Not really another rant, just something which has
cropped up which seems daft enough to warrant a Donkey Award. I’ll keep it
short and to the point. I shall avoid mentioning the fact that the explosion of
unsecured, unrepayable personal debt which caused so much damage to Western
economies leading up to 2008 (and which hurt everyone, not just those who had those debts) was largely promoted by the credit card companies,
who somehow seem to have escaped the public outrage and recrimination which has hit the banks (for example). I am all in favour of public outrage,
and I have never understood how they were missed, though of course I am not
going to mention it.
Some years ago I was one of a number of
people who were scammed by having credit card details cloned by a tweaked card-reading
device. I now know exactly where and when it happened. The perpetrators were, I
understand, a Sri Lankan revolutionary organization who had managed to gain a
presence in the franchise for Shell petrol stations in the UK. However it was
done, I suddenly found that I had purchased a surprising number of one-way
flights to Singapore, as a customer of Dragon Airlines. My credit card company’s
fraud people were very good, and my loss was refunded and my card was changed,
all very quickly. I was lucky. Since then, of course, chip and PIN technology
has become much more sophisticated, and we like to think that electronic
shopping is more secure than it was, but one lasting result of the Dragon
Airlines episode is that I maintain a small Mastercard account alongside my
main Visa one, and this Mastercard is intended just for transactions on the
Internet, or via the telephone to merchants I do not know. It specifically has
a small credit limit, to minimise the damage if there is a security failure.
Did any passengers buy their own tickets…? |
This was identified as a good idea in
post-Dragon discussions with the card suppliers themselves. It is disappointing,
therefore, that they keep writing to me to tell me that they are going to do me
the big favour of increasing this small security limit. Presumably I am not
getting into enough debt.
This week I got such a letter, telling me
that my credit limit on the Mastercard will be automatically increased from
£500 to £2000 at the end of July. It also tells me, of course, how I may go
about telling them not to do this, but this is now the fifth time we have gone
through this rigmarole, and I don’t appreciate it.
I phoned the supplied 0800 number this
morning, and spoke to a very nice, helpful chap in India. After we had
discussed my wish to keep the headroom on the Mastercard low, and the reasons
for this, he cancelled the increase, and (for the fifth time now) assured me that
my account is now coded so that I will not get automatic increases in the
future. We’ll see, but that's OK so far. He also explained that it might take up to 8 weeks for these
changes to take effect on the system, which, of course would take us well past the
end of July.
BONG!! This is the 12-month waiting-list
for the pre-natal clinic all over again. I believe we have managed to sort it out, and it’s
not my Indian friend’s fault anyway, but you can bet that I will be checking my
Mastercard account online around the end of July.
Be very afraid - you have not yet seen hacks & viruses |
Before we ended our conversation, I was
asked would I like to obtain the new smartphone app to enable instant
Mastercard shopping (so that I will not be a source of embarrassment to my
friends by not having it).
No – I don’t want it. Thanks. If they have
a long think about it, they might just come up with some reasons why. Too much enthusiasm, not enough common sense.
I can understand your position on the usage of credit and credit cards. You make a very good pitch for throwing the CC companies into the same kettle as banks although most CCs are bank owned. My position is that NO ONE SHOULD use a credit card unless any outstanding balance can be paid off each month to avoid carrying charges.
ReplyDeleteThat said, the Barclay card you highlight is an excellent CC. By spending a specified amount within a specified time, the holder can receive a lot of rewards points that are easily redeemable.
A case in point, my wife and I EACH were able to lop off $500 from the price of our recent airfare to Italy by using such mechanism. It is a good card if you can afford it!