Natwest adsking Credit cards back, any one with me

saverram

As i said in one of my post they asked me to return my credit card, i rang their credit card departmetn, they said their inhouse criteria haas been changed for which i was not eligible , so they are asking my card back. I asked her what criteria?. she is not telling the crieeria.
and says nothing will be shown on my Credit record and i can apply for their service after 6 months.

i just want to know if any one know what criteria it is and anyone of u got similar letter, she said many cards have been asked back , and i asked what is the percentage, which she dint tell.
The same will happen with RBS. i have RBS card too, so i will recieving a letter from RBS also with in a week to retunrmn my card.
if any of u have the same experience please let me know.
and i their criterie changes for every 3 months or so , we need to keep returning cards.
cant we trust our credit cards in case of emergency.

i am so unhappy

Milarky

How long have you had this card? What was the initial offer with the card? Do you have a balance on the card or is it still 'unsued'?

saverram

hi
i have this card from Nov 2003, th limit was 800 pounds, i used for Balance transer , i paid of full couple of months ago, i have 3.94, they have to pay me becuase i paid excess, any suggestion, why tahy asked card back. u r ideas are very much appreciated. thanks a lot

LongDongDave

saverram wrote:

[....] i was not eligible , so they are asking my card back. [....]

Reading the back of one of my cards "property of xxxxx", they own it & can ask for it back when ever they want. There is a credit squeeze at the mo', with so many bad debts, the banks have to cover their sorry A's when they face their share holders at the AGM's.

file_wizzard

a lot of the “re-calls” are related to non profitable customers as well as risk management, in this case the OP states that he has hardly used the card and in fact has had positive balance for the last 3-4 months, this type of usage profile is costing the issuer money, and they are not generating a profit from the OP hence the request to return the card

Astaroth

I disagree that it is because they are not making a profit from them - I havent used one of my RBS Group cards for almost a year and during that time they have upgraded the card twice rather than ask for it back (and it does also have a small possitive balance).

Banks are under increasing presure to be more "careful" of who they extend credit to with many complaints being received from people who have miss managed their money and got themselves into unaffordable debt and then blame the banks saying they should never have been given the credit in the first place. The obvious response from the banks is to toughen up their lending criteria and withdraw facilities from those that no longer meet the grade. Whilst I obviously dont know the OP, £800 is a very low limit for a card that is almost 3 years old so would suggest that they werent the best risk under the more lax rules.

Call_Centre_Monkey

It's their money and their card, so I don't really see what the problem is - especially when the credit card market is very comepetive at the moment.

Paul_Herring

Call_Centre_Monkey wrote:

It's their money and their card, so I don't really see what the problem is - especially when the credit card market is very comepetive at the moment.

The 'problem' is that this appears to be the first time a financial institution is bulk-cancelling credit cards.

jimmmyc

Natwest withdrew my airmiles and so I cancelled the card, they didn't try and stop me, because I hardly used it and always paid the balance off. My OH banks with them and they are awful going to switch soon. So much for the adverts 'there is another way'

Call_Centre_Monkey

Paul_Herring wrote:

The 'problem' is that this appears to be the first time a financial institution is bulk-cancelling credit cards.

To be fair, they are perfectly within their rights to do that without having to give an explanation.