Latest: Credit Card News

Nationwide re-launches 0% purchase credit card

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 [...]

January 18, 2012 | 0 Comments More
70% of websites break EU credit rules

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 [...]

January 11, 2012 | 0 Comments More
Online shoppers prefer Paypal to credit cards

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 [...]

December 7, 2011 | 0 Comments More
Visa reports fall in Christmas spending

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, [...]

December 2, 2011 | 0 Comments More
Credit card repayments fall to 2-year low

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 [...]

November 24, 2011 | 0 Comments More
Consumers shunning credit this Christmas

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 [...]

November 23, 2011 | 0 Comments More
Millions switch cards when 0% deal expires

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 [...]

November 21, 2011 | 0 Comments More
Nationwide ‘On Your Side’ with credit card reward scheme

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 [...]

November 7, 2011 | 0 Comments More
HSBC offloads US credit card division in $32.7bn deal

HSBC offloads US credit card division in $32.7bn deal

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 [...]

August 10, 2011 | 0 Comments More
Card fraud continues to fall

Card fraud continues to fall

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 [...]

March 9, 2011 | 0 Comments More
OFT to launch investigation into card surcharges

OFT to launch investigation into card surcharges

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 [...]

February 11, 2011 | 0 Comments More
More than 2m using plastic to pay mortgage/rent

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 [...]

January 6, 2011 | 0 Comments More
Credit card interest could be capped

Credit card interest could be capped

As part of a crackdown on credit cards and store cards, the Government is considering capping interest rates in a bid to get the consumer a fairer deal. Following the Government’s review into consumer borrowing, Consumer Minister, Edward Davey, and Financial Secretary to the Treasury, Mark Hoban, have asked industry experts for their views as [...]

October 17, 2010 | 0 Comments More
Card fraud continues to fall

Card fraud continues to fall

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 £187 million in the first six months of 2010 - a fall of 20%. The group attributed the ongoing fall to a number of factors - [...]

October 6, 2010 | 0 Comments More
UK consumers opted to repay unsecured debt in August

UK consumers opted to repay unsecured debt in August

Figures from the Bank of England today revealed that British households opted to repay loans and overdrafts last month. The figures are evidence that consumers are concerned about the uncertainty surrounding the economy and massive spending cuts, opting not to go further into debt. According to the Bank of England, consumers repaid a net £120 [...]

September 29, 2010 | 0 Comments More
Financial complaints to FOS rise in first half

Financial complaints to FOS rise in first half

The Financial Ombudsman Service (FOS) has today said complaints rose in the first half of 2010. According to the FOS, it received 84,212 new complaints between 1 January and 30 June 2010 – with more than half of these about the top five banks. Lloyds Banking Group, which is 43% owned by the taxpayer, was [...]

September 14, 2010 | 0 Comments More
Soaring bad debt hits credit card lenders

Soaring bad debt hits credit card lenders

UK banks are facing mounting losses from credit card customers, with figures from the Bank of England showing write-offs rising to £2.1 billion in the three months to the end of June, up from £1.3 billion in previous quarter. According to a BBC report, the 2010 total for bad credit card debt now looks set [...]

September 1, 2010 | 0 Comments More
Brits waste £150m on credit card fees

Brits waste £150m on credit card fees

Every year British consumers waste £150 million on late payment credit card charges, Confused.com has revealed. Research by the price comparison site found one in four (26%) credit card holders have been charged at least once in the last 12 months for missing a late payment. Nearly one in 11 (8.5%) have been charged three [...]

July 18, 2010 | 0 Comments More
‘Era of debt-fuelled consumerism over’

‘Era of debt-fuelled consumerism over’

The era of debt-fuelled consumer spending is over, a financial expert has claimed, pointing out Britain’s consumer debts of nearly £1.5 trillion. Tim Moss, head of loans at moneysupermarket.com, seemed to be talking himself out of a job by claiming consumers can no longer afford to fund purchases on borrowed money. Consumers must face up [...]

July 14, 2010 | 0 Comments More
Debt-fuelled Brits risk holiday hangover

Debt-fuelled Brits risk holiday hangover

One in three Brits risk a financial holiday hangover by paying for their holiday using debt, according to new research. Research by Bright Grey found 32% of holidaymakers will pay for this summer’s break using a credit card, travel agent payment plan, or by borrowing money from family and friends. Sun-seekers will borrow an average [...]

July 13, 2010 | 0 Comments More