Change from Visa to Mastercard by LLoydsTSB

tommy21

Has anyone else received notification from LLoyds TSB that their Visa Credit Card is being changed from Visa to Mastercard without their knowledge or express permission.I received a letter saying that Lloyds TSB will change my VISA account to a Mastercard account within three weeks of receiving my letter.I have a Trustcard with Lloyds TSB and I was never asked if I wanted to change accounts, nor did they give me the twenty eight days of changing the conditions of my agreement with them.I feel that Lloyds are moving my account because I may be tempted to balance transfer my account to another bank card in order to get a lower APR.I also have to contact companies that I pay by my VISA card in order to change details further adding to the grief of changing.I would appreciate any help from those in the know.I feel that this is wrong and goes aganst my freedom of choice.TOM

Rafter

Mastercard are probably paying Lloyds more money so they want to transfer you.

If you are a 'full payer' they probably don't care about you much as a customer because you lose them money (the amount retailers pay them doesn't cover their costs sending you statements, giving you interest free credit and covering costs of things like fraud and computer systems).

There isn't much you can do really as your credit agreement is with Lloyds and they are not changing your terms and conditions, only the payment system the card uses.

If you are that bothered, I suggest you apply for a Nationwide Visa card. Better value than Lloyds, particularly for overseas purchases and use on holidays.

R.

King_Of_Fools

tommy21 wrote: »

I feel that this is wrong and goes aganst my freedom of choice.

You still have the freedom to choose another company's Visa card. Basically, a lot of companies are changing all their Visa cards to Mastercard to save money - it is nothing personal!

tommy21

King Of Fools, Many thanks for your honest answer I appreciate it indeed.

mrmajika

tommy21 wrote: »

Has anyone else received notification from LLoyds TSB that their Visa Credit Card is being changed from Visa to Mastercard without their knowledge or express permission.I received a letter saying that Lloyds TSB will change my VISA account to a Mastercard account within three weeks of receiving my letter.I have a Trustcard with Lloyds TSB and I was never asked if I wanted to change accounts, nor did they give me the twenty eight days of changing the conditions of my agreement with them.I feel that Lloyds are moving my account because I may be tempted to balance transfer my account to another bank card in order to get a lower APR.I also have to contact companies that I pay by my VISA card in order to change details further adding to the grief of changing.I would appreciate any help from those in the know.I feel that this is wrong and goes aganst my freedom of choice.TOM

All LTSB customers are having their VISA credit cards moved over to a Mastercard; it's nothing personal.

Your terms and conditions won't change and you don't have a choice to stay on the VISA card.

There shouldn't be any change apart from the 16 digit card number and the logo on the card.

knowledgeman

mrmajika wrote: »

All LTSB customers are having their VISA credit cards moved over to a Mastercard; it's nothing personal.

Your terms and conditions won't change and you don't have a choice to stay on the VISA card.

There shouldn't be any change apart from the 16 digit card number and the logo on the card.

Correct

and a phone call and they will let you stay if you stand firm

Mastercard are after visa and have "outbid" them on a lot of major contracts including hbos, that factored in with the fact that mastercard has a bigger advantage to banks for chargebacks , pin liability etc means visa will likely become the minority

If I was you id phone to complain and im sure they will sweeten the mastercard greatly for you by either reducing rates, offering free gifts or an interest free period