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(Don't) Get the Macs

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(Don't) Get the Macs

edited 30 November -1 at 1:00AM in Credit Cards
26 replies 20.7K views
MSE_MartinMSE_Martin Money Saving ExpertMoneySaving Expert
8.3K posts
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edited 30 November -1 at 1:00AM in Credit Cards
The Macs Credit Card was a fake card I designed for BBC1s 'Should I worry about... spending'.  

The aim was a card that looks good but is Pants.

View the specs of the card

Can you spot whats wrong with it.

(and to start you off, have a think about why it's a 'macs' card)


And PS to the regular Credit Card Nerds from the forum - don't do all the issues in one go - let the newbies have a go.  If you're an experienced tart or stoozer, why not just say how many issues you spotted.

Martin
Martin Lewis, Money Saving Expert.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
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Replies

  • paylesspayless Forumite
    6.9K posts
    Part of the Furniture 1,000 Posts Combo Breaker
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    Saw the program, I did second guess most of the issues with the card, before you even mentioned them -
    but will hold my hands up to not getting the "name" until it was later explained.
    Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.
  • ReaperReaper Forumite
    7.1K posts
    Part of the Furniture 1,000 Posts Photogenic
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    ;D

    Well it goes to show the value of Summary Boxes as most of the sins are nicely laid out there. For example try as I might I can't see how anyone can qualify for the 0% balance transfer.

    Of course those signing up should have also questioned the value of a MACS point and read the very small print saying it is not a real credit card! That should have been a bit of a giveaway.

    Is the "sign here for an application form" a way of dodging the cooling off period? EDIT: No it's because the application form will have different T&C as warned at the top. My, you have to read this small print carefully don't you.
  • ReaperReaper Forumite
    7.1K posts
    Part of the Furniture 1,000 Posts Photogenic
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    The name? Ah - is it that you never actually say it is a credit card? So it could just be a loan you are applying for.
  • ;D

    For example try as I might I can't see how anyone can qualify for the 0% balance transfer.

    That looked OK to me - balance transfers are not interest free, but the interest rate is 0%. No?
  • ReaperReaper Forumite
    7.1K posts
    Part of the Furniture 1,000 Posts Photogenic
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    I was thinking the second canceled out the first, but yes it just means the period between the transfer and the statement/payment date. So I think you are right. It includes purchases though, as per LLoyds Advance.
  • I also notice there is no charge specified for the texting of the photo. Could be £10 or anything at all.

    Another one is that the annual spend of £1000 must in effect be spent in the second six months. That's £170 a month, so with no interest-free period, you're looking at 20% or so for 2 months each time - i.e. about £6 a month.

    Add on the minimum payment and it's clear that you will never pay £5. The minimum is going to be at least £11.

    Is the value of the points scheme spelt out anywhere?
  • MACS - Mugs And Card Sharks ??
  • robbies_galrobbies_gal Forumite
    7.9K posts
    Part of the Furniture 1,000 Posts
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    no interest free period?

    minimum spend of a 1000 pounds
    What goes around-comes around
  • Macs = Scam backwards...
    Nice to save.
  • Macs = Scam backwards...
    Well Done Bhoy!!!

    Now - why didn't I think of that...??
    Mortgage Feb 2001 - £129,000
    Mortgage July 2007 - £0
    Original Mortgage Termination Date - Nov 2018
    Mortgage Interest saved - £63790.60
    ISA Profit since Jan 1st 2015 - 69.6% (updated 17 May 2018)
    Save £12K in 2018 Challenger #111 - £10,531.31/£20,000 (updated 31 December 2018)
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