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Holidaymakers enjoying benefits of pre-pay cards

A recent report has shown that many holidaymakers are now turning to pre-pay cards in order to fund their spending abroad. The report suggests that for many traveller’s pre-pay cards are a more secure, simpler, and more cost effective way of spending abroad without the security risks and extortionate costs associated with credit card, and without the hassle often linked to traveller’s cheques. The recent report was released by Travelex, which is a company that deals with these pre-pay travel cards. Read more

Internet proves useful for credit card customers

A recent report has highlighted how many credit card users and applicants in the UK have started to rely on the Internet in order to gain more information about credit card types and benefits, as well as to browse, compare, and apply for cards. It was also found that the majority of consumers that have a credit card prefer to run their credit card account online too, enjoying the convenience, ease, and speed that this offers. Read more

Make sure you’re not paying too much on your bills

A recent report has highlighted how many people could be paying way over the odds on their bills as a result of errors made by firms. With many people already struggling with their finances and trying to cope with increasing payments and bills this sort of problem could make things worse for many more people, resulting in increased strains on household finances. Officials have stated that in some cases higher bills could be due to error as well as inflation. Read more

Many cardholders missing out on their rewards

A recent report has highlighted how many rewards based credit card holders are missing out on their rewards by failing to claim. These credit cards have become very popular over recent years, with many consumers that repay their credit card balances in full each month deciding to try and cash in and claim back rewards such as retail rewards, loyalty points, cash back, air miles, travel rewards, and gift voucher from credit card providers. However, many are missing out by not claiming their rewards. Read more

Expert comments on Halifax All-in-One card

The Halifax has recently announced the launch of its All-in-One card, where consumers can enjoy ten months interest free credit on both balance transfer and purchases made on the card. Sean Gardner from MoneyExpert.com said that whilst the card may prove attractive to many consumers looking for 0% on both purchases and balance transfers, some people with good credit may be able to get a better deal. Read more

More people now requesting their credit reports

Most people are now aware of the way in which lending conditions have been affected in the UK as the result of the global credit crunch. Lenders are now operating far tighter lending conditions, and are being far more careful about who they lend to and how much business they take on. Whilst those with bad credit have found that the situation is worse then ever when it comes to getting credit, people with decent credit have found that they still have a variety of choice when it comes to getting finance. Read more

Card providers set to make a fortune of British travellers

Credit card companies and banks are set to make a fortune out of British holidaymakers over the course of this year, as a result of holidaymakers using their plastic abroad and clocking up a range of expensive fees and charges associated with credit and debit card transaction fees. In total card providers and banks are set to make £686 million in plastic card charges over the course of this year, as they continue to make huge charges for plastic card transactions made whilst abroad. Read more

Improved warranty cover offered by Nationwide

The Nationwide Building Society has recently announced some changes to the warranty cover that it offers on its credit cards, which official state will benefit consumers by offering them a greater level of protection on a larger number of products. The extended warranty insurance will be offered free of charge on its credit cards, and consumers will be able to enjoy the increased level of protection in a range of additional items. Read more

Consumers want convenience over troublesome safety procedures when shopping online

Recent research that has been carried out by the Abbey has shown that when it comes to the prevention of online plastic card fraud, or Card Not Present fraud, consumers seem to be more concerned over how convenient it will be to shop online than having to mess around with complicated security measures to try and protect their safety when shopping online. Read more

Brits will be charged millions on card transactions whilst on holiday

Brits that are planning to jet off abroad on their holidays this year will most likely be taking their credit and debit cards along to purchase items or withdraw cash, and this is good news for banks and card providers because it means that they will be netting millions in profits from their customers. According to a recent report debit card holder are set to be charged around £318 million in fees over the course of this year for debit card transactions and withdrawals abroad, whilst credit card customers are set to pay around £368 million. Read more

Customers want to see more financial products at the supermarket

According to the results of a recent survey customers in the UK are eager to see a wide range of financial products being made available from their local supermarkets, as many feel that the supermarket can offer far better service and far better value for money on these services and products compared to traditional banks. Many supermarket giants, such as Asda, Tesco, and Sainsbury’s, already offer a range of financial products and services such as insurance, loans, savings, and most popularly credit cards. Read more

There may be future difficulties for credit card customers whose limits were cut

A recent report has suggested that many credit customers who have recently had their credit limits slashed by their card provider could end up experiencing a range of problems in the future, making it difficult for them to get finance as a result of being so close to their credit limits. Many credit card customers have recently found that their credit limit were slashed to just £100 above their existing balance, and the card companies did not even inform them that they were cutting their credit limits.
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Millions of consumer plan to cut back on spending

According to a recent report millions of consumers are set to decrease their spending levels over the course of this year, as many struggle with their finances as a result of the ongoing global credit crunch. Over the coming twelve months around 57% of us are expected to slash our spending levels, equating to around one in six people, according to officials from MoneyExpert, which carried out the research. Read more

Credit card addicts continue to defy credit crunch

Whilst many people have had to tighten their belts and cut back on spending due to the turmoil caused by the global credit crunch and tighter lending conditions, it seems that many credit card addicts are not only continuing to spend and accrue debt during these difficult times, but are also juggling five or more credit cards. A recent report suggests that over three million Brits have five or more cards, and in some cases are clocking up debt on all of their cards as they continue to frivolously spend. Read more

Credit card rate hike from Halifax

Following in the footsteps of a number of other credit card providers, the Halifax has recently announced that it is hiking up the interest rate on its credit card, which means that credit card customers could be left facing far higher charges on their balances. It is thought that some customers will face an interest rate hike of up to 5% as part of the move. Over recent months a number of credit card providers have hiked up their interest rates, fees, and charges, with many appearing to pass on the cost of capped penalties and the cost incurred as a result of the credit crunch to their customers through these increased fees and charges. Read more

Report issued on identity theft statistics

A recent report has been issues detailing statistics relating to the risks of identity theft. This comes at a time when many consumers are in fear over the safety of their personal data, with data loss blunders from banks and government agencies fuelling concerns over the risks of identity theft. The data comes from the DQM Group, and shows who is most at risk from becoming a victim of identity theft as well as detailing the level of distrust that consumers now have in banks and agencies. Read more

Credit crunch does not stop credit card addicts

According to a recent report over three millions Brits are juggling five or more credit cards, and although the credit crunch has hit hard over recent months many are continuing to spend, spend, spend on their cards, accruing high levels of debt and paying huge amounts in interest. Credit cards have been blamed for a large portion of the UK’s personal debt mountain, and the number of people with over five cards reflects how reliant many have become on plastic and credit. Read more

Decrease in capped balance transfer cards

Balance transfer cards have enjoyed enormous popularity over recent years, and this is because they enable consumers to save a fortune in interest by transferring their balances from high interest credit cards onto the balance transfer card, which offers a period of interest free or low interest credit on the transferred balance depending on which card you choose. With a 0% balance transfer card a fee is charged, and this transfer fee usually equates to 2-3% of the total amount being transferred. Read more

Young, male professional in London at highest risk of identity theft

Over recent years an increasing number of people have become more and more concerned about identity theft and fraud, and this type of criminal activity has become rife – not helped by the level of data loss blunders that have been seen over the past year. However, according to a recent report those at highest risk of becoming victims of identity theft are young, male professionals living in the London area. Read more

Kerr resigns from Egg

Following heated controversy over the withdrawal of 161,000 credit cards from customers, the boss of Internet financial giant Egg, Ian Kerr, has resigned. Officials from Egg claim that the resignation of the boss is not related to the recent controversy. Kerr recently met with Labour MP Nigel Griffiths in order to discuss why the cards were withdrawn. Griffiths had been hoping to get a solution and an apology as a result of the meeting, but after the meeting Kerr and other Egg officials announced that there had been no change of heart. Read more

No apology for Egg customers

Earlier this week the former consumer affairs minister and Labour MP Nigel Griffiths announced that he had a meeting with the Chief Executive of financial giant Egg, Ian Kerr. The purpose of the meeting was to discuss the recent withdrawal of the credit cards of 161,000 consumers following a review of over two million credit card accounts. Read more

Credit card customers with cut limits may suffer difficulties in the future

In a recent nationwide cull credit card companies slashed the credit card limits of many credit card customers to within £100 of their existing balances, leaving many customers humiliated when they tried to make purchases on their cards only to find that they no longer had enough credit. Read more

Why you need to compare credit cards

The credit card market has become fiercely competitive over recent years, and these days there is a wider choice than ever available to those looking to take out a credit card. However, with such a wide choice of credit cards on offer and such a range of deals from lenders it is more important than ever to compare a range of cards from different providers in order to get the best deals. You will find all sorts of credit cards to choose from, such as rewards based cards, interest free credit cards, 0% balance transfer cards, cash back credit cards, and more. Read more

Griffiths wants Egg to apologise to customers

Labour MP and former consumer affairs minister, Nigel Griffiths, has stated that he wants an explanation from Egg officials as to why the credit cards of 161,000 customers were cancelled, and if the move cannot be justified he expects an apology for all of the customers affected as well as compensation for wasted credit checks. Mr Griffiths, who has been heading a campaign against the actions that were taken by the Internet financial giant, is due to meet with the Chief Executive of Egg, Ian Kerr, in order to discuss the issue. Read more

Capital One offers fee free balance transfer card

0% balance transfer credit cards have become very popular over recent years with consumers transferring balances from other high interest credit cards and then enjoying a specified period of interest free credit within which to clear the transferred balance without being hit by interest charges. The downside to these cards is that the vast majority of card providers charge a balance transfer fee, which amounts to around 2-3% of the total amount being transferred onto the card. Read more

MP worried over bank cards

An MP has expressed concerns over how some banks are treating their credit cards customers, claiming that some of these banks may be cancelling the credit cards of customers with good credit and who repay their balances responsibly, and are instead handing out cards to those with bad credit in order to try and make more money. Read more

Egg’s actions could benefit some borrowers

The recent decision of the online lending giant Egg could actually benefit some customers according to a recent report, enabling them to prove their creditworthiness as a result of having their account closed. Egg recently announced that around 161,000 would have their credit card accounts closed, claiming that those affected were people whose credit profiles had deteriorated since they opened their credit card accounts. Read more

Some customers may benefit from Egg credit card withdrawal

Officials from the UK’s credit reference agencies have stated that many customers that have been affected by lending giant Egg’s decision to withdraw over 160,000 credit cards could actually benefit in terms of their creditworthiness. According to Egg officials those having their credit cards withdrawn were consumers whose credit rating had fallen since they opened their accounts, but research has shown that many of those that were affected actually had very good credit and repaid their cards responsibly. Read more

Many Brits overspent in 2007

Worrying data from a recent report suggests that last year over five million Brits ended up spending more than they earned, with some officials branding Britain a nation of spendaholics. The reports suggests that the spending of many Brits spiralled out of control last year, with a worrying number of people spending far more than they could afford to, often on unnecessary items and luxuries. Read more

Avoid being the victim of credit card fraud

When it comes to credit cards consumers can look forward to a wide range of benefits, ranging from interest free credit and total convenience to flexible repayments and even a choice of rewards with some cards. However, there are also pitfalls to watch out for with credit cards, and one major concern for many people is the risk of credit card fraud. Read more

Supermarket giant to stop accepting cheque payments

One of the UK’s leading supermarket chains is to stop accepting cheque payment shortly, following in the footsteps of a number of other retailers that have now stopped accepting this method of payments. Tesco recently announced that it no longer plans to accept personal cheque payments from customers, joining the ranks of other retailers when it comes to eliminating the time consumption and cost of processing and dealing with cheque payments. Read more

