NoChex

  jack 15:53 27 Mar 07
Locked

An item on the BBC2 Business Lunch program today intrigued me.[click here lunch]
It seems a punter made an online purchase recently, and when he got his credit card statement- the transaction had been classed as a cash advance and an interest charge applied.
It seems that now E-tailers and Retailers can sign up to this and the percentage charge made by the credit card co., for providing the service to them can be switched to a purchaser charge.
This apparently has been happening without any prior warning or small print on the onscreen shopping basket.
So beware if you see click here symbol-on screen anywhere- your next statement could be a bit heavier that usual.

  johndrew 16:44 27 Mar 07

Thanks jack & fourm member. Looks as if some retailers are trying to get rid of customers. I certainly wont use any advertiser using this system, especially as it negates the £100+ guarantee of a credit card.

Be interesting to see how this sits legally as well. If you are using a credit card in this situation then I fail to see how the transaction can be classed as a `cash` advance.

  laurie53 20:28 27 Mar 07

Thanks for that. Every time you drop your guard a new rip off appears!

Laurie

  Spark6 21:06 27 Mar 07

I watched the programme at lunchtime and to be perfectly honest it did not surprise me. With all the credit card scams that are going on at present, together with the 'free' insurance on purchases over £100, it was only a matter of time before the financial institutions try to claw back some of their losses/expenses.

  anchor 11:47 28 Mar 07

Some companies have been adding a charge if you pay by credit card. However, in most cases you are informed of this.

If I recall, there was a change in law some time ago that permitted this.

  jack 11:54 28 Mar 07

Anchor some firm do add a surcharge for CC payment to recover their- Payment- this has been the case for a long time- the final transaction to you is still a credit- card charge- with the normal interest free days and other terms.
The Nochex way puts a cash withdrawal transaction to your account so that your account is debited interest from day one.
So even if you clear your account monthly[no interest] this charge will be included.
Much like an AmEx card I guess.

  anchor 15:06 28 Mar 07

jack: I see what you mean; its like a cash advance.

If I see Nochex, I will avoid it like the plague.

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