TSB Credit Card % Scam

_Andy_

As per, no scam, no 'rip off'. Never is.

kjc2561

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_Andy_

Not sure why repeatedly posting that helps? You've had the answer and you didn't like it. Doesn't mean anyone was being rude.

kjc2561

Amazing how i have just got a 5.5K Credit Limit 0% for 12months with Tesco Bank Club Card, with Free balance transfers (yes free B/T's) & 16.9% thereafter.

I put exactly the same details in, as i put into the TSB application
I have an excellent credit record, so how come they put me upto 25.9%

This is why i was saying TSB are at fault.

I am fairly new to all of this & was just trying to warn people

Hazzanet

It's a well known thing called risk based pricing.

Personally I don't like it; I'd rather credit card companies just tell me 'no' and decline an application instead of accepting me and cranking the APR up to 25.9% or whatever. As a general rule, I walk away from the deal if they don't offer the representative APR, and indeed I did this recently with a Sainsburys Nectar CC. M&S accepted me straight away.

I liken it to you walking into the supermarket and picking up a £5 bottle of wine and when you get to the checkout you're told it's £6.99. You ask why and get told that the supermarket doesn't like the way you shopped with the corner shop yesterday.

Of course, if all applications that didn't meet the criteria for the standard APR were declined, the forum would be full of people complaining that they can't get a credit card.

fozmcfc

I have several cards with various lmits of between £500 - £6800 and APR's of between 15.9% and 23.9%. Every company, will have a different criteria which will determine your APR and credit limit.

The BT is all at 0%, so it doesn't matter even if you had 50.9% APR, you won't be charged that unless you break the agreement or don't clear the balance by the end of it.

Most credit cards have a fee of between 2.9% - 3.9% on top of the balance you transfer.

Years ago they didn't but 99.9% of the time they do nowadays. The Tesco card offer I believe is brand new and quite possibly the only card currently not charging a BT fee.

Unless a card has the same 0% period for both balance transfers and purchase, you should never combine purchases and a balance transfer on the same card.

In short there is absolutely no scam whatsoever, you simply haven't understood how these things work.

R_P_W

kjc2561 wrote: »

Amazing how i have just got a 5.5K Credit Limit 0% for 12months with Tesco Bank Club Card, with Free balance transfers (yes free B/T's) & 16.9% thereafter.

I put exactly the same details in, as i put into the TSB application
I have an excellent credit record, so how come they put me upto 25.9%

This is why i was saying TSB are at fault.

I am fairly new to all of this & was just trying to warn people

Still not a scam. Different companies offer diiferent rates to different people - what's the problem with that?

If they had declined you would that have been a scam as well?

JuicyJesus

opinions4u wrote: »

The word "scam" in he title on MSE means:

1. I've not read things properly.
2. I don't like the price.
3. I've done something stupid and it's upsetting me.

Rarely, if ever, is a scam involved.

That's going in my signature.

_Andy_

kjc2561 wrote: »

Amazing how i have just got a 5.5K Credit Limit 0% for 12months with Tesco Bank Club Card, with Free balance transfers (yes free B/T's) & 16.9% thereafter.

I put exactly the same details in, as i put into the TSB application
I have an excellent credit record, so how come they put me upto 25.9%

This is why i was saying TSB are at fault.

I am fairly new to all of this & was just trying to warn people

If you bought a loaf of bread for £1 at Tesco, then went into Sainsburys, and saw the same/similar for £1.20, would that also be a scam?

Companies can charge what they like - are you suggesting they should always charge the same?

iAMaLONDONER

_Andy_ wrote: »

If you bought a loaf of bread for £1 at Tesco, then went into Sainsburys, and saw the same/similar for £1.20, would that also be a scam?

Companies can charge what they like - are you suggesting they should always charge the same?

Sounds like they're socialist lool!