I recently seriously bust my balls paying off my credit card, because I knew I had a big bill coming which would either max it out, or take it over the limit. I only had a couple of hundred on it so clearing it wasn't an issue. At the time my credit limit was £1700. My bill eventually came. £1611.52 anyway, so I've started clearing that one. However, I just looked at my internet banking. Because I cleared the card (yet again) the bank (yet again) have *awarded* me with a higher limit. £3200!!! I think its bloody wrong that banks can automatically up your limit when you clear your card. I remember when it happened the first time. It went from £500 to £1200, and then from £1200 to £1700. I'm going to call the bank later. I want the limit back down to £1700, and I don't want it touched without my permission. This is how the bloody country/world is building up higher debts and banks can show Billions in profit. Anyone else had a similar experience?
They're always at it mate! I started out with £500 on HSBC when I first started Uni... I've never asked for an increase and now I have £6k + Whenever I apply for a new one now they give me about that much. The icing on the cake though was I returned home from travelling for a bit, had no job, etc... I called up HSBC to get a refund on an exchange rate on a Euro refund and they just offered me a Gold Card - you're supposed to be on 20K + a year for one of them (that's what it says on all there info) and I didn't even have a job. It's now wonder consumer debt has topped 1 trillion, they're all just dying to give you credit
I've not had a credit card for years. When the missus and i first moved in together we were offered one and thought it would be a good idea. Well it wasnt... there she was buying stuff we needed for the house but it soon mounted up and we didnt realise exactly how mcuh we spent. We could not pay the card off in the first month as originally intended then realised how much interest they started to charge us and i cut the card up after just 2 months of having it. Had to get a loan to pay the card off in the end. I hate banks... greedy mofos (can i say that?) to say the least.
Thats what this car has progressed from, the good old "£500 limit uni card" I have a friend who was running a business that wasn't doing all to well and was having hell off the banks. He since started a different business just over a year ago and has turned over into the millions already. The same bank that refused him money instantly pre-approved both him and his partner £250,000 each!
£250K each just a personal loan or a mortgage? Mad as a bag of chips! What does he do - out of interest?
a mate of mine has about 6 of them at this moment in time. He writes the limit of each of them onto the card with a big black permanent marker he earns quite good money but shifts money round onto his different cards to benefit from free interest. He's made quite a bit of cash out of it. Living proof that you CAN beat them at their own game
Personal Loan. He drives a new PT Cruiser which is paid for, and is currently @ Max Hydraulics in Malfern having full independant air suspension. Ali drives a new (paid for) vw beetle cabriolet. The guy's done stonkingly well for himself. He imports OMVL AutoGas products and sells them to garages. Honeslty, when I go to his workshop you can't talk for more than 40 seconds before another phonecall comes in.
It's different here in the states. You actually have to ask them to up your limit. My limit has been $500 for years. Sort of a low limit but I have my checking card so I don't mind.
It'd be better if it was that way here as people would then actually have to make a concious decision to get more credit and thus further into debt. As it is thay just hand it to you on a plate... which can be a real problem as many just see it as free money until the bailiffs come a'knocking Phat - Looks like auto gas stuff is the way to go then That is until the Goverment reduce \ remove the tax relief on it...
Nope, They do it here, Too. :-S My roomate had his go from US$1,000 to US$5,000 with out him asking or wanting it. Credit Card companies are just greedy, i thinks.
man banks do suck!!!! Because im getting a regular income the bank decided to give me a £500 overdraft without my permition....then 2 months later i get a letter from them saying that they set it up and that the intrest rates are something like 36%
Yeah, but nick hit the nail on the head. Stuff trying to do DIY kits that everyone does, he spotted the hole in the market and plugged it. He now supplies most of the garages in the UK. With gas, even if it only ends up been 10p cheaper per litre than petrol, for high mileage drivers it will be worth it. They've recently released LPG for Diesels, where a fraction of the Diesel is replaced by LPG. Not 100% replacement like Petrol. But for large HGV's that travel thousands of miles. That little 10% of LPG is 10% less of regular Diesel prices.
they gave me a £100 overdraft for my 18th birthday. and a visa delta card linked to that account. so hopefull that limet will stay teh same for a while cos i hate it when im in my overdraft damit.
I tend to live in my overdraft. And TBH it suits me fine. If I had a balance of £0 and a overdraft of £400 I'd be tempted to spend stupidly. However, if my balance went from -£350 or whatever a month back to £0. I know I have to limit myself to £400. I don't pay for the overdraft. Only if I go over. Which has only ever been once. *damn ebuyer not refunding!*
I kept spending too much once, so I just simply took cut my card in half and threw it away, didn't get a new one for 4 months, so i used about #100 of spare change. Saved me loads!
Halifax Gold: £12,000 Second User Halifax: £8000 Egg: £4000 American Express Gold: £No Limit If there's one bit of advice i could give about cards its NEVER get an american express gold card for a start the no limit is just bloody madness and there's a few times i've come close to having a knock on the door, they are ********s in every sense of the word which is why I never use the card anymore. There is one benefit to the gold card is that if your stuck somewhere they will pay for a hotel room and food but still your paying £62 a year for the benefit.
Yeah, they do it to me all the time. I don't bother getting it lowered anymore though. I just keep in mind how much I'd be able to pay off every month & go by that. Then again, from what I understand I'm exceptionally good with money. I haven't been into my overdraft for.... well over 2 years at least. Could be more. At the moment I'm doing quite well, with about the same amount as my wages already in my bank every month when I get paid ...and that's not including my Savings Account & Internet Savings Account p.s. no mugging me on Saturday
You are of course right - there are some big savings to be made, especially on large displacement engines. The boy done good! I don't even use my cards anymore and am paying off between £100 - 150 a month. Also trying to save about 300 quid a month. It's so hard with so many new shiney gadgets and PC bits tempting me
