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Latest Credit Card News

The latest news on credit cards:

March 23, 2012

Consumers holding back on borrowing

by Jan Harris
Consumers holding back on borrowing
Personal loan, credit card and overdraft borrowing is being repaid at the highest rate since January 2011. The British Bankers’ Association (BBA) reported net consumer credit repayments of £305 million in February. Consumers borrowed £7 billion on credit cards but £7.3 billion was repaid. The ongoing squeeze on household incomes is making consumers more careful with their spending with a net repayment in ...




March 14, 2012

Credit card insurance covers faulty breast implants

by Jan Harris
Credit card insurance covers faulty breast implants
Lloyds TSB has refunded the £3,700 cost of a woman’s breast implants after they ruptured. The woman, who is in her 40s and lives in the Midlands, had the implants in 2008 at a private firm which later went into administration. . She consulted a breast cancer clinic in September 2011 after she found a lump, and was told by the clinic ...




Virgin Money hikes credit card interest rates

by Jan Harris
Virgin Money hikes credit card interest rates
Virgin Money has increased the interest rate on credit cards for some of its customers from 16.8 per cent to 24.9 per cent. Following criticism of the move, the bank unsympathetically told the customers to either accept the increase, which amounts to nearly 50 per cent, or pay off their balances. The rates on balance transfers have also been increased, from ...




March 8, 2012

Card fraud falls to 11-year low

by Jan Harris
Card fraud falls to 11-year low
The amount of money lost due to credit and debit card fraud fell to £341m in 2011. This was 7 per cent less than the amount lost in 2010 and 44 per cent lower than in 2008, when £610m was lost through card fraud. Since 2010 the number of fraudsters impersonating people to use or steal their cards has fallen by 41 ...




February 23, 2012

Card launched for consumers with lower credit scores

by Jan Harris
Card launched for consumers with lower credit scores
Capital One has launched a credit card suitable for customers whose credit score has been adversely affected by previous CCJs or defaults. The ‘Balance’ credit card offers 0% on balance transfers until October 2012, the transfer fee is just 1.7 per cent and there is no annual fee. It provides a small, manageable credit limit and could give borrowers welcome time ...




February 6, 2012

Younger generation shunning credit cards

by Jan Harris
Credit card usage falls
Consumers are shunning credit cards in favour of debit cards, digital payment and payday loans, according to a new report from PricewaterhouseCoopers (PwC). Although UK households paid off some unsecured debts in 2011, the average debt was around £7,900 at the end of the year. The Ernst & Young Item Club has also reported a trend for consumers to shun banks and ...




January 30, 2012

Lloyds withdraws charity credit cards

by Jan Harris
Lloyds withdraws charity credit cards
Lloyds Banking Group has decided to withdraw Halifax and Bank of Scotland charity credit cards at the end of February because it doesn’t consider them a cost-effective way of donating to charity. The bank has been issuing charity credit cards for over 23 years and they have raised millions of pounds for charities such as Cancer Research UK, the NSPCC and the ...




January 27, 2012

Price comparison sites helping cash-strapped consumers

by Jan Harris
Price comparison sites launched
With household incomes under increasing pressure from inflation and unemployment more consumers are turning to price comparison services to help them reduce their outgoings and the New Year has seen the launch of several new sites. Insurance specialist comparethemarket.com has launched a new service which allows consumers to find which credit cards and loans will best meet their needs. After putting in details ...




January 18, 2012

Nationwide re-launches 0% purchase credit card

by Jan Harris
Nationwide re-launches 0% purchase credit card
Nationwide has re-launched its Select Visa credit card which offers 0%-on-purchases for 18 months – the longest period currently available on the market for a 0% deal. Cardholders also benefit from commission-free purchases while they are abroad and 0.5% cashback. Balance transfers are eligible for the 0% interest deal, but for 17 months rather than 18 and there is a 2.95% balance ...




January 11, 2012

70% of websites break EU credit rules

by Jan Harris
70% of websites break EU credit rules
A pan-European investigation carried out in September 2011 revealed that 70 per cent of websites offering credit cards, loans and finance are failing to meet EU standards. The investigation, which followed a large number of customer complaints, looked at 562 websites across the 27 member states and found that 393 of the sites were failing to adhere to the European ...




