The reason no comments been made is i'm checking it out - Liv Vic say it isn't true (or did two weeks ago) so i'm checking again

martin

Donnie

Thanks for the follow up... interest charges have appeared on my bills, even though my statement balances are paid in full.