Good riddance - 3 month interest free card gone

seatbeltnoob

They always give you credit when you dont want or need it.

I had low balance and had an expensive car insurance due. (Hire and reward £1500). I thought I'd do what I always do, get hold of an interest free card and pay it off over 6 months. Put away £200-£300 of business profits to pay off the card each month.

I applied, got rejected by a card I had before (more than 6 years ago). Then I turned to tesco credit card and they have me a shockingly poor 3 month interest free card.

I have one with natwest, 23 month. Good riddance, I'm cancelling the tesco 3 month with glee. What a useless card.

When I never needed credit, I got super long lines of interest free. 22+ months. When I need it, they give me 3 months!

Brie

Obviously other things have changed (other than the financial situation generally) that means they don't want to give you the same credit as previously.

seatbeltnoob

no material change, just come up to 3 years in the same rented place in August.

MrFrugalFever

Lenders are tightening their belts due to the economy heading in its current direction. That coupled with any form of sole-trading, self-employment or a job role that is not a fixed guaranteed income (such as largely commission based) will just be harder to gain decent credit.

The increase in costs of everything has to be taken in to account by lenders, they want to be sure you can pay them back!

seatbeltnoob

well tesco credit card said good riddance back to me. i sent in the request to close my account a few days ago. they locked me out of the app - not accounts available, app doesn't function any more.

cheeky buggers, i want my final statement.

km1500

Not sure why you think someone offering you free credit  for three months is cheeky?

seatbeltnoob

km1500 said:

Not sure why you think someone offering you free credit  for three months is cheeky?

Because it's very low and the headline length was 12 months when I applied.  I always got interest free periods of 18+ months for the last 10 years I've used interest free cards. 3 months is basically useless, I didnt even get to use it for what I intended to do with it.

[Deleted User]

But the headline rates etc will rarely be what's actually offered by the time the lender has studied your financial management.
The way we manage our finances is seen by every money institution, if they don't like what they see, for various reasons, they don't have to give us their money.

daivid

Tesco seem to be cutting back on their cards, no 0% spending card available from them at the moment. A year ago I got a Tesco card at 0% for 23 months, looking on the mse main site & credit club there seem to be fewer spending cards in general.

th081

daivid said:

Tesco seem to be cutting back on their cards, no 0% spending card available from them at the moment. A year ago I got a Tesco card at 0% for 23 months, looking on the mse main site & credit club there seem to be fewer spending cards in general.

I read a story that consumer credit card debt is going up due to the cost of living issue as more day to day living is being put on cards. I wonder if this is an area card companies will be cutting back on at least until it's clearer the impact it has on default numbers