lloyds 'upgrading' my credit card

player

I've received a letter from lloyds boasting that they want to upgrade my credit card to their duo card (a master card and american express). Obviously they trump the benefits of the card up but the apparent drawbacks are no so obvious on the letter


What has infuriated me is that I have to actually opt out of upgrading my card, by mail - otherwise if they don't hear from me they will assume that I want to upgrade the card (cheeky gits!)! I'm surprised they even supplied my with a Stamped address envelope.

Is this assumed opt in policy not breaking any banking regulations?

Bismarck

Not an expert on AMex but be very careful as you may find that you need to repay all balances by the end of the period i.e. lose the credit bit......or that the card may not be as acceptable as it used to be....research any likely drawbacks thoroughly as I'm not sure how a card like this would work?

jonesMUFCforever

Bismarck wrote: »

Not an expert on AMex but be very careful as you may find that you need to repay all balances by the end of the period i.e. lose the credit bit......or that the card may not be as acceptable as it used to be....research any likely drawbacks thoroughly as I'm not sure how a card like this would work?

That is the point of the duo card - if a merchant does not accept the Amex use the Mastercard.
OP should have no worries about the Amex part - it is a credit card not a charge card.

mum2one

my dads in the same position we can do you a better offer, they wont deal with it over the fone or by post, even thou he told them he wasnt interested they reckon that they can save him money.

Hes got an appointment for tues, hes asked me to go with him, just to make sure he doesnt get ripped off, me personally I feel thats its a I need to meet this months targets / push the new product.

twists_and_turns

I also recently receieved this upgrade offer. My Lloyds Visa was due to expire at the end of January. After a LLoyds telephone operator confirmed that by upgrading to the Duo cards, my interest rate would reduce from 19.9% to 15.9% I agreed to the upgrade, and in fact made 3 requests before the end of January for the Duo cards.

It's almost the end of February and I have still not received the Duo cards, although did receive another Visa card, which according to Llloyds is their error.

It'll be interesting to see whether or not I receive the Duo cards, and whether or not the interest rate really will drop from 19.9% to 15.9%. I just really hope they don't use it as an excuse to push the interest rate up.

Apparently Lloyds are wrapping up their contracts with Visa, which is why they are offering Mastercards, and Duo cards now.

jonesMUFCforever

mum2one wrote: »

my dads in the same position we can do you a better offer, they wont deal with it over the fone or by post, even thou he told them he wasnt interested they reckon that they can save him money.

Hes got an appointment for tues, hes asked me to go with him, just to make sure he doesnt get ripped off, me personally I feel thats its a I need to meet this months targets / push the new product.

How could you possibly think that :rotfl: the cheek of it :A

MABLE

mum2one wrote: »

my dads in the same position we can do you a better offer, they wont deal with it over the fone or by post, even thou he told them he wasnt interested they reckon that they can save him money.

Hes got an appointment for tues, hes asked me to go with him, just to make sure he doesnt get ripped off, me personally I feel thats its a I need to meet this months targets / push the new product.

We are dealing with a thoroughbred here not a loan shark.

HeadInSand_2

MABLE wrote: »

We are dealing with a thoroughbred here not a loan shark.

Yeah so it can't possibly be a financial corporation trying to make money by using sales tactics.
:rolleyes:

jonesMUFCforever

HeadInSand wrote: »

Yeah so it can't possibly be a financial corporation trying to make money by using sales tactics.
:rolleyes:

Definitely not!

MABLE

HeadInSand wrote: »

Yeah so it can't possibly be a financial corporation trying to make money by using sales tactics.
:rolleyes:

Well if it is you'll get a better deal than dealing with a loan shark.

CannyJock

player wrote: »

I've received a letter from lloyds boasting that they want to upgrade my credit card to their duo card (a master card and american express).

Surprised you've survived so long without them tracking you down mine got upgraded a while back before they introduced the "Duo" element and I was stuck with an Amex only card. The Duo cards are fine.