Warning:330% APR on M&S credit card!

chattychappy

eddddy wrote: »

But I sincerely hope that the people she seeks advice from are a little more friendly and understanding than some of the posters here.

I think the problem was with the OP was the thread title, you know the Warning: 330% APR thing, instead of seeking help/advice in a more neutral way. So I couldn't resist a swipe, but then did give the facts as did most respondents. I'm sure if your daughter posted any questions here she would (I hope) be treated properly.

BTW, if it does all get too much for her, she could drop the gym memberships! I won't take out one cos I won't sign a direct debit... When I was at university, nobody had the money for such things anyway. If she does.. she's probably doing OK.

JKSandy

Herbalus wrote: »

You still have the option of explaining how things work in a nice manner like the other posters before you. I don't think its your place to suggest someone shouldn't have a credit card because of this, and it comes across quite harshly. Yes, it was an overreaction, and yes, they should understand how credit cards work if they have them, but a simple explanation of where they've gone wrong is sufficient.

If you're easily offended maybe the internet isn't the place for you.

mamajj

Sorry I know we should be kind to new posters but you really shouldn't have a credit card when you clearly either don't understand how they work or can't read T&C's correctly.

And I have no doubt you have probably called up and gave some poor staff member an ear full.

............... funny how when you do something so that others can learn from your mistakes it gives some people a licence to mock.

I learned a tough lesson today which thankfully didn't cost me anything but the experience of which I hoped could warn others to avoid the same mistake (surely the value of a forum such as this?). I appreciate those who recognised that not everyone is fully conversant with the small print and advised accordingly. I don't believe I am alone and even reading T&C's its far from obvious how it works.

And no I was perfectly nice to the member of staff - its hardly her fault.

Perhaps some people should take a look at themselves in an effort to be less judgemental of others - no matter how many exclamation marks they care to use!!!!!!!;)

Herbalus

JKSandy wrote: »

If you're easily offended maybe the internet isn't the place for you.

I'm not offended by your comment. How could I be? After all, it wasn't directed at me. I just gave my opinion that your comment was probably more likely to cause offence than some of the other comments that had already answered the question. You can of course disagree with me, that's your choice and opinion, but I'm quite surprised that you think I've taken offence when I say I consider throwaway comments like "you shouldn't have a credit card", without knowing much of the persons situation, as not the nicest and best choice of words.

grumbler

mamajj wrote: »

...the experience of which I hoped could warn others to avoid the same mistake (surely the value of a forum such as this?). ...

If it really was your intention, then you should have made an effort to understand why this happened (or asked a question here) and tried to explain this to others. In fact the way the interest was calculated was perfectly reasonable and understandable.

You obviously failed to make the effort and used loads of "!!!!!" and such words as "scandalous" instead. Hardly helpful to anybody.

PeacefulWaters

mamajj wrote: »

Sorry I know we should be kind to new posters but you really shouldn't have a credit card when you clearly either don't understand how they work or can't read T&C's correctly.

And I have no doubt you have probably called up and gave some poor staff member an ear full.

............... funny how when you do something so that others can learn from your mistakes it gives some people a licence to mock.

I learned a tough lesson today which thankfully didn't cost me anything but the experience of which I hoped could warn others to avoid the same mistake (surely the value of a forum such as this?). I appreciate those who recognised that not everyone is fully conversant with the small print and advised accordingly. I don't believe I am alone and even reading T&C's its far from obvious how it works.

And no I was perfectly nice to the member of staff - its hardly her fault.

Perhaps some people should take a look at themselves in an effort to be less judgemental of others - no matter how many exclamation marks they care to use!!!!!!!;)

Warning:330% APR on M&S credit card!

Don't you think you should make the time to work out how to change the title of your thread?

After all, it's incorrect and totally unreasonable to criticise a firm who have acted correctly.

<EDIT> and <ADVANCED> might help.

BillJones

eddddy wrote: »

my daughter is in her first year at uni, and she is a little overwhelmed with the complexities of dealing with credit cards, bank accounts, student loans, mobile phone contracts, gym memberships...

Perhaps you, as a savvy money saving expert, could suggest that she drops the gym membership, cuts up the credit cards, sticks to one bank account, gets a pay as you go phone, and tries to rein back the spending in general.

