Saga gives Platinum cardholders last-minute lifeline on outstanding balances - MSE News 20 March 2019 at 5:51PM in Credit Cards 6 replies 1.5K views

Former_MSE_Naomi

Over-50s financial provider Saga is to throw a last-minute lifeline to Platinum credit cardholders who've yet to settle outstanding balances ahead of the card's closure next week, MoneySavingExpert.com can reveal - after leaving customers in limbo for two months...

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'Saga gives Platinum cardholders last-minute lifeline on outstanding balances'

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Ben8282

I think what is happening here is very wrong especially considering the type of customer that this product was intended for.
These customers should have been automatically transferred to an alternative AIB credit card product OR a new SAGA product from a new provider and not put into this situation.

System

Ben8282 wrote: »

I think what is happening here is very wrong especially considering the type of customer that this product was intended for.

Rich older people?

I think they get enough taxpayer funded subsidies already.

Nasqueron

Heng_Leng wrote: »

Rich older people?

I think they get enough taxpayer funded subsidies already.

They do, but this is a private organisation choosing to cancel a product. AIB may not wish to issue cards to these customers of course, similarly, SAGA may no longer wish to do this service.

System

Nasqueron wrote: »

They do, but this is a private organisation choosing to cancel a product. AIB may not wish to issue cards to these customers of course, similarly, SAGA may no longer wish to do this service.

The previous poster was trying to imply that people aged 50+ are due special consideration/ vulnerable solely due to the their age

I'm fully aware that AIB/SAGA are both private organisations.

I'd imagine that this age group rarely borrow on the card and with the EEA interchange cuts, the product is not sustainable.

Nasqueron

Heng_Leng wrote: »

The previous poster was trying to imply that people aged 50+ are due special consideration/ vulnerable solely due to the their age

I'm fully aware that AIB/SAGA are both private organisations.

I'd imagine that this age group rarely borrow on the card and with the EEA interchange cuts, the product is not sustainable.

Most of the reply was aimed at the first post, specifically their stuff about forcing a bank or organisation to issue cards

Ben8282

Heng_Leng wrote: »

Rich older people?

I think they get enough taxpayer funded subsidies already.

Don't be jealous.

My original point was not specifically in relation to older people. If an individual has a credit card with a balance and has not breached any of the terms and conditions of the account, I believe that the individual should be permitted to repay that balance in accordance with the terms and conditions under which the balance was incurred and not be told that the balance is due in full and must be repaid immediately. A credit card is not an overdraft to be repaid on demand.

Nasqueron wrote: »

Most of the reply was aimed at the first post, specifically their stuff about forcing a bank or organisation to issue cards

These people already have a credit card issued by AIB albeit under the SAGA brand. Nobody is suggesting that AIB be forced to issue credit cards to anybody. What I am suggesting is that AIB should not be allowed to simply close the accounts and demand full repayment. They are after all profiting from the interest being charged to such customers.