Boris Johnson Posted October 28, 2022 Share Posted October 28, 2022 I POSTED THIS IN RESPONSE TO THE AIRLINE THREAD BUT I THINK THIS DESERVES A TOPIC OF ITS OWN The recent AMEX press release, lack of credit card availability and withdrawel of AMEX cards on the island did not at first sight bother me. It has however really pissed off all my children who say it is just the final nail in the coffin as to why they will not be staying on the island after their uni degrees. - I questioned this with them and they told me quite rightly the following. "Can you imagine not having a credit card in this modern world? Without a credit card you can't build a credit rating and therefore can't get any type of credit/ home loans/ mortgages." The island is Fuck3d. 1 Quote Link to comment Share on other sites More sharing options...
Dave Hedgehog Posted October 28, 2022 Share Posted October 28, 2022 I have never had a credit card and have had no problem getting loans and mortgages 1 1 Quote Link to comment Share on other sites More sharing options...
Wavey Davey Posted October 28, 2022 Share Posted October 28, 2022 I don’t know anyone who has an AMEX card anyway. They’re usually a card for absolutely wankers who think they’re Donald Trump. Most places won’t take them anyway due to stupidly high processing fees. 1 5 1 Quote Link to comment Share on other sites More sharing options...
Boris Johnson Posted October 28, 2022 Author Share Posted October 28, 2022 2 minutes ago, Dave Hedgehog said: I have never had a credit card and have had no problem getting loans and mortgages Old fart then, like me, you are But It's a different market for our island's 20 somethings - Gen Z - i think, I may be wrong as I am a Boomer, so borderline senile now 🙂 They, 20 somethings, are the future of the island and if they cant get credit cards here, they will not stay here. Simple fact. Especially when, from my eldests daughters "case" her mates in the mainland are getting mortgages on the back of their credit rating and my daughter can't even get a credit card because she is still a resident of IOM P.S. This is despite my offer of being a guarantor Quote Link to comment Share on other sites More sharing options...
Boris Johnson Posted October 28, 2022 Author Share Posted October 28, 2022 9 minutes ago, Wavey Davey said: I don’t know anyone who has an AMEX card anyway. They’re usually a card for absolutely wankers who think they’re Donald Trump. Most places won’t take them anyway due to stupidly high processing fees. The AMEX card comes with many benefits. Don't knock what you cant afford. 🙂 You get discount at some big stores at major cities and you get first "stab" at the local hussy, instead of sloppy seconds at the eastern european hotel. 4 Quote Link to comment Share on other sites More sharing options...
BriT Posted October 28, 2022 Share Posted October 28, 2022 1 minute ago, Boris Johnson said: The AMEX card comes with many benefits. Don't knock what you cant afford. 🙂 You seem to exactly prove WDs point with that statement 1 Quote Link to comment Share on other sites More sharing options...
Boris Johnson Posted October 28, 2022 Author Share Posted October 28, 2022 1 minute ago, BriT said: You seem to exactly prove WDs point with that statement Fair comment Quote Link to comment Share on other sites More sharing options...
Cascarino Posted October 28, 2022 Share Posted October 28, 2022 Barclays don't offer credit cards. Natwest Group are pulling them from island residents. There will not be many options left. Quote Link to comment Share on other sites More sharing options...
NoTailT Posted October 28, 2022 Share Posted October 28, 2022 I have two Amex, both still working fine. I think I saw on Facebook that the Amex story had proven to be wrong? Quote Link to comment Share on other sites More sharing options...
Two-lane Posted October 28, 2022 Share Posted October 28, 2022 I had not known of the press release until I saw the thread on this forum - "https://www.energyfm.net/cms/news_story_744284.html" I am of a considerable age, but nevertheless a credit card is very useful. Not necessarily in the supermarket here, but when I am away - I would not like to carry around a wallet full of £50 notes to pay for a hire car or hotel (I used to carry a cheque book, but it seems they are now considered a bit 20th century). But I do have a Lloyds/Mastercard, even though when I made a query about something-or-other, a local Lloyds bank said "Nothing to do with us - that is another company" Quote Link to comment Share on other sites More sharing options...
