Jump to content
House Price Crash Forum
Sign in to follow this  
Sancho Panza

Rbs-Natwest Axes 0Pc Cards

Recommended Posts

Telgraph 27/2/14

'Royal Bank of Scotland will dump special offers for new customers in an attempt to restore trust in the state-controlled bank. In a radical overhaul of the way it operates, the bank will abandon "teaser rates" on products, typically short-term higher rates that are designed to attract new customers.

This means RBS and NatWest, which it owns, will stop offering interest-free periods on credit card balance transfers. The new policy will be in force from mid-March.

RBS said all customers will get the same rates whether they bank online, in branch or by phone.

The industry has been criticised for a shift to "churning" customers over the past two decades, acquiring profitable new customers with deals that are effectively subsidised by existing customers.

RBS currently offers a 28-month 0pc balance transfer deal that is among the top ten best buys for consumers.

Andrew Hagger of financial website Moneyfacts said there was "plenty of other plastic out there" for RBS customers to choose from.

He said: "Customers will appreciate a less cluttered product range and improved service – but it's also got to be backed up with a reliable IT infrastructure and decent rates if RBS is serious about attracting and retaining new customers."

Mr McEwan said there would be fewer branches for RBS customers in future, which is why the banking group recently expanded its banking services in Post Office branches so customers can deposit and withdraw money.

He said there had been a 30pc decline in branch usage since 2010.

Mr McEwan said: "Our busiest branch in 2014 is the 7:01 from Reading to Paddington – over 167,000 of our customers use our Mobile Banking app between 7am and 8am on their commute to work every day."

The bank said it wants to be "the most trusted bank in the UK" by 2020.'

I think they mean they'd like to be the most solvent bank by 2020.

Clearly,this move had nothing to do with them haemorraghing money for the last 5 years.

Share this post


Link to post
Share on other sites

And they are losing money....

They are losing money now as they can afford to. Backed by the state they can just sell off assets at cheap prices to Tory donors or remove profit making products in the interests of "fairness" become "profit" is evil. The reality will come back when they are a tiny bank floated for next to nothing by the treasury in 5 years time. Then they will have to show "quarterly growth" to investors and all the bad behaviour and sales targets will come straight back to "build" shareholder wealth. Its not easy to get a banking licence and a sticky customer base that doesn't understand how banks make money. Its a cash cow for any investor milking millions of old age pensioners of their savings whilst providing loans at 400% over bank base rate to keep their bonuses rolling in.

Different rule for the prols different rules for the elites...

Edited by katchytitle

Share this post


Link to post
Share on other sites

They are losing money now as they can afford to. Backed by the state they can just sell off assets at cheap prices to Tory donors or remove profit making products in the interests of "fairness" become "profit" is evil. The reality will come back when they are a tiny bank floated for next to nothing by the treasury in 5 years time. Then they will have to show "quarterly growth" to investors and all the bad behaviour and sales targets will come straight back to "build" shareholder wealth. Its not easy to get a banking licence and a sticky customer base that doesn't understand how banks make money. Its a cash cow for any investor milking millions of old age pensioners of their savings whilst providing loans at 400% over bank base rate to keep their bonuses rolling in.

Different rule for the prols different rules for the elites...

Exacto mundo.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   218 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.