THE FACTS:
Monument Visa Card offer 5 different rates of card. All have 0% interest rates on purchases or balance transfers until 1st. March, 2005. The main differences are the interest rates thereafter.
PLATINUM: 16.9%APR
PREMIUM A: 16.9%APR
PREMIUM B: 26.9% APR
PREMIUM ... Read review
Advantages: 0% interest until March,2005 Disadvantages: Interest Rates could be high thereafter depending on card type
...Monument Visa Card offer 5 different rates of card. All have 0% interest rates on purchases or balance transfers until 1st. March, 2005. The main differences are the interest rates thereafter.
The minimum payment is 3% of the balance or £10 whichever is the greater, except for the platinum ... ...
Monument offer all the usual credit card features:
Cash Advances, Cheques (if requested),
Ready Response Automated Account Information and a Payment Break Plan.
The Payment Break Plan is optional. You will qualify to enrol in this plan if you are a U.K. resident who is either employed, self-employed, retired or permanently disabled.
Monument appear to like customers to pay by Direct Debit.
In my experience, ... more
THE FACTS: Monument Visa Card offer 5 different rates of card. All have 0% interest rates on purchases or balance transfers until 1st. March, 2005. The main differences are the interest rates thereafter.
The minimum payment is 3% of the balance or £10 whichever is the greater, except for the platinum card which is 2% of the balance or £5.
Monument offer all the usual credit card features: Cash Advances, Cheques (if requested), Ready Response Automated Account Information and a Payment Break Plan. The Payment Break Plan is optional. You will qualify to enrol in this plan if you are a U.K. resident who is either employed, self-employed, retired or permanently disabled. Monument appear to like customers to pay by Direct Debit. In my experience, however, they are rather elusive when looking for them, or any reference to them, on the internet. Don't worry though, as if you look at the miniscule small print on any of their literature, you will see that 'Monument is a trading name of Barclays Bank PLC.'
THE REALITY: The first time I heard of Monument was when the usual pile of junk mail landed on the carpet. Why I paid any attention to their invitation for another credit card I am not sure, but it may have had something to do with the offer of 0% interest until March, 2005 and the fact that we were moving house in the near future. The thought of breaking into our savings to pay for new carpets, etc. versus a 0% credit card which we could easily repay by March, was probably the clinching factor. In due course I received a lovely sparkly, silver card. Very smart looking card! There was no stopping me. I maxed out the card on carpets and other items for the new house.
The first statement arrived in June. Big shock! I had incurred an overlimit fee of £24. How had this happened? On closer inspection, I noticed an entry for Payment Break Plan for £5.90, which put me over my credit limit by 93p. When I filled in the very short, simple application I did not put a tick in the relevant box for this plan. I know this because I did not fit the criteria, as stated above. I neither needed, wanted or asked for this plan. I phoned Monument, or, correction, I tried to. In fact, I tried at least three times a day for about a week, holding on the phone for about an hour each time. My phone bill will be more than the overlimit fee just for the calls to Monument, but there was a principle at stake here! Eventually, I succeeded in getting through and was reassured that the PBP would be cancelled, refunded and my next statement would reflect all this. Sorted!
July came, and with it my second statement. I perused it for the expected refund of PBP - no refund. Well at least my balance was well under the limit this month! But,no! what's this? Over Limit Fee - £24 I could not believe it! By this time I was frothing from the mouth! Straight on the phone - to no avail. I tried and tried and tried, hanging on for lengthy periods of time, tearing my hair out, gnashing my teeth! Finally, I got an answer and duly queried the overlimit fee. The reply? "Well sometimes they charge the overlimit fee twice if you are a new customer." "What?" I screamed like a banshee down the phone, "My account is not overlimit this month and it was only overlimit last month because you charged me for a service I neither needed, wanted and above all didn't qualify for!" Reply: "You must have ticked the box." Me: "I did not tick the box. Anyway it has been cancelled and you cannot charge me an overlimit fee when I am not overlimit." Reply: " Let me have a look. .................Oh no, you're not overlimit. I'll take the fee back off for you." Me; "Thank you very much." Reply: "Would you like to set up a direct debit while you're on the phone.?" (Methinks: "No! I bloody don't, because who knows how much you might feel like taking out!") Me: "No, not at the moment, thanks."
I am awaiting this months statement with bated breath!
SUMMING UP: A good 0% credit card if you're planning to pay back the balance before March, unless you are given the Platinum or PremiumA card,which do have more competitive rates of interest. Don't let my experience put you off, especially if you do want the Payment Break Plan and don't intend to max out as much as I did. If you do have to speak to a 'personal banker' (as they are called) be prepared for a very long wait on the phone, or write to them. I would be cautious about setting up a direct debit until you feel confident that you are not having any problems with them.
