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Dealing with credit card companies

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
in Home, Law & Money
Credit cards represent a convenient and easy form of flexible borrowing. But dealing with most banks regarding credit card facility is tricky.

They will use clauses in the small print to raise interest rates once you've got a big balance, send you aggressive marketing stuff through the post. And whilst you want to enjoy privacy at home, such companies are shameless in bombarding you with phone calls :(

Comments

  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Are you copying that from somewhere Kiwi, if you are you probably want to show the article. If not might be worth explaining what it is you're asking with your post?
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    This thread isn't from any article. I had quite an experience with credit card companies recently. Posted this discussion point to share with others their experience of using credit cards
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Fair enough man, I'd have to agree with you. Try not to get behind with payments either, I've been up to 15+ calls a day from MBNA after being £20 over my limit...
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Jim V wrote: »
    Fair enough man, I'd have to agree with you. Try not to get behind with payments either, I've been up to 15+ calls a day from MBNA after being £20 over my limit...
    Get your mum to bail you out :):):)
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I got into a complete mess with credit cards, and it took a long time to get straight again afterwards.

    I think I'm on top of my credit cards these days, I have one that I use for everyday purchases - petrol, clothes, Hotel Chocolat tasting club, hotels - but whenever I buy stuff on it, I move money out of my current account into my savings account to cover it - then when the bill comes, I set up an automated transfer on the day before the due date to pay off the entire bill. I also took out a card to buy a friend a holiday for her family, she's paying the 2500 back at 50 quid/week, and if she manages to miss enough payments in a month they take the minimum from my bank account.

    I've not had any phonecalls about either of them, but then my main card is the Co-operative Membership credit card, and bugging your members isn't going to go down well, and the other one is a Barclaycard Simplicity - I don't think they want to piss off that type of customer either.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Big Gay wrote: »
    I got into a complete mess with credit cards, and it took a long time to get straight again afterwards.

    I think I'm on top of my credit cards these days, I have one that I use for everyday purchases - ..............................
    It's easy when you're inexperienced with credit cards, unless you have a financially wiser mentor, to end up in a mess with credit card balances. It helps if a family member has money and help you out rather than spend umpteen years paying it back to banks plus enormous interest. I normally pay off my entire credit card bills too now and only have one. The phone calls and endless letters I got were asking me to transfer balances from other credit cards. The banks sussed out I had several cards then with big balances
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    If i want something i save up for it. No hassles, no big bills, no interest. If i don't have the money, i go without, simples :)
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    That's very much my approach now - but buying something on a credit card gives you some extra consumer protection. so I use that whilst earning some interest on the interest free period, and getting some money back on the card.

    And then there's the money for the friends holiday - she wanted me to act as guarantor on a loan at some evil rate, I (rightly) didn't trust her to make her repayments, so borrowed on Barclaycard at a very reasonable rate instead. But even with this, I could clear the debt within my work's notice period, if I really had to. It wouldn't be pretty though.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    RubberSkin wrote: »
    If i want something i save up for it. No hassles, no big bills, no interest. If i don't have the money, i go without, simples :)
    All this madness with debt culture. People in previous generations always saved up for a rainy day- you're right we should too even in 2009
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    My financial wisdom today is 'stuff the promotional rates, don't be tempted': credit card companies represent people looking for ways to get you involved and want your money through well-rehearsed banking techniques
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