Wednesday, 4 January 2012

3V: rip off Britain alive and well

When I left my last job in April I received some very generous gifts including a 3V Visa internet shopping gift card. I didn’t get round to using the card until before Christmas when I went on line to activate it. Today I went to my 3V account to check the balance in preparation for using the card for a couple of on line purchases. I was staggered to discover that £4 had been deducted as an ‘account maintenance fee’ by 3V. On checking the terms and conditions of the card I discovered this little gem:
A fee of £2 per month will be deducted from the
Available Balance in each of the 3 calendar months
after the 9th month of purchase of the 3V Visa
Internet Shopping Gift Card and prior to expiry.
I wonder if the person who purchased the card was aware that the company would be deducting these amounts until the balance was used up or the card expired? I suspect not. What justification can the company have for these charges, after all they are getting the interest from the funds on the card until it is used? The blurb on their site boasts that they don’t have interest charges.

I’ve made some purchases and cleared out the balance before they get their grubby mitts on another £2. 3V Visa numbers are issued by Raphaels Bank and why was I not surprised to learn that their founder made his dosh during the Napoleonic wars?

My advice is don’t go near these cards; they are one more example of the way in which certain financial institutions are ripping off the unwary public.

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