Panorama BBC1 10:15pm Tonight

viru.doshi

reehsetin wrote:

dont worry im not so nieve as to think they are the same with everyone - put it this way they try and up my limit without my say the card will be canceled

Thats is reehsetin, show 'em who's boss!

john_kent

In one of my previous jobs , i had access to some high level documentation around chip and pin. The whole thing is aimed at shifting fraud responsibility from bank to customer. But a big thing was that the "revolvers" were seen as prime candidates to send literature to emphasising that they could withdraw cash on their credit card.

The bank I was with spent a lot of money analysing the "revolvers" spending habits and could quite appily target literaure advertising such a service to the customer 10 days before his/her salary day and as close to a thursday as possible.

The goal was to send a leaflet on the Thursday before pay day.

One bank even went to the extreme of sending these customers lists of ATM`s that they could use , Oh and they didnt list ones away from town centres or in garages , only ones in "Grade A" locations.

Now a grade A location is an ATM where the customer is bombarded with advertising and attractions . Like near a pub/club. Shopping centre , Airport and so on.

Grade B were High Turnaround Street ATM`s where there wa no direct advertising on leisure facility near by but a high level of foot traffic.

All others were Grade C.

I leanrt the hard way. But sorting myself now. BUt these banks havent won. A lot of people are seeing through it now.

reehsetin

viru.doshi wrote:

Thats is reehsetin, show 'em who's boss!

you should have seen the guy who i signed up my CC with i asked for the min possible and fought for it, he got very flustered (manager was sitting next to him!)

Devo

I can vouch for the companies regularly upping limits. Got my Barclaycard when I first started at uni and the credit limit was £250. 5 years on and I now have my 'Gold' Barclaycard with a whopping £6500 limit. I have never once asked for a higher limit, so it just goes to show how devious lenders can be. Needless to say I have a balance of £0 on that card :cool:

viru.doshi

john_kent wrote:

In one of my previous jobs , i had access to some high level documentation around chip and pin. The whole thing is aimed at shifting fraud responsibility from bank to customer. But a big thing was that the "revolvers" were seen as prime candidates to send literature to emphasising that they could withdraw cash on their credit card.

The bank I was with spent a lot of money analysing the "revolvers" spending habits and could quite appily target literaure advertising such a service to the customer 10 days before his/her salary day and as close to a thursday as possible.

The goal was to send a leaflet on the Thursday before pay day.

One bank even went to the extreme of sending these customers lists of ATM`s that they could use , Oh and they didnt list ones away from town centres or in garages , only ones in "Grade A" locations.

Now a grade A location is an ATM where the customer is bombarded with advertising and attractions . Like near a pub/club. Shopping centre , Airport and so on.

Grade B were High Turnaround Street ATM`s where there wa no direct advertising on leisure facility near by but a high level of foot traffic.

All others were Grade C.

I leanrt the hard way. But sorting myself now. BUt these banks havent won. A lot of people are seeing through it now.

I didnt realise people would actually withdraw money with a credit card, just seems pointless from my point of view. But glad to see you've had that lightbulb moment as they say and are on your way to debt free goodness

oops_a_daisy

if youwithdraw cash from an ATM on a credit card you are charged a fee for doing this and the interest charged on it is higher than normal spending on a credit card - WIN/WIN situation for the bank

viru.doshi

lol thanks daisy i knew that, thats why i didnt think many people would use a CC to do it, always thought a debit card was the obvious method.

Devo

viru.doshi wrote:

lol thanks daisy i knew that, thats why i didnt think many people would use a CC to do it, always thought a debit card was the obvious method.

Not for people who can't help themselves and need cash urgently.... it's all too easy to withdraw on a credit card and worry about it when the statement arrives. IMO it's the worst thing you can do on a CC :eek:

oops_a_daisy

thats why Im called OOPS

schiff

Hi viru doshi

You seem to be superbly level-headed for one so young and long may it continue for you!

Keep reading the horror stories on these threads and learn - as you seem to be doing - from what you read. Stoozing is complicated and needs lots of time devoted to it. As you will be starting on a lucrative (I hope) career shortly, you may be best avoiding stoozing and concentrate on your job.

One beneficial aspect of credit cards has clearly occurred to you. If you use your credit card(s) for everything, whilst knowing beyond any shadow of doubt that you will be able to pay off what you owe in full on the due date, you will effectively be paying for everything 3 to 7 weeks in arrear. In the meantime if your funds are resting in a high interest bank account (4% gross is achievable) you will be getting some credit interest on your expenditure all the time! It might not be much but over a few months it mounts up and pays for the odd meal out etc. And it certainly beats paying interest to the CC company!

I'd like to think you had the same sensible approach to drugs, smoking and excessive alcohol - though perhaps we wouldn't want you too perfect!!
Best of luck.

schiff