Boris Johnson Posted October 28, 2022 Author Share Posted October 28, 2022 1 minute ago, Cascarino said: Barclays don't offer credit cards. Natwest Group are pulling them from island residents. There will not be many options left. Exactly. If no cards are available to young Manx or young residents, they will not stay here and/ or not come back here after Uni. THIS IS A BIG PROBLEM The sort of problem our resident anti Woke MHK could take up?......... @ Stu Peters Please try and make this problem better, I don't see a conflict with your anti woke or pro ICE stance. The island's young need someone to ensure they want to stay on the island. Quote Link to comment Share on other sites More sharing options...
Nellie Posted October 28, 2022 Share Posted October 28, 2022 (edited) This is potentially a serious issue for the Island, and the Government's plans to grow the population and the economy. Whilst I respect the fact that some posters may never have had a credit card, and have managed perfectly well without one, for many (most?) people having one, or more, credit cards is a critical part of managing their personal financial affairs. For simplicity, for convenience, for cash flow etc. And, there are certain things that you cannot do without a credit card, such as hiring a car, running a tab in a hotel, or on a cruise ship. Can you imagine all the smart, well-paid, economically active people that the IOMG want to attract, plus young doctors, lawyers, teachers etc. coming here and then finding their credit cards are cancelled? They will think that they are relocating to the 1950's. As I understand it, only HSBC will issue new cards to new applicants. The other local retails banks won't. Although I have not heard of Barclays, Lloyds, RBSI etc. closing existing accounts, the recent actions of Tesco, and (allegedly) AmEx, seem to confirm the general direction of travel. I think that Jersey and Guernsey are facing the same problem. Perhaps it would focus a few minds in IOMG if Cannan, Allinson etc. suddenly had their credit cards cancelled. The Government seem to shrug their shoulders and play the old 'commercial decision' card, but I think that medium terms implication for the economy, and the Island's credibility are such that they need to be much more proactive and aggressive in finding a solution. Edited October 28, 2022 by Nellie 1 Quote Link to comment Share on other sites More sharing options...
mad_manx Posted October 28, 2022 Share Posted October 28, 2022 (edited) I have an Amex card and it has been fine so far but I'm not sure how long I'll be able to keep it There is another thread about this in general chat . I found a post from someone who was shut down (He had posted in another group I'm in) https://www.headforpoints.com/forums/topic/amex-closed-ba-premium-plus-account-without-notice/ Not sure if this person is on manxforums.. But I wonder if he was shut down for doing something against the T&C of the account After all he himself says in the post that his colleague here has the same card without any issues. Card companies always give a notice period and the only time they do a sudden block is when fraud is suspected or if you go against their T&C by manufacturing spend. ( or if they suspect that you are doing this) There were loads of creative ideas in the past to get amex points / avios For example buying an Amex travellers cheque wasn't treated as a cash advance and you could deposit it in your bank ( for a fee ) . Rinse ..repeat. This loophole was shut down a few years ago but there are always ways around Many people run a lot of business spend through the card and not all of it may be genuine. They usually ignore it to certain point as long as its mixed up with travel / retail etc .. But at some point it will trigger an alert somewhere. Edited October 28, 2022 by mad_manx Quote Link to comment Share on other sites More sharing options...
Happier diner Posted October 28, 2022 Share Posted October 28, 2022 Virgin will give you a credit card if you live on the IOM. Not many others will. Existing card users will be OK. Like MBNA which is Lloyd's connected. But they won't extend your credit limit nor do cash advances. 1 Quote Link to comment Share on other sites More sharing options...
forestboy Posted October 28, 2022 Share Posted October 28, 2022 I have an MBNA credit card. No problems to date. Always pay any balance off monthly by DD It has a high credit limit 2 Quote Link to comment Share on other sites More sharing options...
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