Complaint for Visa and Halifax
Comments
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OK I am convinced to get a credit card then, although I don't understand how these people will make money of me as I don't want to pay any interest.
From my understanding, it is either 0% for many months or rewards that you get, right? The 0% would be interesting, but they still want you to pay each month the balance (if not, you pay a balance fee to transfer it each month), so I don't see any benefit with that.
Is there a list with the other rewards I can have? And is there any who provides protection for less than £100?
There may be some misunderstandings here. Firstly, you shouldn't care if the card company makes no money out of you.
In any case the credit card issuing companies do make some money even if you pay no interest. I believe they call it 'Interchange Payments'. The retailer's bank has to pay a small percentage of the transaction amount to your card issuer for every sale transaction you make at one if its retailers.
If you have a 0% interest card (fixed for however many months) that just means you are borrowing for free. You still have to make monthly payments towards the balance you owe - either the minimum payment, the full amount, or anywhere in between (pretty much like a normal loan). To take proper advantage of the 0% rate you will probably not want to settle in full each month - but don't let that stop you if you want to instil some discipline into the way you handle the card/payments.
I'm not sure where you are coming from with the balance transfer stuff. You just make payments to the card issuer each month to reduce the balance that you owe. If your 0% deal comes to an end and you still have a debit balance outstanding you would then start paying interest on what you owe unless you pay it all off.
Forget all about balance transfers for the time being.
You just want one credit card to put your spending on, make at least the minimum monthly payment during the 0% period and make sure you pay the full balance off before the 0% deal ends. From that point onwards you would ideally always pay your card bill in full each month every month to avoid being charged interest - and never use a credit card for withdrawing cash - unless you really don't have any alternative.0 -
There are lots of different credit cards but one you could consider is the Tandem credit card which gives you 0.5% back on all your spending it is a Smartphone app based credit card though0
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There is a thread dedicated to credit cards discussions in the credit cards area of this forum.
Hi Emily Joy,
Just adding a link to the credit card board you mentioned.
https://forums.moneysavingexpert.com/forumdisplay.php?f=11
Thanks for directing HappyUser to this.
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Does it need NFC? My phone doesn't have it.
No!
Tandem is a normal plastic card.
You log into your account via the app, you don't pay for things with the app.
https://www.tandem.co.uk/credit-card/
Edited to add: And, just for info, we do nearly all our spending, large or tiny, on credit cards - Nationwide or Tandem. We pay both off in full every month, so never pay interest. Sometimes we pay them back several times a month. It's all a matter of seeing the CCard as a convenient way to spend, not as a convenient way to run up debt. Once you get into the habit it's easy - we can assign different spends t different budgets, they are just initially paid off on the CCard. But you do need to be disciplined as if you're not you can start to get into debt as the CCard balance doesn't show in your bank account!0 -
OK I am convinced to get a credit card then, although I don't understand how these people will make money of me as I don't want to pay any interest.
Do yourself a favour and don't get a credit card. If you can't even remember if you have a joint account, you haven't a hope of keeping track of spending on a credit card.Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0 -
JuicyJesus wrote: »No I have to buy those in groats and shillings.
I buy mine in M&S.Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0 -
Is there a credit card that provides protection for lower than £100?0
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Is there a credit card that provides protection for lower than £100?
Don't confuse the law and card processors rules. The law (S75 of CCA) says that where you buy something on credit where the price is between £100 and £30K and there is a breach of contract or a misrepresentation by the seller (including bankruptcy), you have a legal right to your money back and can choose whether to claim that money from the seller, the credit provider or both of them at the same time. There is a lot more to it than that (e.g. simple bank loans are covered) but let's try to keep it straightforward.
The plastic card providers also have their own rules to handle disputes between retailers and buyers in certain situations no matter how much the cost of the item and irrespective of the CCA. These rules are maintained by Visa, MasterCard etc. Most of the banks who issue cards under these brands have a say in how those rules work so it is not correct of Halifax (or any card provider) to blame Visa or MasterCard if they can't help because those banks will have had the chance to devise, write and approve those dispute rules.
If you have a dispute with a seller for any amount, your credit or debit card provider may be able to raise a Chargeback on your behalf to recover the disputed amount for you. If your dispute doesn't fit any of the Chargeback rules, your card provider may pay you out of their own pocket (not often) or if the transaction is on a credit card for an item which overall cost between the limits mentioned above then you may get paid out by the credit card company if they accept there is liability under the terms of S75 of the CCA.
If they don't accept your claim for pay-out under the CCA you may have to take the case to court for a ruling.
On a debit card transaction you get the same (mostly) Chargeback protection as a credit card but you will never have any rights to reclaim under S75 of the CCA because you didn't pay with credit.
There are other laws to help where CCA and Chargebacks don't cover you but that is entirely up to the consumer to sort out themselves (through the courts if necessary).0
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