Getting their own back.

oldwiring

It won't worry me as I never need to get cash advances or pay less than the whole amount after the free period, but I was interested to receive a revised terms notice from my VISA card supplier. These are the changes

Cash Advances

APR up from 16.9% to 21.9% Handling Fee up from 1.5% to 2% min £2

Balance Transfers

Introductory rate 3.9% to5.9%. balance tranfer handling charge 2% min £2 max £50

Free Period on purchases

From 56 reduced to50days

Convenience cheques

Interest for 6 months upped from 3.9% to 5.9% then standard rate.
Handling fee from 1.5% to 2% min £2 max £50

Purchase protection

Benefit withdrawn.

TBH I am not agin what they're doing as the spendthrifts and tarts and smooxers will siill be paying. That's good.

dexters_mum_2

Well, I'm not suprised to be honest, the credit card people have had to make charges elsewhere unfortunately...

Rafter

I guess when you are losing billions to bad debt and can't rely on unlawful charges any more you have to look elsewhere.

Personally I would prefer that they didn't lend people more than they can afford in the first place.

Maybe all these nifty debt encouraging features like balance transfers and cheques and cash advances are the problem rather than a source of profit for the lenders.

I'd like to see total card debt capped at 2 months income and any debt more than this converted into a loan at a sub-10% APR. Then credit card debt will never get out of control unless someone dies or has a serious injury and cannot work.

R.