Metro Bank Overdraft

Plxply

Hello,

I opened an account with Metro Bank today and received my first official overdraft!



Don't worry, I promise to use it responsibly, I know how dangerous having such a large amount of credit available can cause.

vacheron

Aah, the joy of computer generated letters.

Why not give them a call and tell them that it isn't enough and you would like them to triple it.

Reminds me of the time that I got a strongly worded demand from the council tax people stating that they would take me to court unless, within the next seven days, I paid them the sum of minus £230.00!

gt94sss2

Well open a credit card (in branch) with Metro Bank as I did and their default credit limit is £1.

I know I did it in December - kind of defeats the purpose of being able to produce/collect the card immediately if you can use it until they send a letter to your house and you call them.

Of course, its been a couple of weeks now and I still haven't had this letter - so yes, I do have a Metro Bank credit card with a £1 limit..

Regards
Sunil

Plxply

gt94sss2 wrote: »

Well open a credit card (in branch) with Metro Bank as I did and their default credit limit is £1.

I know I did it in December - kind of defeats the purpose of being able to produce/collect the card immediately if you can use it until they send a letter to your house and you call them.

Of course, its been a couple of weeks now and I still haven't had this letter - so yes, I do have a Metro Bank credit card with a £1 limit..

Regards
Sunil

I actually just turned 18 so it's understandable that they would deny me an overdraft although it does create an interesting loop "You don't have credit so we won't give you credit". I'll happily take a card with a £1 limit, I can set a direct debit to pay off in full no matter what! Go buy a newspaper once a month and have a perfect credit history with Metro

gt94sss2

Plxply wrote: »

I'll happily take a card with a £1 limit, I can set a direct debit to pay off in full no matter what!

You would think so - however, you can actually set up a direct debit to pay off a Metro Bank credit card!

I really must write a review of my account opening experience at some stage..

Regards
Sunil

giblet10

gt94sss2 wrote: »

Well open a credit card (in branch) with Metro Bank as I did and their default credit limit is £1.

I know I did it in December - kind of defeats the purpose of being able to produce/collect the card immediately if you can use it until they send a letter to your house and you call them.

Of course, its been a couple of weeks now and I still haven't had this letter - so yes, I do have a Metro Bank credit card with a £1 limit..

Regards
Sunil

Weren't they embarrassed to hand you a new credit card with a £1 limit? Have I missed something here? Metro Bank genuinely gave you a credit card with a £1 limit? Why would a bank go to all that expense and is it just so they can say they accept everyone?

eagleeye

They ask you for the desired limit before opening the credit card account.This limit will be loaded to card once the customer confirms the security code received in post.Anyway they are offering free cash advance withdrawals /purchase up to Sep 2012.The downside is that payments can't be made via direct debit to metro credit card.

gt94sss2

giblet10 wrote: »

Weren't they embarrassed to hand you a new credit card with a £1 limit? Have I missed something here? Metro Bank genuinely gave you a credit card with a £1 limit? Why would a bank go to all that expense and is it just so they can say they accept everyone?

When you successfully apply for an credit card, they give it to you immediately with a £1 limit. Only after they send you a letter with a security code and you call them, do they then change the limit to your 'proper' limit.

However, it does defeat their unique selling point of being able to open an account and collect the card immediately - as it took me more than 2 weeks (and a follow-up call) to actually receive the letter.

I suspect it would have been quicker if they had just posted me a card like other banks did.

Irritatingly, opening a current account (with overdraft) and credit card with Metro bank also resulted in 5 different credit searches from them on my file - all on the same day!

Regards
Sunil

giblet10

gt94sss2 wrote: »

When you successfully apply for an credit card, they give it to you immediately with a £1 limit. Only after they send you a letter with a security code and you call them, do they then change the limit to your 'proper' limit.

However, it does defeat their unique selling point of being able to open an account and collect the card immediately - as it took me more than 2 weeks (and a follow-up call) to actually receive the letter.

I suspect it would have been quicker if they had just posted me a card like other banks did.

Irritatingly, opening a current account (with overdraft) and credit card with Metro bank also resulted in 5 different credit searches from them on my file - all on the same day!

Regards
Sunil

Thanks Sunil that's useful information..I'm going to get one tomorrow at Borehamwood - it is a strange thing! Did they use Equifax?

gt94sss2

giblet10 wrote: »

Thanks Sunil that's useful information..I'm going to get one tomorrow at Borehamwood - it is a strange thing! Did they use Equifax?

Yes, the searches and details of my account appeared on my Equifax record.

The maximum limit they normally give on credit cards appears to be £5,000. They do upto £10,000 I'm told but that decision needs to be referred somewhere (and they want to see bank statements etc).

It was an odd feeling being asked for what credit limit I wanted.. rather than them just allocating one.

Regards
Sunil

giblet10

gt94sss2 wrote: »

Yes, the searches and details of my account appeared on my Equifax record.

The maximum limit they normally give on credit cards appears to be £5,000. They do upto £10,000 I'm told but that decision needs to be referred somewhere (and they want to see bank statements etc).

It was an odd feeling being asked for what credit limit I wanted.. rather than them just allocating one.

Regards
Sunil

£5,000 would do fine - in reality I'll be asking for £3k - my current credit card only has £1250 and that does me fine..