MSE News: 'Irresponsible' Asda pushes costly credit card cash for Christmas

callum9999

aldredd wrote: »

But it's not the flat out lie you imply it is - Fact: A mailing when out with Asda's name on, promoting a product they are linked with / paying for / profiting from (ie, it wasn't unsolicited).

Doesn't matter who sent it - it was sent with their name on, so of course they should receive their share of the criticism. Yikes it's like an advert being wrong, and blaming the advertising agency.

Tad extreme an example, but Deepwater Horizon, anyone? (operated by 3rd party, but in BP's name - BP took the flak for it)

Except it isn't remotely like blaming the advertising agency because the adverts they create are individually approved by someone at Asda before being broadcast, whereas this wasn't. If Asda is lying and they did approve the mailing then you'd have a point.

Not that there is a lot of point arguing over this! At the end of the day Asda deserves criticism regardless. But my point is that Asda had NOTHING to do with this mailing - regardless of their name being on it or not - so to say "Asda is pumping people to take out cash on credit cards" IS a lie. (Whether intentional or not - I'd like to think it isn't intentional)

pheonixrising21

aldredd wrote: »

I thought it was always highest interest first now - no exceptions.
Happy to be corrected though.

I was also under this impression too. What used to happen was, you took a BT @0% for a year, for say £1000. This sits there earning the CC co no money. You buy something on the card for, say £100, then at the end of the month you pay £100 off the card. The CC company attach this £100 payment to the BT balance, reducing it to £900 but allowing them to charge their full purchase interest to the £100 spend for the following month, and every month after that until the BT balance is paid off.

Now its the other way around, any payments made are assigned against the highest interest bearing transactions first, i.e. cash advances first, then purchases and finally BT's is the usual order of interest rates.

In my example above, you now only pay interest on the purchase for the month of the purchase only (plus a little residual interest the next month), but the BT balance remains as it was.

collywollys

Gordon_Hose wrote: »

Irresponsible lending is only facilitated by irresponsible borrowing.

If they didn't lend irresponsibly, no one could borrow irresponsibly.

I get one flyer a week from Sygma about this type of borrowing.

Gordon_Hose

collywollys wrote: »

If they didn't lend irresponsibly, no one could borrow irresponsibly.

I get one flyer a week from Sygma about this type of borrowing.

Why are consumers innocent of irresponsible borrowing?

Takes two to tango.

dalesrider

callum9999 wrote: »

I know over the last year or so the MSE headlines have become sensationalised tabloid-style, but surely this is simply a lie?

We're a journalistic website

From the bottom of the page.....

People moan about banks. But just look at the mess the media are in at the moment. :mad: With their constant distorting of the truth to suit their ends... For which they never apologize.

dalesrider

collywollys wrote: »

If they didn't lend irresponsibly, no one could borrow irresponsibly.
.

And when people get turned down... We see posts how can I appeal their decision. Or complaining about their policy :cool:

Can't have it always.

i can't believe that ASDA were not aware of this mailshot. If they were not then they need to drop the provide like a hot brick.

callum9999

dalesrider wrote: »

And when people get turned down... We see posts how can I appeal their decision. Or complaining about their policy :cool:

Can't have it always.

i can't believe that ASDA were not aware of this mailshot. If they were not then they need to drop the provide like a hot brick.

Why? And surely telling Sygma to not do it again, or send all mailshots to them first for approval, would make far more sense than changing providers (yet again) for such a trivial issue?

chanz4

Its not asda's fault, its only a branded card shouldnt this be aimed at sygma whom send this offer regular to customers....

opinions4u

chanz4 wrote: »

Its not asda's fault, its only a branded card shouldnt this be aimed at sygma whom send this offer regular to customers....

Given that Asda decided to jump into bed with Sygma and stick their name on the card, they're in on it. They have a business relationship to manage.

Can't really sympathise with Asda.

Can't really sympathise with those upset by the advert.

Can't really sympathise with those daft enough to take cash advances like this.

Bah humbug.

chanz4

opinions4u wrote: »

Given that Asda decided to jump into bed with Sygma and stick their name on the card, they're in on it. They have a business relationship to manage.

Can't really sympathise with Asda.

Can't really sympathise with those upset by the advert.

Can't really sympathise with those daft enough to take cash advances like this.

Bah humbug.

I get them all the time with my creation card, its in my terms that they charge you cash rate