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Am I being ripped off with lloyds here?
kazzapop
Posts: 5 Forumite
in Credit cards
Hi All,
Basically In December I took out a Duo Lloyds Amex/Mastercard online as hubby has also an airmiles account; thought it would be good to collect for our travels.
Anyway, got accepted, and had a £3K credit limit for both cards.
Used my cards, had 1 cash advance (yes, I know....but I had to for a reason) And before we went away recently I bought £200 worth of Euros.
To cut a long story short, never received a statement so went into my local LLoyds as my cards had been "not authorised" for a transaction.
I explained the facts, so the lady (very nicely) rang up the company who then proceeded to tell her why....
1: Because I hadnt rang them to ask for a statement I had incurred late payment penalties!!! Didnt seem bothered that I hadnt been sent one!
2: Therefore they had halved my credit limit; thats why my cards weren't accepted for payments. And my "new" limit had been reached. Why wasnt I told beforehand by phone or letter????
3: They classed the payment for foreign currency as another cash advance!!! So in their eyes I had TWO advances, not one (I'd queried this at the desk when it came up on the computer)
4: Because of these cash advances, they'd UPPED the interest rate from 15.9% to a WHOPPING 27.9% A 12% hike. AND this would be the rate in future for ANY purchase!!! Again, why wasnt I told???
I'm a tad miffed, especially as when I asked for a statement to be sent, I got told that one wouldnt be forthcoming because my case had gone "to collections"
The only thing I can think of doing now is pay up and cancel the cards.
Is this how companies treat customers nowadays????? At the end of the day they are to blame for not sending me the B****Y statement in the first place, although I suppose I should have chased it up after 6 weeks!
:mad::mad:
Basically In December I took out a Duo Lloyds Amex/Mastercard online as hubby has also an airmiles account; thought it would be good to collect for our travels.
Anyway, got accepted, and had a £3K credit limit for both cards.
Used my cards, had 1 cash advance (yes, I know....but I had to for a reason) And before we went away recently I bought £200 worth of Euros.
To cut a long story short, never received a statement so went into my local LLoyds as my cards had been "not authorised" for a transaction.
I explained the facts, so the lady (very nicely) rang up the company who then proceeded to tell her why....
1: Because I hadnt rang them to ask for a statement I had incurred late payment penalties!!! Didnt seem bothered that I hadnt been sent one!
2: Therefore they had halved my credit limit; thats why my cards weren't accepted for payments. And my "new" limit had been reached. Why wasnt I told beforehand by phone or letter????
3: They classed the payment for foreign currency as another cash advance!!! So in their eyes I had TWO advances, not one (I'd queried this at the desk when it came up on the computer)
4: Because of these cash advances, they'd UPPED the interest rate from 15.9% to a WHOPPING 27.9% A 12% hike. AND this would be the rate in future for ANY purchase!!! Again, why wasnt I told???
I'm a tad miffed, especially as when I asked for a statement to be sent, I got told that one wouldnt be forthcoming because my case had gone "to collections"
The only thing I can think of doing now is pay up and cancel the cards.
Is this how companies treat customers nowadays????? At the end of the day they are to blame for not sending me the B****Y statement in the first place, although I suppose I should have chased it up after 6 weeks!
:mad::mad:
0
Comments
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no they are right, but why are you buying euros on a credit card?0
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Lloyds can be hit and miss - hubby has the duo cards and although he rang up to activate them, Lloyds didn't put them through the system properly. They were declined three times while trying to buy stuff so he rang them and gave them merry hell - he was on the phone for 20 minutes in a shop while they sorted it out.
Can't comment on the statements as he banks with them so they show up on his online banking so it's never been a problem
The thing is, if you cancel them and you need a card, you may get declined as you have just taken one out, got a late payment note etc - so no other company may want you. You could try and get one first then cancel Lloyds0 -
I am going to learn from this and cut up the cards as soon as I've paid it off.
As The Who sang " I won't get fooled again"!!!!:(0 -
I've got a Santander card, but my limit is £250 so I havent used it as it doesnt seem worth it.0
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About the Euros, I thought it would be an ordinary "purchase". I didnt know it's classed as a cash advance if you buy currency!!!0
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Afraid you answered this in your last sentence re not chasing up your statement. You are expected to know your payment date and I find it very strange that you weren't sent a statement. Are you sure it just wasn't received? Do they have your correct correspondence details?1: Because I hadnt rang them to ask for a statement I had incurred late payment penalties!!! Didnt seem bothered that I hadnt been sent one!
Room for complaint here, you should be notified in writing before a credit limit is decreased...possibly via your statement. Again do they have the right address or was it just never sent?2: Therefore they had halved my credit limit; thats why my cards weren't accepted for payments. And my "new" limit had been reached. Why wasnt I told beforehand by phone or letter????
This is correct. You are withdrawing cash even though it's in a difference currency. Always use cash when exchanging currency to avoid the risk of unnecessary fees.3: They classed the payment for foreign currency as another cash advance!!! So in their eyes I had TWO advances, not one (I'd queried this at the desk when it came up on the computer)
Yes it's cash so you pay the cash withdrawal rate of 27.95% for those two transactions. Any purchases will still be charged at 15.9%. That is unless because they have reduced your limit because of the missed payment, they have also increased your interest rates. Again, I find it unlikely because you should have 60 days notice in writing of any interest rate change before it happens.4: Because of these cash advances, they'd UPPED the interest rate from 15.9% to a WHOPPING 27.9% A 12% hike. AND this would be the rate in future for ANY purchase!!! Again, why wasnt I told???0 -
Thanks, I'm going to phone them tomorrow to find out why they never sent me a statement. My bank does every month, so why not LLoyds, especially if I owe them money?0
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About the Euros, I thought it would be an ordinary "purchase". I didnt know it's classed as a cash advance if you buy currency!!!
So when you read the terms and conditions what did you think this paragraph in section 21 meant?
http://www.lloydstsb.com/media/lloydstsb2004/pdfs/duo_card_ts_and_cs.pdf
“Cash Withdrawal”: cash withdrawals, advances made by Card or Card number, gambling transactions, purchases of currency and cash related transactions, such as the purchase of travellers cheques, money orders or gaming chips.0 -
Currency = cash = wonga - what else could it possibly be?????0
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