Brits spent far too much last year

According to a recent report Brits are becoming spendaholics, with many spending truckloads of money on unnecessary items, and some spending more than they earn, which is adding to the nation’s ever-growing mountain of debt. Over five million consumers are said to have spent more than they earned last year, and many have had to rely on finance such as credit cards and overdraft to keep them going until they get paid again. Read more

Many people will have cleared their cards by end of Jan

According to a recent survey carried out by Sainsbury’s Bank the majority of consumers that used their credit cards to put Christmas spending on the plastic will actually repay their balance in full by the end of January, which could save many of these people a fortune in interest. Of those surveyed around 61% stated that they planned to clear their balance in full at the end of the month. Read more

Another complaint about Abbey

Another customer has made a complaint about the Abbey, which has been at the centre of a variety of blunders recently. The woman claims that the bank incorrectly asked her for some sensitive, personal details when she applied for a credit card, and they then lost the data, which included various personal details, including her name, address, national insurance number, and a credit card statement. Read more

Is a cash back credit card for you?

It can be difficult to determine these days what sort of credit card is likely to best suit your needs, as there are so many different card types available. Some people will benefit most from interest free credit cards whereas others may benefit more from a balance transfer card. One type of credit card that has proven popular amongst those that want to enjoy the convenience and ease of credit card use, whilst making a little money from the credit card provider, is the cash back credit card. Read more

The gap between the North and South widens

According to recent data the difference between property prices in the North and the South of England is getting greater and greater, leaving an ever-widening gap when it comes to property prices in different parts of England. Recent figures indicate that the gap between property prices in the North of England and those in the South of England has widened by over £15,000. Read more

Debt charities get ready for enquiries

With Christmas well and truly over for another year debt charities and agencies such as the Citizen’s Advice Bureau are now preparing themselves for the mass influx of debt related enquiries that is expected across the UK. The Christmas season will have seen many consumers overspend on credit cards and through other forms of finance, and as a result many will now face severe financial difficulties as the New Year kicks off, with many being forced to seek advice in order to try and sort out their financial woes. Read more

Credit crunch unlikely to subside in New Year

According to a recent report the likelihood to an ease in the effects of the credit crunch in the New Year is looking more and more bleak. Reports from across the Atlantic indicate that some banks may suffer the effects of the credit crunch for years to come, and further bad news came with the confirmation that house prices in North America are continuing to plummet at record pace. Read more

Cheque deposits offer greater benefits for consumers

In recent changes made to regulations relating to cheque deposits into bank accounts, consumers can now enjoy greater benefits and greater protection. Consumers that make cheque deposits into their banks will be able to enjoy greater efficiency and speed, as well as greater peace of mind. New regulations were put together by APACS and the Cheque and Credit Clearing Company, and came into force last month. Read more

Millions still catching up with debt from last Christmas

With Christmas fast approaching many consumers are getting geared up to spend, spend, spend, with their credit cards at the ready. Using a credit card to pay for Christmas purchases has become a popular solution for many shoppers, enabling them to enjoy flexibility, convenience, and ease.

However, for many others it can simply add to their already spiralling debt levels. Recent reports suggest that millions of us are still paying off our credit cards from last Christmas, and any further spending on cards this year could lead to mounting debt that is going to prove difficult to repay. Read more

Reducing the risk of getting rejected for loans and credit cards

Getting turned down for a loan or a credit card can result in a double whammy for consumers in the UK, as it not only results in disappointment at being unable to get the credit that you need, but each rejection also leaves a black mark on your credit file, which in turn can affect your credit rating and further reduce the chances of being able to get credit in the future.

This is why it is important to take the necessary steps to reduce your chances of rejection and minimize on the adverse effect on your credit rating. Read more

Shops may suffer due to decreased credit card spending this Christmas

Millions of credit card users may be looking to rein in on their Christmas credit card spending this year according to reports, and this could spell bad news for retailers, who stand to lose out on millions of pounds worth of transactions.

