Refused a Credit Card or Had Your Limit Reduced, READ THIS.

Robflh

Hi Everyone

The Dispatches Programme, C4 Monday 10/12/07 at 9PM, is going to be looking at the level of personal debt in this country and why it can no longer be sustained.

The trailer for it makes is sound as though it will answer a lot of the Questions we have about what has been happening to our credit cards. Whether it will or it will not, we will have to wait and see.

sicker

I hope you meant 10/12/07 or we are all to late.

Zebedee69

Like all dispatches programs it wont answer any questions....... It will just breed public worry about the whole thing.......

Great for the tv company

Crap for the economy and BOE who are trying to steer a nice course with a soft landing.........

Iv been accepted for 2 credit cards and BT'd to 0% since this program went out.......And the credit system aint working huh?...........

Robflh

Hi Everyone

Last night, C4’s Dispatches programme answered a few of my questions but I cannot remember why credit is no longer so freely available. I am sure they said why but it was at the beginning of the programme and in an effort to remember everything throughout the whole programme, I forgot something at the beginning.

I for one would have jumped at the chance of a credit card with 0% on balance transfers for sixteen months but I would have noticed what the interest rates where for purchases and cash.

I would NEVER use a credit card for cash and as I would only use the card for a balance transfer, the purchase APR would be irrelevant to me. What I would not have checked in the terms & conditions, is what fees I would have to pay.

If we can manage our credit cards correctly, we do not have to pay fees for going over are limit, making a late payment or missing a payment and therefore how much they are would be irrelevant.

Unfortunately, the £20 fee, for not using the card and the £20 fee, for not spending more then £500 a month, would have caught me out. In my defence, that is the first time I have heard of such fees.

MABLE

All makes good tv.

Mozette

Robflh wrote: »

Hi Everyone

Unfortunately, the £20 fee, for not using the card and the £20 fee, for not spending more then £500 a month, would have caught me out. In my defence, that is the first time I have heard of such fees.

I do believe they said that they had taken the worst of the existing T&C, not typical T&C. I have 6 credit cards, and none do this. However, while I may have signed up, I would have read the T&C before actually doing anything with the card. Bit silly if you don't. They are there to make money, not to do you a favour...

Robflh

Hi Mozette

That is true they made their T&C from the worst parts of other T&C’s but as you quite rightly said we should read the T&C. The point they were making is that far too many people do not do that.

I have five credit cards and none of them insists on me spending a minimum amount each month. However, a few years ago, I was looking for a new credit card and one card caught my eye. It had a great APR, two months before you started to pay interest on any purchases and so it carried on. Until I read the part that said, I must spend something like £10,000 a year on the card.

Another part of the programme that I found interesting was the three people that tried to get as much credit in one day as they could. Only one out of the three can still get credit but surprisingly she was still able to get more credit and thus debt then she would be able to pay for.