Monument Visa Credit Card > Reviews (15)

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 C: 26.8%APR
PREMIUM D: 31.99%APR

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 directdebit 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!

Hope you find this helpful.