Charge Cards

moonrakerz

Don't forget that Sect 75 doesn't apply to charge cards.

datostar

Curt. wrote: »

Mark have one:

http://money.marksandspencer.com/cards/charge-card/overview/

And it has no fee, and you don't have to pay off everything full, so nothing like Amex at all really.

There are loads out there but most are tailored to very high end/income customers. Would that include you? If not i don't want to spend like a half hour linking to half of them and putting the details of which one entails what, for no reason.

That's a Store Card that they happen to call a Charge Card. You can only use for shopping at M&S

paulq

i can't see why anyone would want one? what benefits do they carry? or is it due to no spending limits for rich people?

bengal-stripe

moonrakerz wrote: »

Don't forget that Sect 75 doesn't apply to charge cards.

Are you sure about that?

It should apply, because when making the transaction, you are using the bank’s money (not your money as with a debit or a pre-paid card). You might pay the borrowed money back a week or two later, but at the point of purchase, you were using someone else's money i.e. credit.

Curt.

datostar wrote: »

That's a Store Card that they happen to call a Charge Card.

Yes as i indicated above, its not like a charge card that Brits see in the 'traditional' meaning of the word/card. (I.e. the Amex model).

Then again to most of the rest of the world (especially North America) the idea of Britain's lending system is totally alien to the word "Credit" altogether so i guess its all subjective dependant on your particular sensitivities.

You can only use for shopping at M&S

Yeah that part i didn't know, which to me makes the card totally useless tbh.

chattychappy

bengal-stripe wrote: »

Are you sure about that?

It should apply, because when making the transaction, you are using the bank’s money (not your money as with a debit or a pre-paid card). You might pay the borrowed money back a week or two later, but at the point of purchase, you were using someone else's money i.e. credit.

Good logic, but that's not the determining factor. It comes down to whether the agreement is regulated by the Consumer Credit Act - only then do you get the benefit of s75.

The Consumer Credit (Exempt Agreement) Order 1989 (SI 1989 No. 869) (regulation 3) exempts chargecards (basically because you are supposed to pay them off in full each month). This interpretation was confirmed in Duncan v American Express (2009).