From: "Tumbleweed" 
Newsgroups: uk.finance
Subject: Re: Credit Cards (Barclaycard alternatives)
Date: Wed, 28 Apr 2004 15:56:31 +0100


"Peter Crosland"  wrote in message
news:c6obtc$eefgv$1@ID-207161.news.uni-berlin.de...
> Yes! Oh you want me to tell you what it is as well? OK. A number of
> financial instutuions such as the banks issue Gold or Platinum cards to
> their wealthier customers. These often incur an annual charge and the
banks
> are competing with American Express and Diner's Club who are the largest
> chargecard issuers. If you take a look ar the terms and conditions on the
> application form for one of these chargecards you may well find that you
are
> required to pay the full balance off each month. That is the crucial thing
> from a leagl point of view. They don't have any normal provision for the
> credit to be extended beyond the normal payment date. This means that when
> you purchase goods with one of these the card issuer is not regarded, for
> the terms of the consumer credit legislation, as providing you with
extended
> credit. This means that, unlike the normal credit card that the majority
of
> people have, there is no legal protection if, for example, the supplier
> charges your card and then goes bust. A brief note about this appears here
>
> http://makeashorterlink.com/?S1AB22628
>


Or in other words, chargecards arent credit cards?

-- 
Tumbleweed

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