NO CREDIT CARDS FOR IOM RESIDENTS

[Major Rushen]

Getting back to the problem. If you live on the IOM can you get a new credit card? 

[Bombay Bad Boy]

On 10/29/2022 at 7:42 PM, mad_manx said:

Banks are not set up for charity and are in business to make money 

When base rates were low they were only  paying savers a tiny amount like 0.1% or so and getting  over 2% for mortgages .  So that's over 2% profit 

Now with current base rates and mortgage rates over 6% they are  giving just over 1% to savers ..so that's nearly 5% profit .

I don't see why the government doesn't do anything  about this..

British politeness, and inertia, i.e. reluctance to shop around and transfer accounts (I've had my account at this branch for 20 years, they know me etc.) is how they stay in business.

[Len Trench]

On 10/31/2022 at 4:03 PM, Major Rushen said:

Getting back to the problem. If you live on the IOM can you get a new credit card? 

FWIW popped into HSBC yesterday in Douglas, first time, and asked if I could obtain one of their credit cards without banking with them - answer was yes and the chap said same applies to Channel Is.

[woolley]

On 10/28/2022 at 6:36 PM, 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 thrust of AMEX marketing to merchants: Our cardholders are discerning individuals of high to medium net worth who spend freely and will bring considerable added value to your business and your bottom line.

The reality: Their cardholders are frequently rather unpleasant, cheeseparing individuals with an inflated opinion of themselves who are using the card for their everyday living expenses to take advantage of the 1% (or whatever) kickback which is amply funded by the extortionate merchant fees.

We did run with it for a while. Instructions to staff when asked if we accepted AMEX was to reply not if we can help it.

[Declan]

Cheeseparing! 

[crash]

6 hours ago, Len Trench said:

FWIW popped into HSBC yesterday in Douglas, first time, and asked if I could obtain one of their credit cards without banking with them - answer was yes and the chap said same applies to Channel Is.

Yeah I got one a month or so back. Based on what was said it was the first issued here , I was a bit of a guinea pig and it took quite a bit of sorting out especially as I don't bank with them .

As for Amex , I hope they don't close my account as I've got a good limit and decent Apr . Although I can't see them closing it while I owe about £12k .. hehe 

[Boris Johnson]

2 hours ago, woolley said:

The thrust of AMEX marketing to merchants: Our cardholders are discerning individuals of high to medium net worth who spend freely and will bring considerable added value to your business and your bottom line.

The reality: Their cardholders are frequently rather unpleasant, cheeseparing individuals with an inflated opinion of themselves who are using the card for their everyday living expenses to take advantage of the 1% (or whatever) kickback which is amply funded by the extortionate merchant fees.

We did run with it for a while. Instructions to staff when asked if we accepted AMEX was to reply not if we can help it.

Wooley, it's not a 1 % kickback to the cardholder (I think that is the charge to the retailer, maybe more?) its 0.1% kickback to the cardholder. 

And it only kicks in after spending more than £10k on your card in a year. So whoop de do, spend £10K and get a kickback of £100.00 -  it is really is not worth it.

The reason I have AMEX is for their concierge services, you can call them up and ask them to sort out all sorts of travel and other problems and they do, very well, it's like having a really good PA for free.

 

 

 

 

[woolley]

16 minutes ago, Boris Johnson said:

Wooley, it's not a 1 % kickback to the cardholder (I think that is the charge to the retailer, maybe more?) its 0.1% kickback to the cardholder. 

And it only kicks in after spending more than £10k on your card in a year. So whoop de do, spend £10K and get a kickback of £100.00 -  it is really is not worth it.

The reason I have AMEX is for their concierge services, you can call them up and ask them to sort out all sorts of travel and other problems and they do, very well, it's like having a really good PA for free.

 

 

 

 

I bow to your more recent knowledge, BoJo. It USED to be around 1%, but they were gouging the merchants for anything up to 4% commission so they were being generous with other people's money.

Anyway, it's a long time since we had anything to do with them. I put it down to the impetuosity of youth back in the buccaneering days when we were prepared to give anything a go. They've obviously moderated their demands in recent years, as have all card networks to be fair. If it works for you that's great.

 

ETA: Just had a delve. So this is out of date then? https://www.americanexpress.com/uk/credit-cards/platinum-cashback-credit-card/?linknav=UK-Acq-CreditCards-CardTypes-CashBackCards-PlatinumCashback-LearnMore

Edited November 2, 2022 by woolley

[mad_manx]

21 minutes ago, woolley said:

I bow to your more recent knowledge, BoJo. It USED to be around 1%, but they were gouging the merchants for anything up to 4% commission so they were being generous with other people's money.

