Rule 1. Banks are in business to make money, any way they can.
This is the reason for what they are doing to the credit card limit. As you may notice there is a bit of a credit squeeze going on, due to american banks screwing up and lending dosh to people who can't afford to pay it back. This has spilled over to the UK, where banks have turned it to their advantage, eg by reducing your credit amount, you are forced into missing payments and getting hit for fees, or taking out very expensive loans (barclays 22% apr you must be joking, thieving b*****ds). This is how they satisfy Rule 1. According to Government Stats, the Banking (Opps nearly said W***ing) sector are making a large amount of dosh for the clowns in Westminster, so they are happy with them and are not going to upset them. Which means that the recent spate of claims against unfair banking charges is likely to be stopped by various means, as you don't kill the cash cow. My own gripe against Natwest in particular is : I rent out 1 house, and have nearly finished another. I have done all the work myself, partial rewire, replumb, central heating, and nearly finished insulating the loft to the new Building Reg standards, etc, etc, and need not a lot to get it all tested and legal. However my son, who's in the rented house fell ill, so couldn't work, and another lad is having problems, so the rent is halved, so I can't afford to finish the last house. My "helpful" Bank when asked for an increased Overdraft for a couple of months to get over the crisis, said "No, your credit score is bad". Funny that, I went through the process with Credit Expert, and my score is in the top 70%. And every time I use the phone service to ask my balances, some "helpful" person tells me that there is a freephone number for people who will help me transfer my overdraft into a very reasonable interest rate loan. Hypocrites. See Rule 1.
I'm sorry but, the conclusion I have come to is : The days of Banks being helpful is long gone. Banks will treat you like sh*t if it helps satisfy Rule 1. So, do likewise. As soon as I get this house finished and rented, and overdrafts cleared, I am dumping Natwest and Barclays, and moving both personal and business accounts somewhere else.
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Topic: Bl**dy credit cards (Read 2304 times)