We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Lloyds Ultra Credit Card
Comments
-
Wondering if I'm unique, as yesterday made a complaint against Lloyds as whilst they will approve an ultra card, they are limiting spending limit to £500. My credit score is 640 and excellent (and not a blip on the credit history they hold for me), have reduced limits on the other cards I have. Am happy to close Halifax Clarity and transfer, but they won't increase limit. I've queried whether it's a scam to keep 1% Cashback down. To speak to someone, they say I have to have £25k in their savings account. I'm in the fortunate position of having that (and more) but it's busy earning better interest than at lloyds. I'm an everyday fee paying platinum member, and have held accounts with them for 40 years (but never a credit card). Can't help but feel it's a bit of a mis-sell hence the complaint, but happy to be proved wrong.
1 -
I had t he same. H ad t o wait 3 mo nths to transfer oth er lloyds cards credit to my new ultra. In the meant ime I just kept paying off my balance and kept spending. My cred it score is excellent.
SSorry about the typing but have had this problem on mse for a while.
0 -
A complaint against them that their algorithm chose your limit based on the data you put in will never succeed as it's a commercial decision made by computer. Your score is not "excellent", it is in fact nothing at all as you don't have a score, lenders use the data on your file to make a decision (and there are 3 CRAs so what one says doesn't mean the others agree). Your "excellent" score giving you a limit of £500 is proof of this being a worthless novelty.
You could spend on the card and pay it off every few days and maximise cashback that way (provided you wanted stuff less than £501!) so it's a bit silly saying it's a scam. I got £4k off them, I have £12500 with Halifax, just how it goes
The £25k limit thing is probably for you trying to get to some sort of executive complaints team, normal customer service team don't have a savings limit to speak to them
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
0 -
I was able to switch in a couple of days, just how the system goes.
As I said to the other user, you don't have a credit score, certainly not an "excellent" one
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
1 -
Mmm, appreciate the feedback, but the tone got me a tad edgy. What is silly to you, may not be silly to others - wouldn't it have been easier just to state the fact, and leave out the personal interpretation? Guess that's the trouble with these darn machines. Either way, if I wanted a Cashback card, I'd apply for one of them, as paying it back every few days gets the Cashback but misses the point. Thanks again :)
0 -
Existing customers are negatively affected, even in a tiny fashion, for petty complaints which have to be processed at a cost to the business. The system is automated based on the algorithms Lloyds have chosen and the limit you got is based on your credit history, earnings and other factors they setup that nobody will ever see (certainly not the fake "score" you see).
Ironically, lowering your limits likely caused this low limit as banks don't see why they were lowered, just that they were lowered, which, given most people wouldn't deliberately lower their own limit, would suggest to the system other banks were spooked by you and cut limits, so they in turn gave you a low limit due to possible risk.
The part I called silly was where you suggested it was a scam where they deliberately gave you a low limit purely to limit how much cashback you could earn which is clearly not true
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
0 -
They even confirmed in branch in person the 3 month rule.
0 -
Bank branch staff aren't part of the credit card team and are likely to have limited details on combining credit limit cards
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
1 -
In that case they should be honest and say so.
0 -
Been approved for a Lloyds Ultra today, so will be interesting to see if I encounter the same issues highlighted in this thread.
It will be replacing my Halifax Clarity as that one has now gone to VISA anyway and offers no cashback (but did work without issues)
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.2K Banking & Borrowing
- 254.7K Reduce Debt & Boost Income
- 455.9K Spending & Discounts
- 247.9K Work, Benefits & Business
- 605.1K Mortgages, Homes & Bills
- 178.8K Life & Family
- 262.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards