Lloyds TSB Advance credit card

ordinary_josephine

Hello,
A number of years ago my partner opened a credit card with Lloyds TSB. He did this online and chose the Advance card. I should say that perhaps he is not the best at checking his monthly statements, but he recently noticed monthly interest charges on these statements. As he pays off his bill every month (with 2 or 3 exceptions over the last few years) this came as a surprise. He called Lloyds TSB who initially said they could not see why he had been charged this interest and they would look into it. We have now received a letter to say that the Advance credit card has no interest free period and is for people who do not pay off their bill monthly and has a lower interest rate to reflect this.
Is there a case for mis-selling this credit card to my partner? It is entirely the opposite of what he required and has not been picked up in financial reviews with Lloyds personal bankers and I feel not made clear on the website on application.
Any advice gratefully received! Cheers.

NickX

ordinary_josephine wrote: »

Hello,
A number of years ago my partner opened a credit card with Lloyds TSB. He did this online and chose the Advance card.

We have now received a letter to say that the Advance credit card has no interest free period and is for people who do not pay off their bill monthly and has a lower interest rate to reflect this.
Is there a case for mis-selling this credit card to my partner?

Unfortunately the Lloyds TSB Advance card is NOT a good option IMO, because it charges interest from the date of the purchase in all situations - i.e. there is no interest free period.

But your partner chose this online, so it was his choice, he was not sold it by a CSA who was economical with the truth, so I cannot see this this is a case of miss-selling. Sorry.

Now please do not take offence at this, but if your partner does not look at statements and it would appear does not read the Terms and Conditions of what they are signing up to, I perhaps would suggest that Credit Cards are not the ideal financial product for them.

Maybe some other posters can come up with some more positive advice.

YorkshireBoy

NickX wrote: »

Unfortunately the Lloyds TSB Advance card is NOT a good option IMO, because it charges interest from the date of the purchase in all situations - i.e. there is no interest free period.

It's a good card to use for purchases during the first 6 months though, ie the 0% introductory period.

NickX

YorkshireBoy wrote: »

It's a good card to use for purchases during the first 6 months though, ie the 0% introductory period.

True, fair point, but its not exactly market leading - Tesco have 12 months at 0%, M&S have 10 (unless your thinking of purchasing Traveller's Cheques ).

I guess if things do get desperate I shouldn't rule it out completely.