Metro Bank announced one of the biggest changes that would eventually affect thousands of its customers. All Metro Bank personal credit cards have been shelved, effective today. This simply means that anyone holding a Metro Bank credit card would no longer be able to make any store or online purchases using the card. The bank had communicated to their customers last month the change that took effect on September 10.
What Does This Mean for You?
If you have a Metro Bank credit card, you will need to look for some other means of making purchases. All the direct debit payments that you had attached to your Metro credit card will no longer go through, and you will need to update relevant details about your various payments. Con vdova do igry it is relevant to act quickly and avoid disruption if you had set up automatic payments against utility bills or subscription-type services.
What if you still owe money?
If you think you still have an outstanding balance on your Metro Bank credit card, then don’t worry-you are not obliged to pay it in full. Just continue paying your monthly dues as you usually would, until your balance reaches zero. Once you have paid off the whole balance, Metro Bank will automatically shut down your credit card account. You’ll also receive a confirmation letter for the same. The good news is that this change won’t be reflected in your credit score, provided you keep paying all your installments on time.
Can You Balance Transfer Your Debt to Another Card?
Yes, you can! Well, in case you have any amount outstanding in your Metro Bank credit card, you may wish to balance transfer the amount to another credit card offering 0% balance transfer. In this case, you will not have to pay any interest on your debt outstanding for the period specified by the card company. In fact, most banks keep issuing such cards in order to entice customers. It is worth saving some money on interest while you pay off what you owe.
What About Other Products and Services?
This change only affects Metro Bank’s personal credit cards. Other products, including business credit cards and overdrafts, are unaffected. If you’re a business customer or make use of other services, then you can go ahead with your services as usual. Also, since June, new customers have been unable to apply for Metro Bank’s personal credit card. The card used to be quite popular because it didn’t charge any fee and charged regular interest at 18.9% over time.
How did we get here?
This is a decision made by Metro Bank as part of the big shake-up. They took into consideration their credit card services and then they concluded that they would no longer provide personal credit cards to customers. In a statement on its website, it noted, “After a recent review of our Personal Credit Card, we have decided to withdraw this product from sale.” This is when they told users that “In line with our Terms and Conditions, from 10 September 2024 you will no longer be able to use your Metro Bank Personal Credit Card to make purchases or to withdraw cash.”
What Should You Do Next?
If you have a Metro Bank credit card, here are a number of things you can do:
Find an Alternative Credit Card Provider: You can start off with your search to find an alternative credit card that will suit your needs. There are ample choices out there, and some cards may even reward you with cashback or a 0% interest rate on balance transfers for a limited period.
Update Your Payments: If you had set up recurring payments with your Metro Bank credit card, ensure that you update the merchants with the new card information so that your payments are kept up to date and there isn’t any disruption of service.
Continue paying your outstanding balance: Keep paying your Metro Bank credit card bill in time. Note that you need not pay the entire balance at once; instead, you can go on paying the regular amount until it reaches nil.
Don’t be sure what to do, or want any questions about their account answered; call Metro Bank’s customer service number for assistance. They can give you information and advice on your next steps.
Will This Affect Your Credit Score?
It won’t, as long as you keep paying on time. The assured thing from Metro Bank is that it will not have a negative effect on your credit rating if you make the payments on time. Still, one can always be watchful regarding his or her credit report to ensure everything is fine with it.
Why Did Metro Bank Do This?
While there is no given reason behind Metro Bank’s decision to no longer be able to offer personal credit cards, it is common for banks to reconsider and occasionally make changes in the products they offer. Sometimes this is because the bank feels they can offer other products or services which will be more profitable or fit better into their long-run goals.
What Are Your Alternatives?
Other banks or other financial institutions offer different credit cards that you can switch to. Some of the credit cards give you options such as cashback, reward points, or 0% interest on purchase or balance transfer for a specified period of time. You may opt for any of them according to your requirement by comparing them properly.
Conclusion
The decision of Metro Bank to stop personal credit card services may be a big change for its customers; however, it doesn’t need to be an annoying one. Thus, taking some real steps as of today, like finding a new card or updating all your payment details, you will ensure that everything keeps going as smoothly as possible. Remember, if you have something to ask, there will be a team from Metro Bank’s customer service for you.
So don’t wait-start planning today-so that you may be all set for this big change!