Anyway, it's a long time since we had anything to do with them. I put it down to the impetuosity of youth back in the buccaneering days when we were prepared to give anything a go. They've obviously moderated their demands in recent years, as have all card networks to be fair. If it works for you that's great.

 

ETA: Just had a delve. So this is out of date then? https://www.americanexpress.com/uk/credit-cards/platinum-cashback-credit-card/?linknav=UK-Acq-CreditCards-CardTypes-CashBackCards-PlatinumCashback-LearnMore

There are many types of Amex cards. Mine doesn't give any cashback but gives Amex MR points which can be used for hotel stays / airline tickets etc by swapping to the points of the relevant company 

 

For example  the Amex MR can be transfered into hilton points and used to book hotels at hilton and there are multiple options to do something like this ( airline miles / amazon vouchers / currys pc World  etc )

You can use it directly on Amex itself against your credit card balance ..But that would be like using  a  £5   tesco clubcard coupon against shopping at  tesco itself ( poor value for money )..Much better to use the Tesco coupons somewhere else ans get a boost .

The Amex platinum for example gives lounge access for 4 of us at a lot of lounges and gives mid level status at many hotel chains.. One example is the Hilton Gold which you get with it..This gives free Breakfast and possible room upgrades each time we stay. 

On top of that there is plenty of free stuff and offers  on Amex  .. For example right now I have a £150 dining credit valid for the next few months ( spend over £150 and get upto £150 back ) one for the UK and one for overseas.  Also have a £50 voucher for Harvey Nichols which can be used every 6 months ( spend over 50 and get 50 back ) .

Also plenty of airline offers and hotel offers which give as much as 20 to 25 % back on spend ..

For example Hilton spend over £200 and get £50 back  . This need not be on one stay ( I tend to go for the cheaper hotels ) but just have to be accumulated spend over the promo period.

The Amex platinum is not for everyone ..If you travel several times a year and make use of the offers  it can save / give you several thousands in value . ( more than covers the annual £575 fee )..

But then again many of the offers only work in the UK ..So not worth it if you don't travel much..

Edited November 2, 2022 by mad_manx

[woolley]

Hang on. 1% of £10k IS £100.     😀

[quilp]

John Lewis reconsidering its package...

Now tens of thousands are turned down for a John Lewis credit card https://www.thisismoney.co.uk/money/cardsloans/article-11378137/Now-tens-thousands-turned-John-Lewis-credit-card.html?ito=native_share_article-nativemenubutton

 

[Apple]

4 hours ago, woolley said:

The thrust of AMEX marketing to merchants: Our cardholders are discerning individuals of high to medium net worth who spend freely and will bring considerable added value to your business and your bottom line.

The reality: Their cardholders are frequently rather unpleasant, cheeseparing individuals with an inflated opinion of themselves who are using the card for their everyday living expenses to take advantage of the 1% (or whatever) kickback which is amply funded by the extortionate merchant fees.

We did run with it for a while. Instructions to staff when asked if we accepted AMEX was to reply not if we can help it.

I get that but it isn't compulsory to sign up for a card. I 've used one for 10 years or more but I'm not unpleasant or narcissistic I don't think.

However, advice from my late father in law was that comparisons are odious.

[Nellie]

44 minutes ago, quilp said:

John Lewis reconsidering its package...

Now tens of thousands are turned down for a John Lewis credit card https://www.thisismoney.co.uk/money/cardsloans/article-11378137/Now-tens-thousands-turned-John-Lewis-credit-card.html?ito=native_share_article-nativemenubutton

 

Not sure how this has any relevance to the issue of IOM residents being unable to get credit cards from banks who are trading in the IOM!

[Annoymouse]

14 hours ago, Nellie said:

Not sure how this has any relevance to the issue of IOM residents being unable to get credit cards from banks who are trading in the IOM!

Because up until recently we could get a John Lewis card and if it reverts back to HSBC when may be able to again.

[John Wright]

16 hours ago, quilp said:

John Lewis reconsidering its package...

Now tens of thousands are turned down for a John Lewis credit card https://www.thisismoney.co.uk/money/cardsloans/article-11378137/Now-tens-thousands-turned-John-Lewis-credit-card.html?ito=native_share_article-nativemenubutton

 

Yes, but it’s not changing it’s provider. It’s unlikely that a new provider, in these provider swap situations will ever be open to IoM & CI applicants.