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News Tag: Credit Card News

December 19, 2012

Less than half of Brits considered creditworthy

by Jan Harris
Less than half of Brits considered creditworthy
Fifty-seven per cent of UK adults are at risk of having an application for credit turned down by a mainstream lender according to a new report. The ‘Mind the Credit Gap‘ report commissioned by aqua credit cards suggests that even people with a good credit rating and earning more than £50,000 could have a credit application turned down. Since the financial ...




December 14, 2012

Asda flier promotes expensive cash withdrawals

by Jan Harris
Asda flier promotes expensive cash withdrawals
The ‘Asda Price’ slogan took on a whole new meaning after a flier, designed to look like a Christmas card, suggested that Asda Money customers should withdraw cash from an ATM using their credit card. Customers withdrawing cash on their credit card are charged 3 per cent of the amount withdrawn, or £5, whichever is greater, making it a very expensive transaction. The ...




November 20, 2012

Barclaycard offers 24-month 0% balance transfer deal

by Jan Harris
Barclaycard offers 24-month 0% balance transfer deal
Barclaycard has launched a balance transfer card with an interest-free period of 24 months, the longest ever seen on the market. The deal on the Platinum Extended Balance Transfer card also includes £30 cashback. Barclaycard has stolen the top spot for balance transfer cards back from NatWest and RBS, who both launched 23-month interest free deals in October, matching Barclaycard’s existing deal. ...




November 6, 2012

Rise in number of credit cards offering cashback

by Jan Harris
Rise in number of credit cards offering cashback
The number of credit cards offering a cashback reward has doubled over the past two years, according to a new report commissioned by card provider Capital One. Research carried out by Defaqto on behalf of Capital One identified 245 different credit cards available in the UK, of which 9 per cent offer cashback. Around 75 per cent of the cards ...




September 27, 2012

Card fraud increases to £185m

by Jan Harris
Card fraud increases to £185m
Debit and credit card fraud increased to £185m in the first six months of this year, an increase of 9 per cent from the same period last year, according to the UK Cards Association. The use of chip and PIN technology has helped to cut the amount of fraud substantially from a peak of £304.2 million in the first half of 2008. However, ...




September 5, 2012

Cash going out of fashion

by Jan Harris
Cash going out of fashion
Cards are replacing cash as consumers’ preferred payment method, according to new research by Clydesdale Bank and Yorkshire banks. A few years ago people would hesitate to use a card to make a small value purchase, but not anymore. Around 29 per cent of people in the UK now draw less than 10 per cent of their income in cash, and ...




September 3, 2012

Excessive credit card charges could end by January

by Jan Harris
Excessive credit card charges could end by January
The government is to go ahead with new rules to prevent retailers imposing excessive or surprise charges on debit or credit card payments. The changes, which were recommended by the Office of Fair Trading in 2011 following a super-complaint from consumer group Which?, could be introduced by January 2013. Retailers, including airlines, will have to clearly display information about surcharges ...




August 28, 2012

Mastercard in contactless payment technology partnership

by Jan Harris
Mastercard in contactless payment technology partnership
Mastercard has entered into a partnership with mobile network provider Everything Everywhere which is designed to boost the uptake of contactless payment technology in the OK. Under the five-year deal, MasterCard customers will be offered a range of new payment technologies, including a near field communication (NFC) service allowing them to make payments simply with a swipe of their phone. The service ...




August 21, 2012

Government to crack down on hidden credit card charges

by Jan Harris
Government to crack down on hidden credit card charges
Tougher rules are to be brought in to protect consumers from hidden credit card charges and premium-rate phone calls to customer service departments. The Government has launched a consultation on how to implement the changes, which are required under a European Consumer Rights Directive and will apply to countries across the European Union. The new rules are expected to ban excessive ...




August 2, 2012

Post Office warns holidaymakers over credit card charges

by Jan Harris
Post Office warns holidaymakers over credit card charges
The Post Office is warning travellers to be aware of charges for using their credit card abroad. Travellers who don’t have a fee-free card could be charged as much as 2.99 per cent each time they use their card, which could bump up their bill when they return home. Research by Post Office Credit Card reveals that travellers could tot ...




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 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 12, 2011

Shoppers risk financial security for Christmas

by Jan Harris
Shoppers risk finances for Christmas
Although stores have been forced to start their sales early this year to persuade shoppers to part with their money, nearly a third of people in the UK will go into debt over Christmas. Fifty-eight percent of this group will put more spending than usual on credit cards and thirty-nine per cent will go overdrawn to fund Christmas according to a survey ...




January 11, 2010

One million use credit cards pay mortgage or rent

by Gill Montia
”One
New research from Shelter suggests that in the past year, up to one million UK households have used credit cards to pay the mortgage or rent. According to the housing charity, the findings present a disturbing picture of up to a million people taking "desperate measures" to keep the roofs over their heads. The highest proportion of those afflicted ...




September 23, 2009

Postal strikes could mar credit ratings

by David Masters
”Postal
The ongoing postal strikes will leave many credit card holders with a black mark on their credit rating, uSwitch.com said this week. The price comparison site made the remarks after discovering that credit card customers have incurred £150 million of late payment fees due to the postal strikes. "A £12 late payment fee is not the only problem for these consumers as missed ...




September 21, 2009

Banks plan to phase out cheques

by David Masters
”Banks
Brits are snubbing cheques in favour of faster payment methods, new figures show. Credit cards, debit cards and cash increased their market share yet again in the second quarter, with cheque payments dropping 21% on year. Statistics from the UK Payments Association show payments on plastic cards rose 3% in the three month period to £95.5 billion. Commenting on the figures, HSBC spokesperson Tim ...




September 16, 2009

Consumer debt on the rise again

by David Masters
”Consumer
Britain's level of debt increased again the second quarter of this year, with almost double the level of borrowing compared to the first quarter of 2009. Consumers borrowed £5.5 billion between April and June, nearly twice as much as the £2.9 billion borrowed between January and March, said financial advice site unbiased.co.uk. Savings levels grew to £21 billion in the second quarter, up ...




September 10, 2009

Consumers see few benefits from low base rate

by David Masters
”Consumers
Consumers have seen very little benefit from the Bank of England holding its base rate at a record low of 0.5% for six months, a consumer advice site pointed out this week. Interest rates on savings accounts have dropped, while rates on mortgages, credit cards, and personal loans have continued to rise, said Moneyfacts.co.uk. Research by the site found interest rates ...




September 7, 2009

Debt a “ball and chain” round Britain’s ankles

by David Masters
...




September 6, 2009

Over 50s use multiple credit cards

by David Masters
”Over
Half of Brits over 50 use more than one credit card to manage their finances, research by Saga has discovered. One in fourteen (7%) of over 50s carry five or more credit cards in their wallet. However, almost three quarters (73%) of over 50s have never missed a payment deadline, compared to half (53%) of borrowers under 50. Of those with more than one ...