Creation Financial store card

Archergirl

I have a store card with M & Co through Creation Financial, just had a letter to say it's being withdrawn because I pay it off each month so they are not making any money off me!!!
You couldn't make it up, they are encouraging people to be in debt so they can make money off them!!!

bigadaj

Archergirl wrote: »

I have a store card with M & Co through Creation Financial, just had a letter to say it's being withdrawn because I pay it off each month so they are not making any money off me!!!
You couldn't make it up, they are encouraging people to be in debt so they can make money off them!!!

Seems a sensible business model to me, just get another card and move on.

simax

Interesting... I put nearly £8,000 through my Creation Cashback card in last 12 months, never paid a penny in interest, got a nice wedge back and they've just upped my limit from £2,000 to £3,000

CherlokHomes

Archergirl wrote: »

I have a store card with M & Co through Creation Financial, just had a letter to say it's being withdrawn because I pay it off each month so they are not making any money off me!!!
You couldn't make it up, they are encouraging people to be in debt so they can make money off them!!!

Was this really what it says on the letter or are you just assuming as I can't see a financial company sending a letter saying you're not earning us any money.

Archergirl

It was on the letter they showed me in M & Co it says 'Creation Financial Services make their money from interest on holding balances. Even if you spend a lot and pay it off at the end of the month, they don't make any money. This is why they have closed your card'.

simax

So, M&Co showed you a generic letter in-store? Have you rung Creation to ask?

Care to post the letter here?

Archergirl

Yes I rang Creation, they told me M & Co are not doing store cards anymore, which M & Co told me is incorrect. Who to believe...........
I tried to scan the letter but I am unable to copy and paste it here, how do I do it?

Archergirl

Done it.............

M&Co

IMPORTANT INFORMATION:

Withdrawal of your M&Co Storecard

Creation Financial Services regularly review their products and services to ensure they meet the needs of

their customers. After careful consideration a number of customers have been withdrawn from the M&Co
Storecard and have received a letter from Creation advising them of the withdrawal.
Creation Financial Services make their money from interest on holding balances. Even if you spend
a lot and pay it off at the end of every month, they don't make any money. This is why they have
closed your card.
If you have been affected by the change and wish to find out more information on why this has
happened, please contact Creation's Customer Enquiries on 0871 3769246* .or
E-mail: [EMAIL="customerenquiries@creation.co.uk"]customerenquiries@creation.co.uk[/EMAIL] (please quote your 16 digit Storecard number).
You can continue to useyour M&Co Storecard until 15th july 2013. After this date you will no longer be
able to use it. You will still receive account statements and should make payments in the usual manner
until any balance is repaid. Please cut up your M&Co Storecard after 15th july 2013 as it will no longer
be valid. As your account will be closed, a replacement card will not be issued should your card expire
or be reported as lost or stolen before this date.
Should you wish to continue enjoying earning Reward points, please consider opening an M&Co Loyalty
~-Gr-El-(.if--youdo not already have one that-is).
M&Co Loyalty Card benefits:
Birthday Treats, Fashion Updates, Exclusive Offers, Free Seasonal Catalogue, Invitations to Special Events
and £5 Reward Vouchers; for every 500 points* you reach we'll give you a £5 voucher in a future
statementto spend on anything at M&Co.
If you don't have an M&Co Loyalty card simply visit any M&Co store, applying is quick and easy and
will ensure you continue to benefit from earning Reward points.
If you open an M&Co Loyalty Card before the 30th of june, we will be able to transfer any outstanding
points you have on your M&Co Storecard.
All points earned up to and including 15th April 201 3 will automatically be credited to on M&Co Loyalty
card by 15thjuly 2013, if you already have one.
We would like to apologise for any inconvenience this may cause. Creation took the decision to
withdraw the Storecard after careful review and we hope you will continue to enjoy the benefits of
Reward Pointsthrough the M&Co Loyalty Card.
We look forward to seeing you on your next visit.
M&Co

* £ 1 spent == 5 points. 500 points == £5 Reward Voucher

Archergirl

Simax, I was hoping you would reply as I finally managed to find out how to post the letter on here.
I do have credit cards to use, in fact it's better to use my Tesco one as I then get points, and get loyalty points from M & Co as well but it's the principle that they only want people who earn them money.
I thought they would have to take both types of customer not just the harder up ones who get into debt.

[Deleted User]

Archergirl wrote: »

it's the principle that they only want people who earn them money.

I don't see how they could possibly want to operate any other way?

Archergirl

But I thought they were providing a service. I was encouraged to get the card when I shopped there and encouraged to set up a DD.
Their tough luck I paid it off each month. Thought they should take the rough with the smooth, silly me.