Got a new Credit Card - I am Livid

xlnc99

Yes u guys are all right. Will be closing it. Cannot believe i didnt read the small print

What a con!

T-G-C

Even if the information was not in plain sight, it should have been instinct to check what the interest rate or equivalent was before making a decision on applying.

In the Summary Box it would state that there is no interest, in lieu of a standard charge. You should always check this document for clear and concise information beyond the T&Cs.

You should not have opened three accounts in quick succession. If the aim is solely to build a good record, then one card is enough. Having multiple can deter lenders from granting credit limit increases, as opposed to having one card and building up the limit naturally.

The product is not a con. It is there for those whom which it would suit. If the product is not for you, that is fine, but it is harsh to insult them for no tangible reason.

xlnc99

T-G-C wrote: »

Even if the information was not in plain sight, it should have been instinct to check what the interest rate or equivalent was before making a decision on applying.

In the Summary Box it would state that there is no interest, in lieu of a standard charge. You should always check this document for clear and concise information beyond the T&Cs.

You should not have opened three accounts in quick succession. If the aim is to build a good record, then one card is enough. Having multiple can deter from credit limit increases, especially if they are all utilized, which lowers affordability for further lending.

Very true and good point but ive never heard of a monthly fee for a credit card (maybe cause im a newbie to the credit card world) so i never once thought id be charged monthly just for having a credit card. It did not occur to me, everything else was standard stuff which looked ok

Socajam

xlnc99 wrote: »

Yes u guys are all right. Will be closing it. Cannot believe i didnt read the small print

What a con!

How it is a con if you the applier did not do your investigation before applying.
You cannot blame the company, the onus is on you the person who wants their card - which comes with a fee.

T-G-C

xlnc99 wrote: »

Very true and good point but ive never heard of a monthly fee for a credit card (maybe cause im a newbie to the credit card world) so i never once thought id be charged monthly just for having a credit card. It did not occur to me, everything else was standard stuff which looked ok

When there is a card on the market that has no interest rate or fees permanently, I will be sure to let you know. Until then, always check the facts first and assume that nothing is free.

xlnc99

Socajam wrote: »

How it is a con if you the applier did not do your investigation before applying.
You cannot blame the company, the onus is on you the person who wants their card - which comes with a fee.

I just explained that i never heard of a card that charges a fee so was not aware such a thing existed.

xlnc99

T-G-C wrote: »

When there is a card on the market that has no interest rate or fees permanently, I will be sure to let you know. Until then, always check the facts first and assume that nothing is free.

Yes but 118 do charge interest rate around 25% so i thought tit was just a standard credit card

Ben8282

xlnc99 wrote: »

I just explained that i never heard of a card that charges a fee so was not aware such a thing existed.

Really? Almost all American Express cards charge an annual fee.

SuperAllyB

xlnc99 wrote: »

Yes u guys are all right. Will be closing it. Cannot believe i didnt read the small print

What a con!

You would almost think that card providers would have a tick box on applications to confirm that applicants had read the small print!

born_again

xlnc99 wrote: »

3 card cards look better then 2 if i pay them off in full each month.

Does it...... :rotfl:

All it does is show a lender that you are already stretched. Especially given the 118118 card you have applied for.

Remember that credit score means nothing to a lender. Which is why 118118 let you have the card.
Any responsible lender would have declined another card if you had only just got 2 others.... As you look like a car crash in the making.:eek: