NO CREDIT CARDS FOR IOM RESIDENTS

[manxfisherman]

20 minutes ago, Gladys said:

 

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? 

This can't be the only reason. It would be easy to fix.

[Gladys]

2 minutes ago, manxfisherman said:

This can't be the only reason. It would be easy to fix.

You would think so. 

[John Wright]

1 hour ago, Gladys said:

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? 

 

43 minutes ago, manxfisherman said:

This can't be the only reason. It would be easy to fix.

 

40 minutes ago, Gladys said:

You would think so. 

It’s nothing to do with ease of enforcement.

Its all to do with the ring fencing by UK banks ( and that’s not just the clearers )  of their UK operations, and the structures they adopt to achieve the separation.

Its also all to do with lack of appetite for the perceived regulatory money laundering risk with anything offshore.

[manxfisherman]

18 minutes ago, John Wright said:

 

Its all to do with the ring fencing by UK banks ( and that’s not just the clearers )  of their UK operations, and the structures they adopt to achieve the separation.

 

Can you explain what this actually means to someone young, say 22, and not especially bright but who would likely already have a 3k limit credit card if living in Sheffield?

I'm having a hard time understanding what the problem actually is.

Edited October 29, 2022 by manxfisherman

[Happier diner]

16 minutes ago, John Wright said:

 

 

It’s nothing to do with ease of enforcement.

Its all to do with the ring fencing by UK banks ( and that’s not just the clearers )  of their UK operations, and the structures they adopt to achieve the separation.

Its also all to do with lack of appetite for the perceived regulatory money laundering risk with anything offshore.

I agree with that. It's strange though that the self same banks have offshore businesses but yet have no appetite for providing credit cards. 

I wonder I the apps will be next to go. 

[Gladys]

19 minutes ago, John Wright said:

 

 

It’s nothing to do with ease of enforcement.

Its all to do with the ring fencing by UK banks ( and that’s not just the clearers )  of their UK operations, and the structures they adopt to achieve the separation.

Its also all to do with lack of appetite for the perceived regulatory money laundering risk with anything offshore.

It makes sense that it is something other than enforcement, otherwise no non-IOM company offering credit for its services would have IOM customers.  But I don't understand the ring fencing argument as credit card companies are not necessarily banks.  Credit institutions, yes, deposit-takers, no. 

[HeliX]

MBNA have wanted out for a while I think. They stopped offering 0% Apr promotional periods a few years ago. Virgin still do them though.

[Two-lane]

15 hours ago, hampsterkahn said:

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

Earlier, someone mentioned HSBC Premier World elite Mastercard :

"Purchase rate18.9% p.a. (variable)

Representative59.3% APR (variable)"

If the card is being paid off by the business, I guess the cardholder does not care too much.

[Apple]

Amex stopped adding their bank payment slips to their bills several months ago. There was also some talk sent out to holders to update records, particularly telephone numbers.

The inference in the blurb I got was that if cards were used then as part of their fraud / security system that users could be telephoned at the point of producing their card when paying for services to confirm their identity. Hasn't happened so far but the number of outlets now accepting Amex seems to be dwindling anyway.

[HeliX]

2 hours ago, Apple said:

Amex stopped adding their bank payment slips to their bills several months ago. There was also some talk sent out to holders to update records, particularly telephone numbers.

The inference in the blurb I got was that if cards were used then as part of their fraud / security system that users could be telephoned at the point of producing their card when paying for services to confirm their identity. Hasn't happened so far but the number of outlets now accepting Amex seems to be dwindling anyway.

Was that just part of the SafeKey thing implementation? I've been prompted for that on almost every purchase in the last couple months, not at all prior to that.

[mad_manx]

4 hours ago, Two-lane said:

Earlier, someone mentioned HSBC Premier World elite Mastercard :

"Purchase rate18.9% p.a. (variable)

Representative59.3% APR (variable)"

If the card is being paid off by the business, I guess the cardholder does not care too much.

I had posted about it . You only pay that rate if you don't pay the amount you owe the card company in full every month.. I pay off in full every month anyway as I have direct debits set up with all.my cards.i haven't had to pay anything  in interest for any my cards ever..

 

Edited October 29, 2022 by mad_manx

[Happier diner]

2 hours ago, Apple said:

Amex stopped adding their bank payment slips to their bills several months ago. There was also some talk sent out to holders to update records, particularly telephone numbers.

The inference in the blurb I got was that if cards were used then as part of their fraud / security system that users could be telephoned at the point of producing their card when paying for services to confirm their identity. Hasn't happened so far but the number of outlets now accepting Amex seems to be dwindling anyway.

The number of outlets that take AMEX has been dwindling since time began.

[mad_manx]

2 hours ago, Apple said:

Amex stopped adding their bank payment slips to their bills several months ago. There was also some talk sent out to holders to update records, particularly telephone numbers.

The inference in the blurb I got was that if cards were used then as part of their fraud / security system that users could be telephoned at the point of producing their card when paying for services to confirm their identity. Hasn't happened so far but the number of outlets now accepting Amex seems to be dwindling anyway.

That's a myth .. More outlets accept amex than before..Even a lot of the smaler shops and independent  retailers accept Amex these days..

It's very easy to check using the maps

https://www.americanexpress.com/en-gb/benefits/shopping/places-to-use-my-card/

All the places having the shop small offers have spend £15 get £5 back offers whenever the  shop small offers are on.

 

Edited October 29, 2022 by mad_manx

[Wavey Davey]

8 minutes ago, Happier diner said:

The number of outlets that take AMEX has been dwindling since time began.

The easiest way of seeing if someone you know is living beyond their means or not is generally to see if they own an AMEX card or not. 

[Apple]

9 minutes ago, HeliX said:

Was that just part of the SafeKey thing implementation? I've been prompted for that on almost every purchase in the last couple months, not at all prior to that.

Possibly but I'm not sure as it hasn't happened yet. Will be watching for it though, and if and when other card providers start doing it. Its all about safety though so not really a problem.