Do not touch with a barge pole. (Marbles)

Member Name: mickeyhunt

Product:	Marbles
Date:	10/08/09 (32 review reads)
Rating:

Advantages: None whatsoever

Disadvantages: Everything but espciallty the 32 % interest rate

This card is a real no no. My husband has had this card for about 5 years and when it started out it was part of the HSBC group. It started on a 9 months interest free period and then after 9 months went to 9% apr. We were quite happy with this as we did not really run the card up high. By end of 2007 the rate was 14% which was still very competetive.

In the middle of 2008 this card was sold lock stock and barrel to the Sav group who immediately put the interest up to 20%. We did not realise as there was no notification to inform us of this and I did not pay close enought attention to the statement, other than to verify that our payments were reaching them and that only what we purchased went on. Unfortunately we started to use this card a lot more heavily in the latter part of 2008.

In late feb 2009 we recieved a cold call from a company wanting to offer us a loan to clear our Marbles. I told them I was not interested and they said did I realise that Marbles were charging us 27% for our credit card. I told them not to be so stupid and that we are on a decent rate and put the phone down. It made me think so this was when I checked the card and was horrified at what we were actually being charged. I went back through the last year or so and discovered the leap from 14 to 20 and then the leap a few months later to 27 % for goods and 30 % for cash. I made a complaint to Marbles only to find that although the Sav Group owned the card the admin was dealt with by HBOS. This really muddied the waters as I could not even talk to people who could do anything about it. I got a standard letter basically saying tough the cost has gone up you will have to pay it. Then a few weeks later they put the cost up to over 32%. This is a horrendous cost in view of the bank rate on 0.5 %. It is legalised robbery and I would reccomend that anyone who has this credit card move to another lender without delay if they can.

We have had to default on this card and make and arrangement to pay a redced amount so that the interest is stopped. It means that our credit rating will be damaged, but hey we did spend on a credit card so this is our fault. What I am angry about is how much higher that bill is through the ruthless greed of these companies.

My new resolution is to clear my credit card debt and never build it up again. I never want to be caught by another morally bankrupt financial institution again. I just hope that someone reads this and moves their debt to a cheaper option and does not have the hassel we have had.

Summary: This card is poisonous and seriously bad for your health