I had a look at their credit card and was surprised to see that
Built in and always-on cashback rewards without any hidden costs or any strings attached.
- 1.25% cashback every month on purchases. There's a few exceptions but not many.4
That looks great until you see that it's limited to €12 per statement.
This sort of restriction should be highlighted up front and not shown as a footnote.
It it says "always-on cashback" it should be always on and not off whenever you spend more than €1,000
Brendan
You could complain to the CCPC. They should really be doing more about this sort of thingI had a look at their credit card and was surprised to see that
Built in and always-on cashback rewards without any hidden costs or any strings attached.
- 1.25% cashback every month on purchases. There's a few exceptions but not many.4
That looks great until you see that it's limited to €12 per statement.
This sort of restriction should be highlighted up front and not shown as a footnote.
It it says "always-on cashback" it should be always on and not off whenever you spend more than €1,000
Brendan
You could complain to the CCPC. They should really be doing more about this sort of thing
Yes. Chill Money is the Credit Intermediary/Sales Agent for Avantcard DAC.I hadn't realised that they were Chill Money.
Brendan
I find your entire post strange. Bankinter have a 76bn euro asset base. They're the 4th biggest bank in Spain, and recently launched an entirely digital mortgage product over there. I can only guess that they understand a thing or 2 about mortgages.The company has zero experience in the mortgage market which is considerably more labour intensive and technically complicated than issuing unsecured credit (for example with mortgages, the company will have to take physical possession of deeds, deal with registering charges on properties, closings with Solicitors etc). I’m not one bit convinced they will make the grade if and when they pass muster with the Regulator and are permitted to issue mortgages.
Naive?! I know more about the internal workings of certain institutions and property deals than your post suggests I do. But time will tell.I find your entire post strange. Bankinter have a 76bn euro asset base. They're the 4th biggest bank in Spain, and recently launched an entirely digital mortgage product over there. I can only guess that they understand a thing or 2 about mortgages.
The whole legal piece and registering charges, etc. believe it or not, that's what the borrower's solicitor does. All the bank really does is check up on it.
To base assumptions about how they might launch a mortgage product on a personal loan product offered through an intermediary, while under different ownership and during a period when the entire personal loan market in Ireland has collapsed is a bit naive.
If they price this product right, they will cause serious disruption in the market. As for their systems, and central bank regulation - just look at the existing players.
You really are over complicating this.Moving (logistically) from issuing unsecured credit to mortgage credit is no small matter.
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