NoTailT Posted October 28, 2022 Share Posted October 28, 2022 Reading this I might smash the 130k combined limits on my two Amex and not pay it back! 1 3 Quote Link to comment Share on other sites More sharing options...
Nellie Posted October 28, 2022 Share Posted October 28, 2022 31 minutes ago, snowman said: So the legislators need to legislate. They've been sitting in their hands since March. They claim the island is nimble and a great place to do business. Well how about being nimble now ? One option, might be to make it a condition of holding a Retail Banking Licence in the IOM, that a credible and realistic Credit Card offering must be available to local residents. 1 Quote Link to comment Share on other sites More sharing options...
Numbnuts Posted October 28, 2022 Share Posted October 28, 2022 (edited) 3 minutes ago, Nellie said: One option, might be to make it a condition of holding a Retail Banking Licence in the IOM, that a credible and realistic Credit Card offering must be available to local residents. Yes good idea. But can you see our government pulling any bank to cooperate . They had Barclays over a barrel over the Power station and for sure have so much on IOMB but again havent done anything . Edited October 28, 2022 by Numbnuts 1 Quote Link to comment Share on other sites More sharing options...
NoTailT Posted October 28, 2022 Share Posted October 28, 2022 3 minutes ago, Nellie said: One option, might be to make it a condition of holding a Retail Banking Licence in the IOM, that a credible and realistic Credit Card offering must be available to local residents. Is there any separate licensing regime in the Isle of Man just for a credit card operator let's say? Quote Link to comment Share on other sites More sharing options...
hampsterkahn Posted October 28, 2022 Share Posted October 28, 2022 (edited) “Trust Pilot” alone have 380 pages from furious loyal customers of John Lewis who have either been rejected from having their new card with “New Day” or have had their credit limit drastically reduced - typically quoted as being 10k to a thousand. Amost stereotypically, those rejected are post retirement and proudly claim to have never been arrears, paying everything off each month. One aggrieved customer from Guernsey has found that no new customers for the new card will come from his Island - wonder ..is this the case here? Years ago , large retailers were proud to offer a “ Store Card” which was basically a loyalty card with rewards. It had a certain prestige and it drew customers to return to spend . They evolved into credit and banking. Such cards now are nothing more than a facade of the companies logo behind which companies target the lower end of the credit business -effectively a slightly more sophisticated version of the old “Pay Day” loaners. They don’t want business from folk who pay- off each month, they want the steady income from the eye-watering interest charges that steadily accrue from those who “ can’t quite manage to pay it all off this month”. Edited October 28, 2022 by hampsterkahn 1 Quote Link to comment Share on other sites More sharing options...
snowman Posted October 28, 2022 Share Posted October 28, 2022 (edited) 31 minutes ago, Nellie said: One option, might be to make it a condition of holding a Retail Banking Licence in the IOM, that a credible and realistic Credit Card offering must be available to local residents. Might not work for likes of Tesco, M&S, Amex, New Day, Creation or MBNA cards. They don't have retail banks. Edited October 28, 2022 by snowman Quote Link to comment Share on other sites More sharing options...
alpha-acid Posted October 28, 2022 Share Posted October 28, 2022 2 minutes ago, snowman said: Might not work for likes of Tesco, M&S, Amex, New Day, Creation or MBNA cards. They don't have retail banks. MBNA are part of Lloyds Quote Link to comment Share on other sites More sharing options...
Numbnuts Posted October 28, 2022 Share Posted October 28, 2022 (edited) 9 minutes ago, alpha-acid said: MBNA are part of Lloyds Never heard of MBNA . Shows how far behind I am.. Just googled them . Edited October 28, 2022 by Numbnuts Quote Link to comment Share on other sites More sharing options...
snowman Posted October 28, 2022 Share Posted October 28, 2022 (edited) 25 minutes ago, alpha-acid said: MBNA are part of Lloyds I keep forgetting that. Wasn't always the case Edited October 28, 2022 by snowman Quote Link to comment Share on other sites More sharing options...
asitis Posted October 29, 2022 Share Posted October 29, 2022 What about the six Chinese banks ? won't they be offering credit cards ? 7 Quote Link to comment Share on other sites More sharing options...
WTF Posted October 29, 2022 Share Posted October 29, 2022 7 hours ago, Numbnuts said: Never heard of MBNA . Shows how far behind I am.. Just googled them . me neither , couldn't be arsed googling them , and i still don't give a shit. 1 Quote Link to comment Share on other sites More sharing options...
Nellie Posted October 29, 2022 Share Posted October 29, 2022 8 hours ago, snowman said: Might not work for likes of Tesco, M&S, Amex, New Day, Creation or MBNA cards. They don't have retail banks. Agreed. But if we got back to a situation where Barclays, Lloyds, NatWest etc. offered cards again, it would be a big improvement on what we have right now. We may have to accept the gradual disappearance of AmEx etc. as unavoidable. 1 Quote Link to comment Share on other sites More sharing options...
Happier diner Posted October 29, 2022 Share Posted October 29, 2022 39 minutes ago, WTF said: me neither , couldn't be arsed googling them , and i still don't give a shit. They have been around for many years. I had a card by another name years ago and it morphed to MBNA. I reckon maybe 10 or 12 years ago. Quote Link to comment Share on other sites More sharing options...
snowman Posted October 29, 2022 Share Posted October 29, 2022 1993 was when I got my first MBNA card Quote Link to comment Share on other sites More sharing options...
Gladys Posted October 29, 2022 Share Posted October 29, 2022 10 hours ago, Nellie said: One option, might be to make it a condition of holding a Retail Banking Licence in the IOM, that a credible and realistic Credit Card offering must be available to local residents. The problem is, as I understand it, that most retail banks do not have their own credit card. They may team up with a provider and "badge" it so it would be, say, the IOM Bank Visa card, but not sure how far they could actually provide one if a credit card provider was not willing. Better to look at the reason the credit cards are unwilling to operate here. Is it really because they cannot enforce a debt here? Can there be a legislative carve out that deals with that issue? Quote Link to comment Share on other sites More sharing options...
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