Credit Cards – What’s in your wallet?

When I borrow the bank’s money I have to pay them back at 18% APR.

When they borrow MY money, they pay me 2%, and then the government skims off a fifth of that sum in tax.

It occurs to me that there is a slight mismatch in these sums.

People are getting angry now. I predict a riot.

I have a few cards:) but only use them for travel and very expensive purchases. Back up cards I call them.:D

Very prudent and sensible …if only everybody had that willpower!!!

A banker friend of mine was discussing this the other day actually, he said that banks are fully entitled to call back credit and loans.

I’m not disputing the banks right to reduce credit…..just the manner in which they chose to do it.

I think I’m a good customer, my repayments are on a direct debit; it’s impossible for me to default and I don’t spend money I haven’t got…..but I do rely on my credit cards when travelling so I’d like them to be reliable…..have you ever tried hiring a car without a credit card?

Maybe I’m not a good customer as far as the banks are concerned…..presumably they want a customer who uses all the credit that the bank offers, even if they cannot afford it, and only pays off the minimum every month thus paying the maximum interest.

Now, how did we get into this banking crisis again? :rolleyes:

Don’t do credit cards, does not stop them offering 😡

I hate banks, even before the “banking crisis” – when I was skint they could not do anything to help me, once back in the black it would seem they cannot do enough to help me. Robbing *******s! 😡

Absolutely agree…I am not very good at money things and the financial industry has stitched me up every time…if I was you CD,I would be looking to take my business elsewhere …when it suits you of course…I always vote with my feet.

cheers baz

I have a few cards:) but only use them for travel and very expensive purchases. Back up cards I call them.:D

A banker friend of mine was discussing this the other day actually, he said that banks are fully entitled to call back credit and loans. He said that at his work at the moment, his bank is in the process of reclaiming debt (including credit card balances) from customers, faster than the customer expected them to be – to try and get some more money coming back in.

Oh, and my credit limit was increased by £2500 the other week :rolleyes:

Credit Cards – What’s in your wallet?

I had an Amex Gold a Diners and a Visa…but they keep getting home sick for my Mrs purse and ending up back there somehow!!!

They just reduced it the same way that they used to increase it when you never used it?

Well, I gather that the banks are trying to reduce their liabilities and the easiest way to do that is to reduce the credit limit on our credit cards without telling us.

When I telephoned customer services I was initially told it was due to me being overdrawn on another account or defaulting on my mortgage!

After some frantic checking (in these days of identity theft) it turned out that I wasn’t overdrawn, had never been overdrawn and hadn’t defaulted on my mortgage (which is with another bank anyway). When I rang back to find out what the problem was I was told something to the effect that…

“…I hadn’t ever used more than 30% of my available credit limit!”

True, but I had never asked for my credit limit to be raised to this level in the first place…..and now the bank had decided to reduce my available credit to a point where I was using 95% of it…..effectively cancelling my card in the process! 😡

Don’t do credit cards ;)….

Yet! no doubt one will have to roll along at some point in the future, we shall see.

Whats the score then? They just reduced it the same way that they used to increase it when you never used it ?

wonderful….:mad: