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thank goodness we dont have credit cards from the USA!
jinkssick
Posts: 1,323 Forumite
in Credit cards
its a little number hidden in the t&c´s. 50% of credit cards there have whats called Universal Default policy, which means when you miss a monthly payment (for whatever reason) you will see your interest suddenly shoot up from say 3% to 29.9% without needing to give you a warning.
and the craziest thing it can be for an overlooked 30p subscription to moneysaving magazine, so imagine the people who dont check their accounts regurlary.
i hope they dont start applying this rule here, or if its even legal!
and the craziest thing it can be for an overlooked 30p subscription to moneysaving magazine, so imagine the people who dont check their accounts regurlary.
i hope they dont start applying this rule here, or if its even legal!
Save saynoto0870.com in your favorites, and stop giving companies more £££ dialling 0870 numbers when you can dial freephones or cheaper alternatives
call your credit card company, tell them that you want to leave, 99% of the time theyll lower your APR%
Remember when that Bank Manager or Salesperson smiles at you, all he sees is £ notes. Dont forget the motto, "the wider their grin, the more debt your in"
call your credit card company, tell them that you want to leave, 99% of the time theyll lower your APR%
Remember when that Bank Manager or Salesperson smiles at you, all he sees is £ notes. Dont forget the motto, "the wider their grin, the more debt your in"
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sorry just to say on the plus side, they have numerous 0% fees free balance transfers for over 12 months! this is a stoozers paradise.
anyone know if this is rife there or if they dont have a hybrid card like egg money?Save saynoto0870.com in your favorites, and stop giving companies more £££ dialling 0870 numbers when you can dial freephones or cheaper alternatives
call your credit card company, tell them that you want to leave, 99% of the time theyll lower your APR%
Remember when that Bank Manager or Salesperson smiles at you, all he sees is £ notes. Dont forget the motto, "the wider their grin, the more debt your in"0 -
In the UK if you fail to make a payment whilst on a special offer the interest rate will also go up massively too...0
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That has been the policy for a while in the US, and know doubt will be followed over hear. You might be aware banks are cutting peoples credit limits based on information from Credit Reference Agencies left, right and centre at the moment, the next logical step so that they can protect their interests is that if you go in to default on one credit product all of the rest automatically follow and it is not just higher interest but you are considered to have defaulted on the agreement to. I first found out about it when I looked at the US Capital One site and I cant remember if they do or dont do this, but they certainly mentioned it. James0
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MBNA are taking over the worldKrusty & Phil Madoff, 1990 - 2007:
"Buy now because house prices only ever go UP, UP, UP."0 -
ad44downey wrote: »MBNA are taking over the world
They already have - if you look at this list !
http://www.stoozing.com/cards.htm0
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