AWARENESS - Creation cards- increase in minimum monthly payments

scottishminnie

I pay my credit card balance in full every month so this makes no difference to me however wanted to make others aware.

i received my Creation statement a few days back. On a balance of £533.34, the minimum payment is £106.67 which is 20%.

didnt bother me however I did think it odd so when I was contacted by Creation today to tell me my card had been used fraudulently and was being cancelled (this is the 5th time in 2 years) I asked about the sudden rise in minimum payments. I was informed they are currently reducing their exposure and adjusting payments accordingly. 

So just a heads up to anyone who has a Creation card and may be making only minimum payments - you could well find they are about to increase quite a bit. Possibly at a time when people can least afford it. 

Now off to see what other cards are available as the continual fraud attempts on this card have reached the point of making it too much hassle.

sasha20

They would have had to notify you about the change and give you notice plus the option to opt out as it is a change to your agreement key terms. Either you missed it (if they sneaked it in as an insert with a statement) or there's something shady going on.

A credit card company can't just choose to change your minimum payment and apply the change immediately without telling you.

MEM62

scottishminnie said:

I was contacted by Creation today to tell me my card had been used fraudulently and was being cancelled (this is the 5th time in 2 years) 

scottishminnie said:

Now off to see what other cards are available as the continual fraud attempts on this card have reached the point of making it too much hassle.

That statement suggests an assumption in your part that the Creation Card security is the issue.  It is very rarely the case that the card operators security is at fault and the issue is usually closer to home - often someone close to you.  The fact that Creation are picking these fraud attempt up demonstrates the robustness of the systems.  Either way changing the card is unlikely to solve your problem.      

scottishminnie

sasha20 said:

They would have had to notify you about the change and give you notice plus the option to opt out as it is a change to your agreement key terms. Either you missed it (if they sneaked it in as an insert with a statement) or there's something shady going on.

A credit card company can't just choose to change your minimum payment and apply the change immediately without telling you.

There may very well have been a communication as part of a statement that I didn’t notice, certainly not had any other comms from them.  As I said, it’s not relevant to how I use the card however I thought it was a strange thing to suddenly do hence me asking the question when I was in touch with them. 

scottishminnie

MEM62 said:

scottishminnie said:

I was contacted by Creation today to tell me my card had been used fraudulently and was being cancelled (this is the 5th time in 2 years) 

scottishminnie said:

Now off to see what other cards are available as the continual fraud attempts on this card have reached the point of making it too much hassle.

That statement suggests an assumption in your part that the Creation Card security is the issue.  It is very rarely the case that the card operators security is at fault and the issue is usually closer to home - often someone close to you.  The fact that Creation are picking these fraud attempt up demonstrates the robustness of the systems.  Either way changing the card is unlikely to solve your problem.      

The card in question is only used for online transactions, has never left the house and as my other half (the only other person in the house) has never used a credit card or ordered anything online in his life I’m absolutely confident that I’m not living with a master fraudster.   I don’t save the card details on any retailer accounts and I run regular virus scans in addition to the security software installed. None of these have thrown up anything. 

It is possible that one of the major retailers has a huge insider fraud problem, frankly nothing would surprise me but a comment from a Creation employee the last  time the card had to be cancelled did make me question their own security. The comment was that the person had previously worked for two other credit card companies and had never seen attempted fraud levels like those seen at Creation. 

northwalesd

Mine still appears to be 1% - 7.49 min on a 749 spend.

Edit: mine's an Asda CC