When I was a student, fitness work meant training for the boxing team or rowing, with perhaps some running in the parks. Spending was in cash, and as a result, it did not matter at all that I was not "financially savvy", as the only financial knowledge that I needed was to divide a term's money by the number of weeks in a term, and not to take out or spend more than that.

I really can't understand people voluntarily getting themselves into a situation whereby they are struggling to understand their finances. I definitely can't understand someone on here taking the view that it's normal.

eddddy

BillJones wrote: »

Perhaps you, as a savvy money saving expert, could suggest that she drops the gym membership, cuts up the credit cards, sticks to one bank account, gets a pay as you go phone, and tries to rein back the spending in general.

When I was a student, fitness work meant training for the boxing team or rowing, with perhaps some running in the parks. Spending was in cash, and as a result, it did not matter at all that I was not "financially savvy", as the only financial knowledge that I needed was to divide a term's money by the number of weeks in a term, and not to take out or spend more than that.

I really can't understand people voluntarily getting themselves into a situation whereby they are struggling to understand their finances. I definitely can't understand someone on here taking the view that it's normal.

Hi BillJones

Your post is a perfect example of what I mean - judgemental and jumping to incorrect conclusions.

(If I was to be as judgemental as you, I would say you are measuring others against your own standards.)

Just for the record...

Cutting up credit cards is what people with less self-control sometimes have to do. My daughter uses hers to bolster her credit record and get potential section 75 protection if she ever should need to make a large purchase. She pays it off in full every month.

I'm encouraging her to get another student credit card to strengthen her credit record, in anticipation of getting a mortgage at some point.

Having multiple bank accounts gives her multiple benefits - like a free railcard, good interest rates and cheaper spending abroad. (All her accounts are in credit thanks to her bar job and temp office work.)

A £7 per month sim-only rolling 30 day mobile contract gives her unlimited calls to other family members (and friends who happen to be on the same mobile network).

Her university has a gym exclusively for students. From memory, I think that membership costs about £2 to £3 per week.

She often shops in charity shops, drinks in cheap student bars, very rarely eats out... so I don't see a particular need for her to rein in her spending.

As an example of her mistakes - she trusted a dodgy telesales company. So now she's learning about making a direct debit indemnity claim.


I don't think the OP's mistake (or my daughter's) is an indication of "struggling to understand their own finances". In fact, I'm struggling to see how your post was helpful.

iAMaLONDONER

eddddy wrote: »

Hi BillJones

Your post is a perfect example of what I mean - judgemental and jumping to incorrect conclusions.

(If I was to be as judgemental as you, I would say you are measuring others against your own standards.)

Just for the record...

Cutting up credit cards is what people with less self-control sometimes have to do. My daughter uses hers to bolster her credit record and get potential section 75 protection if she ever should need to make a large purchase. She pays it off in full every month.

I'm encouraging her to get another student credit card to strengthen her credit record, in anticipation of getting a mortgage at some point.

Having multiple bank accounts gives her multiple benefits - like a free railcard, good interest rates and cheaper spending abroad. (All her accounts are in credit thanks to her bar job and temp office work.)

A £7 per month sim-only rolling 30 day mobile contract gives her unlimited calls to other family members (and friends who happen to be on the same mobile network).

Her university has a gym exclusively for students. From memory, I think that membership costs about £2 to £3 per week.

She often shops in charity shops, drinks in cheap student bars, very rarely eats out... so I don't see a particular need for her to rein in her spending.

As an example of her mistakes - she trusted a dodgy telesales company. So now she's learning about making a direct debit indemnity claim.


I don't think the OP's mistake (or my daughter's) is an indication of "struggling to understand their own finances". In fact, I'm struggling to see how your post was helpful.

You can only have 1 student bank and/or credit card!

The_Boss

mamajj wrote: »

............... funny how when you do something so that others can learn from your mistakes it gives some people a licence to mock.

To be fair that's not what you did!!! You slated the M&S card for having a 330% APR rather than doing something to help others!!! And incorrectly warned others off applying for it when you were not in possession of the facts!!!

The interest charged will be in the terms and conditions of every credit card!!! And they won't be buried anywhere as they are normally towards the top!!!

I think the biggest learning here should be that people actually bother to read the t&cs before complaining about their cards!!!