Pitfalls of zero rate interest credit cards

exel1966

basotho wrote: »

Somebody I know well had a zero percent credit card with Halifax, just over £ 7 000, the bill came to £ 74. The person sent £ 70. This morning they received a bill with £ 12 added and which stated that the account was now in arrears. They phoned Halifax and the operator cheerfully said that they would waive the £12 charge but now they would need to pay interest of over £ 90 per month for the foreseeable future.

This person made a slight mistake - severe punishment. Banker makes mistake - bonus.

My heart bleeds for you ! Now you've realised that you don't set the rules you won't be doing that again will you.

bankers bonus ...........My A R S E !!!!

basotho

I shall communicate your sentiments to my friend, who is now helping to pay the banker's bonus. As mentioned by an earlier post not everyone is perfect and they sometimes make mistakes. There is no possible gain for my friend in underpaying by such a small proportion of the total sum. I am going to ask them to phone Halifax again for maybe some sympathy.

I disagree with you on banker's bonuses. I do not think they deserve them.

chattychappy

basotho wrote: »

I shall communicate your sentiments to my friend, who is now helping to pay the banker's bonus. As mentioned by an earlier post not everyone is perfect and they sometimes make mistakes.

I think it was your mistake to mix the issue of your friend losing his deal and the issue of "bankers' bonuses".

exel1966

Clearly this thread is nothing, but a knock at bankers..............How droll !

nomoneytoday

Yes, it's the fault of the "bankers" that they offered him an almost free debt of £7000, and their fault that your friend breached the T&Cs...

basotho

thegoodman wrote: »

You are wrong with this. The reason Tesco will say that because you have not got the goods yet, not until full payment is received. If you take out the insurance policy with them and not pay for the month what do you think will happen?
With the credit card you have already got the money and you will pay back as per terms.

Never my fault: I have paid less than minimum the card company charge me, it's fault of the card compan. I should not have been charged for not paying minimum.

You may not have read the first post in this thread but my friend was charged £ 12 for not paying the minimum and that was waived (I do not know why?) I never said it was the fault of the card compan. And I have already said my friend made a mistake - the punishment is too severe.

basotho

chattychappy wrote: »

I think it was your mistake to mix the issue of your friend losing his deal and the issue of "bankers' bonuses".

Then why didn't you say that.

basotho

nomoneytoday wrote: »

Yes, it's the fault of the "bankers" that they offered him an almost free debt of £7000, and their fault that your friend breached the T&Cs...

At no point did I say this was the fault of the bankers, but I did say that they seemed to be treating this matter unfairly.

I still feel (as an aside) that banker's bonuses are too high, but I shall retract that for the moment if it offends you.

basotho

exel1966 wrote: »

Clearly this thread is nothing, but a knock at bankers..............How droll !

It is not a knock at bankers. It is an attempt to
criticize them for being severe and unfair.

izools

basotho wrote: »

The point I was trying to make was that the severe punishment did not fit the crime. I was not looking for sympathy. This is the same as instead of being fined £ 20 for minor parking offence - you have to pay £ 1 000.

It's not a punishment.

It's a contract. Both parties were aware of the terms, your friend agreed to these terms when they opened the account.

Maybe next time your friend will read the terms they are agreeing to and stick to them