Decrease in capped balance transfer cards
March 26, 2008
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
No apology for Egg customers
March 19, 2008
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
Capital One offers fee free balance transfer card
March 1, 2008
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
Egg’s actions could benefit some borrowers
February 19, 2008
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
February 19, 2008
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 According to Egg officials those having their credit cards withdrawn were consumers whose credit rating had fallen since they opened their accounts, but research has shown that many of those that were affected actually had very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
Millions still catching up with debt from last Christmas
December 24, 2007
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