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munimula

Not So Much To Smile About

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Just received an email from my bank, Smile with the following rate changes for cash withdrawn on credit cards;

Present

12.2%

New

16.9%

Anyone come across a large single increase than this?

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Just received an email from my bank, Smile with the following rate changes for cash withdrawn on credit cards;

Present

12.2%

New

16.9%

Anyone come across a large single increase than this?

I got this:

From 21st August 2006, we'll be changing rates and cashback on our smile credit cards.

As a Gold card customer with a smile current account your rate will be reduced from 10.9% APR typical to 9.9% APR typical. However, we'll be removing cashback on this card. Here are the new rates:

Gold with a current account Present New

Purchases, Cheques & Balance Transfers 10.9% APR 9.9% APR

Cash 12.2% 12.9%

Cashback 0.50% 0%

As of 28th June 2006 we've also reduced the amount we charge customers on our late payment charge, exceeding credit limit charge and unpaid cheque/direct debit charge from £25 to £11.

Oddly enough the rate has only gone up 0.7% on their Gold card (but they've scrapped cashback).

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I got this:

Oddly enough the rate has only gone up 0.7% on their Gold card (but they've scrapped cashback).

That's strange as I am not losing my cash back. It's remaining at 0.5%

What are the criteria for obtaining a Smile Gold card?

As I only ever use this card to spend and collect cash back the increase in rates does not effect me, the loss of cashback would do.

This is what I was sent;

From 21st August 2006, we'll be changing rates and cashback on our smile credit cards.

As a Classic card customer with a smile current account your standard rate will be changing from 10.9% APR typical to 13.9% APR typical. You'll still benefit from 0.5% cashback on every penny you spend.* Here are the new rates:

Classic with a current account Present New

Purchases, Cheques & Balance Transfers 10.9% APR 13.9% APR

Cash 12.2% 16.9%

Cashback 0.50% 0.50%

As of 28th June 2006 we've also reduced the amount we charge customers on our late payment charge, exceeding credit limit charge and unpaid cheque/direct debit charge from £25 to £11.

I don't think that Smile would be happy to know that different customers know that they are being treated so differently.

How do you explain that my card interest rates go up 4.7% for cash, yours only 0.7% but that you lose your cash back and I don't and that this is the same bank!

Edited by munimula

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That's strange as I am not losing my cash back. It's remaining at 0.5%

What are the criteria for obtaining a Smile Gold card?

As I only ever use this card to spend and collect cash back the increase in rates does not effect me, the loss of cashback would do.

This is what I was sent;

I don't think that Smile would be happy to know that different customers know that they are being treated so differently.

How do you explain that my card interest rates go up 4.7% for cash, yours only 0.7% but that you lose your cash back and I don't and that this is the same bank!

Gold card is for thise earning 20k pa plus, or at least it was when I got mine... Do you have a current account with them? I only ask because I got an email from them recently reminding me that to have an online account with them, you had to deposit 1k a month and some customers had not been doing so... Mrs A is very hacked off at their tone as she has been a customer for 6 years but recently went part time (so earning about 800 pcm, had maternity leave and is now setting herself up as self employed with the resulting irregular payments. God help them if they try to take her account away - I would be very scared, if I were them! She has already set out on a revenge mission to reclaim all our bank charges from them.

Also, Smile have removed the automatic entitlement to a £500 fee free overdraft and will instead be reviewing all customers and their circumstances (ie pay to debt ratio) each year. Perhaps this should go to the ''signs of credit tightening" thread?

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Do you have a current account with them? I only ask because I got an email from them recently reminding me that to have an online account with them, you had to deposit 1k a month and some customers had not been doing so...

Yes, I have a current account. I also remember reading that note about depositing £1k

to be fair, I have had no problems with them, they have been excellent and always dealt with any problems very quickly and effectively.

Funny that the Gold card in this instance isn't so good. No cashback.

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Yes, I have a current account. I also remember reading that note about depositing £1k

to be fair, I have had no problems with them, they have been excellent and always dealt with any problems very quickly and effectively.

Funny that the Gold card in this instance isn't so good. No cashback.

You are right, they are very good - which is why Mrs A doesn't want to lose her account (or go back to queueing in banks with 2 nippers in tow). Not very ethical of them to chuck good customers out for daring to have kids, though... The cashback was never a market leader, anyway. Think one of the GE cards is best for that (if moneysavingexpert is right?)

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You are right, they are very good - which is why Mrs A doesn't want to lose her account (or go back to queueing in banks with 2 nippers in tow). Not very ethical of them to chuck good customers out for daring to have kids, though... The cashback was never a market leader, anyway. Think one of the GE cards is best for that (if moneysavingexpert is right?)

They are that good that I have no doubt that if she made the case to them that her circumstances have changed she will be allowed to keep her account.

I had forgotten about it actually - I'm going back to uni for 4 yrs in sept so there won't be anything going into my account and I don't want to lose it either!!

Better get onto them....

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I got an email from smile today saying the overdraft rate had gone from 9.9 to 11.9%. I don't bank with them anymore since they closed the accounts of a Christian party who dared to believe that homosexual sex was immoral. Banks are not there to dictate how people think.

Edited by HovelinHove

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I got an email from smile today saying the overdraft rate had gone from 9.9 to 11.9%. I don't bank with them anymore since they closed the accounts of a Christian party who dared to believe that homosexual sex was immoral. Banks are not there to dictate how people think.

munimula

there is no such word as 'immoral' as any morals should only ever be within the boundaries of ones own mind. never shared, hence can never be plural.

Edited by right_freds_dead

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This cashback stuff is a real cheek - I'm going to ask them to convert my Gold card to a classic one. A preferential interest or cash advance rate is no use to me as I pay it all off each month any how and am not dumb enough to borrow cash off a credit card.

Edited by greencat

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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      • up 5%



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