Anyone noticed the tightening of credit?

pecuniam_hominem

Just out of curiousity, how long have 0% cards been a thing? Were they round pre-financial crash and in the 90s?

dr_adidas01

pecuniam_hominem said:

Just out of curiousity, how long have 0% cards been a thing? Were they round pre-financial crash and in the 90s?

0% cards have been around for a few years now, and you know they probably weren't around in the 90s

pecuniam_hominem

dr_adidas01 said:

pecuniam_hominem said:

Just out of curiousity, how long have 0% cards been a thing? Were they round pre-financial crash and in the 90s?

0% cards have been around for a few years now, and you know they probably weren't around in the 90s

How would I know? I am in my early 30's, I wasn't using credit when I was a child.

mcpitman

dr_adidas01 said:

pecuniam_hominem said:

Just out of curiousity, how long have 0% cards been a thing? Were they round pre-financial crash and in the 90s?

0% cards have been around for a few years now, and you know they probably weren't around in the 90s

Egg Banking introduced the concept of Balance Transfers at 0% in the UK. First 0% card launched October 1998.

They did a Savings product at 8% too in 1998.

I used to work there btw.

pecuniam_hominem

That is fascinating. Before they did 0% cards, did they did just low interest balance transfers? Like 1 or 2 percent? Sorry for the questions, I am just curious as to what the credit card market looked like before I arrived. (90s)

mcpitman

Pre-1998 0% Balance transfer cards weren't a thing in the UK. I believe (and could be corrected) that there were some low rate BT's (sub 10%) about but not 0%.
They also had an 8% savings product at this time, which shows you how different interest rates and BoE base rates were at that time.

At the end of the last century was the awakening of the credit market and money was generally given to all and sundry, then leading up to, during and after the crash of '08 maybe that wasn't the best plan.

There were rumours in the late 90's/early 00's of some banks just switching off the "scorecards" to decision risk, so literally anyone on any income could get a credit card. Then wondered why people couldn't pay it back etc. Hence affordability checks now.

scholesfan88

So my Barclaycard transfer offers have been removed but I've just been approved for a 0% balance/money transfer card from Tesco with a healthy limit.

CRISPIANNE3

I always got balance and money transfer offers from Barclaycard.  However the money transfers disappeared for April.  However the balance transfers for May are more competitive. With my other cards with MBNA, Tesco, Lloyds all are showing money transfer offers. 

newdriver101

Yes - credit is definitely tightening! Just noticed today MBNA + Halifax have both withdrawn 0% money/balance transfers... Have always had 0% money/balance transfer offers on these cards till now!

Willing2Learn

I think we all being treated differently.  I am getting MT and BT offers from two of my cards.