BOI Old Credit Card Problem

mistermagoo34

Hi all,
I've been a student the past 4 years. Unfortunately it wasnt until I made the effort today on the phone to BOI that I found out a new credit card has been in operation the past 2 years offering 13.8%APR instead of what I have been paying 22.8%. I only asked because I'm so frustrated with spending nothing on it and sliding further and further into debt each month with usual min payments due of €130 a month even though theres been no spending.
My query is, and I'm only asking because I'm completely skint in my 30's and up to my ears in debt (I know, like everyone else)...but is there anything I can do the fact Ive been a full time student and paying these ridiculous rates for 2 years when clearly they should have some sort of system which automatically transfers people to the lower rate and cards. The card I'm on is completely redundant, who in their right mind would keep paying more money to the bank on higher interest, its a complete exploitation of consumer ignorance. Can I do anything or are the banks a little bit like the priests 10 years ago, they know theyve done wrong and are wriggling out of justice due to popular fear and ignorance.

BuffyBot

It's not really in the banks interest, nor is it realistically possible for them to monitor such things for each customer. That is something you must do for yourself.

It is akin to buying a Ford Focus from a garage and then slamming them for not letting you know that you could have bought a Fiesta.

Your best bet is to see will they transfer you on to the product with a better rate.

mistermagoo34

I have to say I don't see it that way at all Buffybot. They wouldn't be looking at each individual case, it would be a mass transfer. Why would they have to look at each case?
How can it be compared to buying a car and then wanting a different one? After I've left the garage with the Ford Focus I'm no longer using the garage in any way?

roro2

Should they automatically transfer every deposit account once a new product with a better rate is launched?

chris85

Thats ridiculus OP. Credit cards are not just about interest rate. BOI at present as different credit cards on offer with varying interest rates. The different credit card products come with different benefits. There is an internet only clear card with one of the lowest rates around, other cards with benefits of purchase protection and higher limits as well as travel insurance.

Be a consumer and make yourself aware of the interest charges and the alternatives if you want them.

BuffyBot

As said, all cards are not equal. A card with a higher rate may have products and features that one with a lower rate may not. They can't just mass migrate people to different products.

It is up to the individual to keep an eye on the market and select the correct product for themselves at a particular moment in time.

mistermagoo34

Yes that was what I thought initially, before ringing BOI earlier.
Then I asked the lady what the difference was between the new credit cards 'clear' and 'classic', she said the rate was slightly different. I said what was the reason for that. She said its because its online. I said do you mean theres access to online banking on only one of them? She said 'No its only available to apply for online'. I said okay so people are charged more because they cant use the internet? She laughed. I then said 'No really, whats the reason for the interest rate being different?' She said 'Because its online'.
It didnt finish there. I asked her if the interest rates were likely to change anytime soon on these cards. She said 'No'. I asked again. She said 'No.'
I then informed her I had been told the 'Clear' product was being changed to a higher interest rate in a months time. She then said 'yes it is' and spewed a load of sales crap. I asked why could you have told me this and she replied that they had sent out lots of leaflets etc. I said 'No I mean just now, why couldnt you have told me the truth?' She again laughed and didnt answer the question.
Now seriously, with this sort of messing going on everytime I contact BOI about something, how in the hell am I supposed to have a handle on whats going on :eek:
I also asked a different lady earlier what the benefits were to staying on the card Im on and paying the higher rate. She said 'There isnt one'. So please, dont tell me the bank are innocent. I understand as a consumer I should look for the best product, but its not a product you buy off the shelf and be done with is it, its an ongoing parasite living in your wallet:pac:

chris85

mistermagoo34 wrote: »

Yes that was what I thought initially, before ringing BOI earlier.
Then I asked the lady what the difference was between the new credit cards 'clear' and 'classic', she said the rate was slightly different. I said what was the reason for that. She said its because its online. I said do you mean theres access to online banking on only one of them? She said 'No its only available to apply for online'. I said okay so people are charged more because they cant use the internet? She laughed. I then said 'No really, whats the reason for the interest rate being different?' She said 'Because its online'.
It didnt finish there. I asked her if the interest rates were likely to change anytime soon on these cards. She said 'No'. I asked again. She said 'No.'
I then informed her I had been told the 'Clear' product was being changed to a higher interest rate in a months time. She then said 'yes it is' and spewed a load of sales crap. I asked why could you have told me this and she replied that they had sent out lots of leaflets etc. I said 'No I mean just now, why couldnt you have told me the truth?' She again laughed and didnt answer the question.
Now seriously, with this sort of messing going on everytime I contact BOI about something, how in the hell am I supposed to have a handle on whats going on :eek:
I also asked a different lady earlier what the benefits were to staying on the card Im on and paying the higher rate. She said 'There isnt one'. So please, dont tell me the bank are innocent. I understand as a consumer I should look for the best product, but its not a product you buy off the shelf and be done with is it, its an ongoing parasite living in your wallet:pac:

There isnt a benefit really of the card you are on due to the higher rate. Maybe apply for the clear CC and then close the current one. You may get refused for the clear CC. Maybe do something about it then just messing about with some lady on the phone. You have options if you want, or you can moan here and have nothing change.

mistermagoo34

Hi Chris thanks for that informative and insightful contribution to the thread. Of course I've changed CC. If you re-read my original post, I wasn't moaning or doing any such 'messing'. I have a clear point which I have made. A satisfactory response has not been given, though there is certainly some very twisted logic going on. I can't understand why the banks are given so much respect. Anyway, good 'ol Irish mentality, don't think it will ever change, as David McWilliams has recently exclaimed on The Late Late Show. Grow some balls people of Ireland. Slan:p

BuffyBot

No, you didn't get the answer you wanted. That's a different thing altogether.

mistermagoo34

I'm really sorry for kicking up a fuss guys. I won't ever put a foot out of line again. I'll pay every demand that's put in front of me, no, in fact I'll go on my knees, no I won't because then they'll think I'm weak, so I'll stand and wear my best suit, and sing the anthem with pride. Again really sorry guys please accept my humblest apologies for getting stuck in your cog.

chris85

mistermagoo34 wrote: »

I'm really sorry for kicking up a fuss guys. I won't ever put a foot out of line again. I'll pay every demand that's put in front of me, no, in fact I'll go on my knees, no I won't because then they'll think I'm weak, so I'll stand and wear my best suit, and sing the anthem with pride. Again really sorry guys please accept my humblest apologies for getting stuck in your cog.

Couldnt care less if you pay. That isnt the argument. Your argument that all customers should be migrated to a lower rate card is not a good argument. Different cards, different products, different benefits, different rates.

BuffyBot

mistermagoo34 wrote: »

Grow some balls people of Ireland. Slan:p

..and on that note, end scene.