MSE News: Store card inducements to be banned

thelawnet

chattychappy wrote: »

I don't like other people deciding for me what is "socially useless".

I think you might be trying to put the 'I' into society.

It's a collective thing.

Pincher

I wish they would keep their noses out of promotional deals.

We only go to Harrods when there's a sale, and you get 10% off during the sales if you apply for a store card. The toilets upstairs used to charge £1, unless you show the store card.

What about the Barclaycard 11% cashback deal (up to £100 before 31st December)? How different is that from a Debenhams 10% cashback store card offer? If you don't pay in full, the interest is very high as well. So why don't they disallow the Barclaycard offer?

Fruit_and_Nut_Case

Pincher wrote: »

I wish they would keep their noses out of promotional deals.

We only go to Harrods when there's a sale, and you get 10% off during the sales if you apply for a store card. The toilets upstairs used to charge £1, unless you show the store card.

What about the Barclaycard 11% cashback deal (up to £100 before 31st December)? How different is that from a Debenhams 10% cashback store card offer? If you don't pay in full, the interest is very high as well. So why don't they disallow the Barclaycard offer?

Stop talking sense!

chattychappy

thelawnet wrote: »

I think you might be trying to put the 'I' into society.

It's a collective thing.

That's why "I" don't like it. "I" want a store to be free to make me an offer that "I" am free to accept .

I don't want to be a part of your "collective" thing, thank you.

missvixen1989

yes the new look interest rate is 28.9%APR which is equivalent to 2.14% a month. so if a customer owes £100 on their card after a month and only pays the minimum amount then they will be charged £2.14 interest. also you can't have a £1000 limit, max limit is £300. they should not have the right to take away the opening discount. if a customer is spending £200 on xmas presents for example, they can save at least £20 on the day. then receive the card 7 days later and pay the balance in full (which they would have done on the opening day). it's people's own fault if they don't repay. the credit companies are just making a living.

monkey22_2

Most retail staff don't go into the industry to sell financial products and know the pitfalls associated with theses cards but the amount of pressure they're under to open new store cards is ridiculous.
The staff don't make commission when opening new accounts (at least not in Arcadia stores) but the company does. Stores are given weekly targets to reach and the area managers call several times a day to see how many have been opened and give the manager an ear bashing.

mgarl10024

Isn't the system self-regulating though?

People who cant manage their finances take out cards, fail to pay them back, get a poor credit rating and can't take out any more.

Those who are savvy and manage their debt well can access the cards.

This just stops those who are savvy having the choice to protect those who would be denied the cards anyway?

mgarl10024

From the article:

"Sadly, the lack of financial education in schools means some sign-up for these cards thinking it's free money, and they won't need to repay. Cutting the discount won't help them."

Really? Does *anyone* really think that?

dancingfairy

Does anyone know when this is expected to come in?
Thanks
df