December 7, 2011

Online shoppers prefer Paypal to credit cards

by Jan Harris
Online shoppers prefer Paypal to credit cards
Paypal is now more popular than credit cards as the preferred method of payment for online shopping according to a global survey by financial advisory firm KPMG. According to KPMG’s "The Converged Lifestyle" report, consumers worldwide are rapidly adopting new technologies and Paypal is reaping much of the benefit. The study looked at the online shopping habits of around 10,000 ...




December 2, 2011

Visa reports fall in Christmas spending

by Jan Harris
Visa reports fall in Christmas spending
Payments business Visa has reported a 2.3 per cent fall in spending on credit and debit cards over the four weeks to 27 November, compared with the same period in 2010. Last week, which is traditionally one of the UK’s biggest Christmas shopping weeks, spending on cards fell both on the High Street and online, with sales 6.2 per cent lower ...




November 24, 2011

Credit card repayments fall to 2-year low

by Jan Harris
Credit card repayments fall to 2-year low
Credit card holders in the UK are paying less off their balance than at any point during the last two years, which isn’t surprising given the current pressure on household incomes from deteriorating employment conditions and record high levels of inflation. The trend was noticed among ‘classic’ card accounts taken out within the last five years rather than student cards, ...




November 23, 2011

Consumers shunning credit this Christmas

by Jan Harris
Consumers shunning credit this Christmas
Despite stores offering tempting cut-price deals, shoppers are in a cautious mood in the run up to Christmas according to a high street banking report. Although retail sales were up in October, there was little demand for loans and overdrafts according the British Bankers' Association (BBA), and while consumers spent a total of £7.2 billion on plastic, they repaid £7.4 billion. This ...




November 21, 2011

Millions switch cards when 0% deal expires

by Jan Harris
Millions switch cards when 0% deal expires
New figures from Sainsbury’s Bank suggest that nearly two million credit card holders intend to switch providers over the next year, when their 0 per cent balance transfer offer expires. A further 900,000 card holders will switch when their 0 per cent purchase deal expires, according to the bank’s latest research. After the introductory offer on these cards ends, the ...




November 7, 2011

Nationwide ‘On Your Side’ with credit card reward scheme

by Jan Harris
Nationwide ‘On Your Side’ with credit card reward scheme
As part of its ‘On Your Side’ campaign Nationwide Building Society has launched a credit card reward scheme which should make shopping more enjoyable for its customers. The scheme, which is available to the building society’s Visa debit and credit card customers, is designed to help their money go further. It offers discounts at several leading retailers, with the ...




August 10, 2011

HSBC offloads US credit card division in $32.7bn deal

by Kay Mitchell
”HSBC
Banking giant HSBC has today announced it has disposed of its US credit card division to Capital One Financial, as part of a global strategic cost-cutting exercise. The announcement comes shortly after the bank said it would slash its underperforming US branch network by half and also announced it would axe 30,000 jobs globally in the next two years. The ...




March 9, 2011

Card fraud continues to fall

by Kay Mitchell
”Card
The UK Cards Association has today revealed that credit and debit card fraud continues to decline. According to the Association, fraud losses on UK credit and debit cards totalled £365.4 million in the 2010 year - a drop of 17% compared with 2009. The figure represented a 10-year low and compares with the record high of £610 million in 2008. The group attributed the ongoing ...




February 11, 2011

OFT to launch investigation into card surcharges

by Kay Mitchell
”OFT
Consumer group Which? is concerned about surcharges imposed on to consumers who pay by debit or credit cards. It has therefore asked the Office of Fair Trading (OFT) to investigate the matter - which sees retailers, local authorities, estate agents and cinemas all impose the charges. However, the “worst offenders” are said to be budget airlines including Ryanair, Flybe and easyJet. According ...




January 6, 2011

More than 2m using plastic to pay mortgage/rent

by Kay Mitchell
More than 2m using plastic to pay mortgage/rent
A report from the homeless charity, Shelter, has revealed that in the last year, 2.6 million Britons have paid their mortgage or rent on their credit card. The figure represents a rise of 50% on the previous year and reveals the extraordinary lengths some are going to in order to keep a roof over their head. The charity has previously ...