Happier diner Posted October 28, 2022 Share Posted October 28, 2022 Just now, forestboy said: I have an MBNA credit card. No problems to date. Always pay any balance off monthly by DD It has a high credit limit Yep. They seem to be honoring your existing agreement but they won't extend it. Quote Link to comment Share on other sites More sharing options...
Nellie Posted October 28, 2022 Share Posted October 28, 2022 1 minute ago, Happier diner said: 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. Virgin declined my request recently, due to IOM postcode, and I know others in the same situation. I agree that existing users should be OK FTB, but there's no guarantee that will last. Quote Link to comment Share on other sites More sharing options...
mad_manx Posted October 28, 2022 Share Posted October 28, 2022 (edited) 1 minute ago, forestboy said: I have an MBNA credit card. No problems to date. Always pay any balance off monthly by DD It has a high credit limit Mbna is very good. One of the few cards that allowed me to top up my revolut account without triggering a cash fee 😉 Not sure if this still works though. So do a test first.. Edited October 28, 2022 by mad_manx Quote Link to comment Share on other sites More sharing options...
forestboy Posted October 28, 2022 Share Posted October 28, 2022 1 minute ago, Happier diner said: Yep. They seem to be honoring your existing agreement but they won't extend it. Wouldn’t want it extended. Quote Link to comment Share on other sites More sharing options...
mad_manx Posted October 28, 2022 Share Posted October 28, 2022 3 minutes ago, Nellie said: Virgin declined my request recently, due to IOM postcode, and I know others in the same situation. I agree that existing users should be OK FTB, but there's no guarantee that will last. Yes...thats true.. can get a notice any day . Quote Link to comment Share on other sites More sharing options...
Boris Johnson Posted October 28, 2022 Author Share Posted October 28, 2022 (edited) 25 minutes ago, Nellie said: 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. THIS Said much better than I could. This is serious sh1t Edited October 28, 2022 by Boris Johnson 3 Quote Link to comment Share on other sites More sharing options...
Banker Posted October 28, 2022 Share Posted October 28, 2022 43 minutes ago, Cascarino said: Barclays don't offer credit cards. Natwest Group are pulling them from island residents. There will not be many options left. NatWest aren’t pulling them from IOM residents, I’ve got 2 from them & I know many others that have them & no one has mentioned having their card withdrawn 1 1 Quote Link to comment Share on other sites More sharing options...
Boris Johnson Posted October 28, 2022 Author Share Posted October 28, 2022 If as has been posted in another thread some local political members are having issues. It will very rapidly come to their attention that being suddenly single with a house that may be lost in a law court then they will find it very hard to get a similar credit card or credit rating. We may get some action on this point then. I know from personal experience, one minute you are IOM Bank/ Amex Gold/ Black customer, next thing you know, you can't get a loan for a second hand car, with no change in your earnings, just a change in your marital status. 1 Quote Link to comment Share on other sites More sharing options...
wrighty Posted October 28, 2022 Share Posted October 28, 2022 I have M&S and MBNA credit cards - had them both for years with no recent issues. Except, I did ask for a credit limit increase with M&S, which they turned down without a reason. I always clear the balance each month and use it more like a charge card than a credit card. Perhaps they'd prefer it if I kept a balance and had to pay them interest. 2 Quote Link to comment Share on other sites More sharing options...
Nellie Posted October 28, 2022 Share Posted October 28, 2022 12 minutes ago, wrighty said: I have M&S and MBNA credit cards - had them both for years with no recent issues. Except, I did ask for a credit limit increase with M&S, which they turned down without a reason. I always clear the balance each month and use it more like a charge card than a credit card. Perhaps they'd prefer it if I kept a balance and had to pay them interest. I think that many of us on here will be in that situation, and we are ticking along comfortably with what we have. But if one of those is withdrawn, and I agree there is no immediate 'threat' from those providers, getting a replacement will be a challenge. And, if your kids want to establish a credit card account, it'll be HSBC, or nothing. 1 Quote Link to comment Share on other sites More sharing options...
Len Trench Posted October 28, 2022 Share Posted October 28, 2022 Same with me Wrighty, but M&S sent me a letter inviting me to reapply in 6 months time, which is my intention. Quote Link to comment Share on other sites More sharing options...
snowman Posted October 28, 2022 Share Posted October 28, 2022 It's not as simple as saying credit is bad. In fact well managed credit is a good thing. Helps with mortgages or car finance etc. People get credit cards for a variety of reasons... Short term interest free periods, points accrual, included insurance (travel, car hire, etc), airport lounge access, etc. Furthermore where will this end? Will Very stop giving IOM residents 12 weeks interest free? Will other large retails stop interest free offers (eg B&Q or Currys - don't know if they do or not), Holidays where you pay a deposit and pay the balance at a later date. This is a very slippery slope 1 Quote Link to comment Share on other sites More sharing options...
snowman Posted October 28, 2022 Share Posted October 28, 2022 The basic HSBC product is garbage. And not many can get the premier credit cards. Both of which are worse than Amex Quote Link to comment Share on other sites More sharing options...
Nellie Posted October 28, 2022 Share Posted October 28, 2022 7 minutes ago, snowman said: The basic HSBC product is garbage. And not many can get the premier credit cards. Both of which are worse than Amex It's not 'garbage'. It is exactly what it says on the tin; a basic credit card product. I agree, there are no freebies or benefits. I regard it as a bit of insurance if my other cards ever get withdrawn. Quote Link to comment Share on other sites More sharing options...
mad_manx Posted October 28, 2022 Share Posted October 28, 2022 7 minutes ago, snowman said: It's not as simple as saying credit is bad. In fact well managed credit is a good thing. Helps with mortgages or car finance etc. People get credit cards for a variety of reasons... Short term interest free periods, points accrual, included insurance (travel, car hire, etc), airport lounge access, etc. Furthermore where will this end? Will Very stop giving IOM residents 12 weeks interest free? Will other large retails stop interest free offers (eg B&Q or Currys - don't know if they do or not), Holidays where you pay a deposit and pay the balance at a later date. This is a very slippery slope Credit cards are essential for some purposes. Most car rental companies insist on a credit card ..And some hotel chains also insist on a credit card ( which can be pre authorised ) Can work around this by setting up an account with curve ( need a UK phone number ) and linking your debit card to the curve account The curve card that they give you is treated like a credit card by these companies and charges your linked debit card .. PS: I got mine a year ago and not sure if they still issue to IOM. Quote Link to comment Share on other sites More sharing options...
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