Recent reports indicate that as consumers try and curb their credit card spending retailers could experience a real slow down over the festive season. Around 25% of Brits are looking to cut back on their credit card spending this Christmas according to reports. Read more

Credit card protection case lost by banks

Credit card companies have lost their case over the protection offered to consumers that use their cards to purchase goods and services abroad, which are then either not delivered or are damaged.

Consumers are able to enjoy this protection with purchases that they make with their cards in the UK but rows have been erupting over whether consumers should receive the same level of protection with goods and services that are purchased from abroad – this has been a grey area for some time according to reports. Read more

Lenders could make fortune from late payment

Industry officials are warning that certain lenders are set to make a small fortune from consumers as the result of the series of postal strikes that may have affected some consumers’ ability to make repayments on time.

Lenders such as credit card companies, may be adding costly late payment charges after customers that made cheque payments found that their payment was delayed as the result of the postal strikes.

One recent strike by postal workers left Royal Mail with a massive backlog of post to get through at the end of the strike, and with more strikes planned for the coming weeks the problem could continue to get worse.

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Thousands could be hit with late payment charges

Following the latest Royal Mail postal strike thousands of consumers could find themselves being hit with costly late payment charges, as the postal service attempts to try and deal with the massive backlog of post.

The recent 48 hour walkout by Royal Mail staff over pay and conditions as resulted in a backlog of around sixty million items, according to recent reports, and this is going to take a considerable amount of time to get through resulting in postal items, including payments to creditors, arriving far later than expected. Read more

Credit card that offers fuel rebates

A rewards based credit card has been launched that offers fuel rebates to customers, enabling cardholders to spend on their card and enjoy getting rebates on the cost of diesel and petrol.

The card has been launched by Shell in conjunction with CitiBank and is a MasterCard. The card should prove useful to those that drive a lot, enabling them to save some money on the rising cost of fuel whilst enjoying the ease and convenience of spending on a credit card. Read more

Banks Aim To Claw Their Money Back

Banks are determined to make up ground they have lost with capped charges. Some banks have increased credit card and overdraft interest rates by far more than July’s 0.25% base rate rise.

Two banks have increased charges on credit cards by 5% rise over only a month on cash withdrawals. Authorised overdrafts have also soared – some by 3.4% in a year, yet interest rates have only gone up by 1.25% in that time.

Banks are still smarting at being forced to refund credit card and overdraft penalty charges. Barclays, Halifax, HSBC, Lloyds TSB and RBS-NatWest have already set aside £400m in compensation between them, and they are trying to make that back in any way they can. Read more

Which? reports on fees charged by credit card companies

The consumer campaign group, Which?, has stated that credit card companies have hiked up the cost of using credit cards by huge amounts over the past year in order to try and recoup the losses that resulted from a cap being placed on penalty fees charged to customers’ accounts.

The Office of Fair Trading brought in new regulations last year that meant credit card companies could charge no more than £12 per fee for late and missed repayments, which was a drastic reduction to the amount that some card companies had been charging. This resulted in massive financial losses for many credit card companies. Read more

Possible lower debts with store cards

Store cards are traditionally associated with high interest rates, and many consumers are urged to avoid spending on these cards.

However, one recent report has suggested that when used properly store cards could actually help some consumers to avoid the same level of debt that can be easily run up on a standard credit card. According to officials there are a number of ways in which store cards can help to reduce the risk of heightened debt, including the reduced credit limit offered on these cards and the reduced number of places in which the cards can be used. Read more

Increase on interest free period from Sainsbury’s credit card

Sainsbury’s Bank has recently announced that it will be increasing the interest free period on its 0% purchase credit card, which could see the supermarket giant attract many new customers looking for a better deal on interest free purchasing in the run up to Christmas. Read more

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