Mis Sold a credit card whilst a student?

petesp25

Hi everyone,

When I was at uni in 2010 my bank offered me a credit card. Whilst paying cash in in-branch they asked me if I wanted a mastercard for online shopping as it gave me more protection. I said sure, why not. a few days later I received a platinum card with £1900 credit. I used it to max (to pay gas/water bills etc whilst at uni) and paid it off soon after graduating and have since cancelled it. Looking at the t's and c's for the card, to qualify you had to earn at least £10k pa (I obviously didnt and as I had a student account with them they knew my situation).

Was I mis sold this card and if so would I be entitled to claim any compensation etc (interest back etc)? I'm dont think it included any PPI payments but couldn't be sure

Thanks

dazza.mk

OK, so how was the credit card mis-sold (lowering their acceptance criteria for you doesn't count).

Basically No.... and No......

petesp25

I thought the acceptance criteria were fairly rigid, if I had applied for one online for instance I don't think I would have been accepted.
If they are allowed to make exceptions case by case then I think you would be right dazza

pathtofreedom

This is just how student accounts work, lots of credit cards and big overdrafts to get you hooked on credit when you don't know any better. That is why they fight between themselves to do the best freebies to hook new students at freshers week.

You were still an adult ,and one clever enough to do a degree, so being young and stupid though doesn't get you a refund. Take this as another going to uni learning experince, and make sure you never get tempted into debt again without undertanding what you're signing up for.

petesp25

I certainly was more naive then. i thought a student wouldn't be able to get a credit card and it didn't twig mastercard would be a CC with such a big limit. they had me signed up within about 90 seconds.
Just use a cashback CC now with a DD to pay off in full each month

McKneff

If you think you had to be earning £10K, presumably there would have been a question asking


Do you earn at least £10k per annum


Presumably you answered 'yes' so .......

ERICS_MUM

Perhaps it was mis-bought ?

pathtofreedom

petesp25 wrote: »

I certainly was more naive then. i thought a student wouldn't be able to get a credit card and it didn't twig mastercard would be a CC with such a big limit. they had me signed up within about 90 seconds.

Students are fresh meat to them, especially a few years back where people never switched bank accounts. So when they get you when you're young you're theirs for life for credit cards, over drafts, bank accounts, mortgages etc. That is a lot of sales based mostly on apethy, and believing the bank has your interests at heart when they are just a business trying to make money.

You aren't the first or the last to go through this, I am many other students ended up with debt we didn't fully think through, or understand the terms of at the time. This is partly why Martin wants to put credit cards, over drafts etc on the national curriculum as I know personally my parents didn't teach me anyting about bank accounts or money, so I was a prime target for banks and loan companies.

As judge judy likes to say this is your "stupid tax" and just always read and understand what you're signing up for in future, so you don't have to learn this lesson again.

R_P_W

petesp25 wrote: »

Hi everyone,

When I was at uni in 2010 my bank offered me a credit card. Whilst paying cash in in-branch they asked me if I wanted a mastercard for online shopping as it gave me more protection. I said sure, why not. a few days later I received a platinum card with £1900 credit. I used it to max (to pay gas/water bills etc whilst at uni) and paid it off soon after graduating and have since cancelled it. Looking at the t's and c's for the card, to qualify you had to earn at least £10k pa (I obviously didnt and as I had a student account with them they knew my situation).

Was I mis sold this card and if so would I be entitled to claim any compensation etc (interest back etc)? I'm dont think it included any PPI payments but couldn't be sure

Thanks

Compensation????

Seriously? You are having a laugh right?

Nasqueron

Compensation because the bank gave you a card that gives you S75 protection and up to 56 days interest free on purchases and then you used it?

What have you lost that would require compensation?

thares07

Really why do people have to be so rude. This is a genuine question and in my opinion people are being rude and negative. When I posted my first post people were rude and make me feel stupid and degraded. I think people need to learn how to have some people skill and how to answer a question with respect for the person asking the question even if it goes against what the OP opinion.

Not all post are rude and some have constructive criticism.