Do any banks reward loyalty?

debtfreelondon

Was wondering if any of you knew if any banks or financial institutions rewarded a customer's loyalty with them rather than treating them like any other person applying?

I've been a customer at Lloyds for the past 20 years and have always run my account in credit (even when I've been in debt in other places) and had both a Visa and Mastercard from them which I cancelled last year due to the low credit amount they'd given me and lack of benefits.

I applied for a Create card from them to take advantage of cashback (now that I'm debt free) and after 2 weeks of it "being assessed by underwriters" was turned down.

What makes me mad is the fact that it doesn't seem to matter any more that you've loyally given them business for years (and profit) and it all depends on how much more extra profit they will make out of you.

Just a thought

kenshaz

Never ,ever,ever show loyalty to a bank,the only people that they are looking out for are their share holders,move your account to a bank that wants to treat you as a new recruit and reward you for that and suck you in for other products---,see Martins Article on bank acccounts ,some good rates on current account,

charlie12

I agree with kenshaz. Also if you do move banks, don't close the existing one. As you've had it for 20 years it will be useful when applying for new credit (most providers ask how long you have been with your bank, and the longer the better). After all, it's not costing you anything by keeping it open. Keep £1 in there and perhaps pass one or two transactions through it per month to show some activity on the account. You can also use it as a backup account in case anything goes wrong with the new account.

headcovers

Sorry I don't agree - but that's only from my experience.

I have been with NatWest since I went to University 24 years ago.

They have always given me the best rates for loans and have always been understanding when I needed money.

Admittedly I have always had a good well managed credit record though.

I took out my mortgage with them some years ago and they have given me a competitive discount rate and each time it has come around for renewal they have contacted me (not the other way round) with a competitive offer comparable to that offered to new customers.

I have an advatage gold account which gives me benefits such as 1% off loans and mortgages as well as additional warranties (FOC) on electrical goods purchased with my credit card.

So not every bank ignores its loyal customers, although I accept that my circumstances might be unusual.
Plus they have British easy to understand call centres.

PS I don't work for NatWest! :rolleyes:

sicker

I would say NO. For a start you seldom contact the bank staff, you are usausly fobbed off to call centres.

John

Mark7799

What do you define as loyalty - if it's someone who keeps an account in credit, uses credit cards but pays the balance in full each month then the Bank may not consider they make much money out of a customer and won't be that bothered about wanting to keep a customer with that behaviour pattern. They may be more likely to want someone who goes overdrawn each month but sticks to agreed limits and gives the Bank more income for not a lot of work.

Fedz

Mark7799 wrote:

What do you define as loyalty - if it's someone who keeps an account in credit, uses credit cards but pays the balance in full each month then the Bank may not consider they make much money out of a customer and won't be that bothered about wanting to keep a customer with that behaviour pattern. They may be more likely to want someone who goes overdrawn each month but sticks to agreed limits and gives the Bank more income for not a lot of work.

So very true

Banks like you as long as you stay within your agreements and make a bit of profit for them.

They like to offer this, that and the other and you take one offer now and again until you have everything with them (current account, savings, loan, mortgage, credit card(s) ...etc), so they can see all your finances

That's the nature of banks in general and that's business.

teedee123

loyality,no way all this stuff about rewarding your loyality with Bonds for loyal customers,a load of mince,if you look about you get better rates elsewhere,I`ve been with the Nationwide for 22 years ,yes I like their Flex-account the rest of it,mince.

They say stick with us as we have no shareholders you get better rates,untrue!!

Groundwork_2

I agree. I spent years thinking I was getting a good deal from my loyalty with Barclaycard. During the days when I had bad debt (and this site didn't exist to help me reduce my interest) I paid literally hundreds and hundreds of pounds in interest to them.

I only kept it to collect Nectar points and they cancelled them.

I cancelled the card at the weekend (I was also turned down for a Barclays current account which made me mad). The muppet on customer services offered to reduce the interest "permanently" to 11.9% (I said other banks were offering lower rates). He then said that it would affect my credit rating as I wouldn't have the card listed on it (I've never defaulted) . I told him the account wasn't listed on Experian and never has been so it would make no difference one way or another.

I'm a bit "rage against the machine" at the moment and sick of big organisations thinking they can walk all over you. Am I cutting my nose off to spite my face - probably. Since I'm managing my finances now and only buying things when I've saved up I don't need a card that gives me absolutely nothing for using it and sends it's statements out earlier each month to catch you out and make you pay interest.

Rant over!!

bolo

hell no. I just got off the phone to Nat west complaining about the fact that they woould not offer the new customer rates to current credit card holders like myself. so i cancelled my card. screw them. Am looking for another bank now!!!! I know my tiny amount of money will make f all difference to them but i am !!!!!! off. Loyalty works both ways....

Groundwork_2

loyalty does work both ways. even though your custom is nothing to them if more people cancelled cards cause of the abysmal service provided then maybe they'd get the message