Post by mm0fmfPost by manuel czechDo you remember the RSGB and credit cards ?
No, please refresh my memory.
BCCI was Bank of Credit and Commerce International. Better known as
Bank of Crooks and Conmen International. A bank that didn't operate
really the way banks should. Dubious customers, dubious practices,
etc. which undermined the legitimate side of the bank. It went pop in
1991.
BCCI had a line in doing corporate credit cards. Lots of companies
would produce personalised credit cards, much like you can (could) get
a British Airways credit card run by Amex. You could earn rewards for
free flights by using it. Amex not being crooks like BCCI.
The RSGB had an RSGB Credit Card run by BCCI like so many other
companies. I can't remember the bonus system, maybe the customer could
earn cashback but I think the RSGB would get some of the charges
levied when you used the card. So people using the card would benefit
the RSGB funds in some small way.
There's a well known saying in finance, you borrow money from the
people most likely to go bust so you don't have to pay it back and you
deposit your money with the people most unlikely to go bust. The RSGB
using a BCCI card was perfectly sensible. They were not putting RSGB
funds at risk.
I knew someone who had an RSGB BCCI card. He ran his own businesses
and one lunchtime was advised by his bank not to accept any BCCI
cards. Realising they were about to go under, he gave his wife the
joint RSGB card and told her to go an max it out on kids clothes,
food, household stuff. He was hoping she could use it and maybe, just
maybe, he'd get many months of free credit to clear the debt. She
spent, ISTR him telling me, about £1100 that afternoon.
He got a letter a day or two later telling him the card was cancelled
because BCCI were bust. He cancelled the direct debit on the card and
waited to hear from the administrators that they wanted the money he
had spent on the card. He never heard another thing, was never chased
for the money and his credit rating remained immaculate. He never paid
back a penny she spent that afternoon.
So the RSGB Credit Card was a brilliant idea by the RSGB for at least
one RSGB member.
shopping or the tyres.