Update: I have phoned the Automated Ready Response Line for an update on my account and according to that they have taken off the overlimit fee and PBP. So, to be fair to Monument, they have sorted it out, but there again, it shouldn't really have happened in the first place!
Advantages: Accept people with poor credit rates, card accepted in lots of places Disadvantages: Hugh credit limit increases, poor customer service
I first chose Monument as a credit card supplier as my husband had bad debt and as we are "financially linked" this rubbed off on my score too, and Monument were the cheapest that I could find to accept me.
I started off with about a £500.00 limit, and within a year this had been raised to £3,000.00 - no questions, no "do you want a limit increase?", no "can you afford a limit increase?" (Beware - don't spend just because you have the limit!!)
... ...I have been a Monument customer for in excess of two years now, and having spoken to another card company requesting, successfully, that they reduce my interest rate on the card I decided to do the same thing with my Monument card which I believe is currently in excess of 32% APR but they were unable to even tell me that.
I first telephoned them about 4 weeks ago, and was told point blank that they are not allowed, under the consumer credit act, ...
claireydeacon 12.04.2006
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Ciao members have rated this review on average: helpful Review of Monument Visa Credit Card
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Quick review of Monument Visa Credit Card
although i have used this card quite often it hasn't always been a very good experience. I have had my credit limit increased without warning and in the other direction i have had my credit limit reduced without warning and only discovered the fact whilst trying to use my card, I would only recommend having this card if you are wanting a card with a low limit to improve your credit rating ...
exiledgeordie432 25.07.2007 (20.07.2007)
Ciao members have rated this review on average: helpful Review of Monument Visa Credit Card
Advantages: 0% balance transfer for 12 months Disadvantages: Cannot make more than 5 transactions in one day
...will soon be cancelling my Monument credit card which I have had for just over 12 months now. Initially I got it for the 12 months interest free as I had a balance I did not want to pay off on another card. I have since cleared that balance and started to use the card in my everyday spending.
I have a credit limit of £8400 and no balance on the card. Whilst out shopping a few days ago I needed to go to several shops as it was my wife's birthday ... ...purchase was at a local shop at which point my card was declined whilst I was paying for my goods.
Upon contacting Monument, I was informed that they have a limit of 5 transactions per day after which point the card will automatically be declined. They told me this was a security measure which they chose not to advertise to their customers.
I explained to them that I was due to pick up my car from being serviced later that day and I wanted to use ...
chrisb3141592 23.02.2007
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Ciao members have rated this review on average: helpful Review of Monument Visa Credit Card
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Quick review of Monument Visa Credit Card
My monument card had over £2000 credit limit. When I paid off the balance I expected a replacement card when the present card reached its expiry date.Weeks after I should have got the new one I explained this over the phone to 'customer service?' they told meTHEY had cancelled my account ,and couldn't give a reason? Then told me I had overpaid them. They owed me £85 and asked IF I wanted it paid back? If so, it would take a few weeks to do so! Yet I still get a statement each month showing credit limit. Balance owing £o.oo and £o.oo should be paid by ? I would tell anyone not to use them! ...
ACLAM 18.03.2008
Ciao members have rated this review on average: helpful Review of Monument Visa Credit Card
I must admit to being something of a rate tart. If I see a 0% APR for balance transfers, I'll jump at it. It's not, you understand, that I'm a profligate spender - more that I'm something of an avid collector, so once I start something, be it stamps, pictures of wildebeest or credit cards, I find it hard to stop. That said, I have considerable experience of some of the more common credit cards, so perhaps I'm in a good position to provide a review. ... ...The APR, for example, is awfully high - mine is 29.9%. Before the cynics amongst you comment that it's perhaps because of credit rating or spending problems, let me assure you that it's not! When I rang to query this percentage, I was told that it was the standard rate for new applicants, and that it would be reviewed in line with my spending. I was given a decent credit limit, but I have to say that I'm not particularly enamoured with spending on ...
CJYKB 16.05.2005
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Ciao members have rated this review on average: helpful Review of Monument Visa Credit Card
Competitiveness of APR
Product package
Quality of Customer Ser...
Reward Scheme
Additional Charges
Security and Privacy
Ease of Application
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I got a mail from Vanquis back in 2005 when they are trailing this creditcard in Scotland. It promise a card for someone like me, who have poor/no credit history. I applied for, and got approved for a card, but the catch is there is a £18 annual fee, and an APR of 39.9%! Also my credit limit is set at £250.
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