There was a 10 per cent increase in the number of complaints made to the Financial Ombudsman Service (FOS) about credit cards last year. A total of 19,183 complaints were made in the year to April 2012, the highest number since records began in 2001, with the majority relating to claims for refunds for unsuitable [...]
A court ruling writing off a consumer’s £5,126 store-card debt has opened the door for similar cases according to a report by the BBC. Judge Henrietta Manners ruled at Clerkenwell and Shoreditch county court that Santander must write-off the debt on a credit card held by Diana Mayhew. Ms Mayhew’s store card was automatically upgraded [...]
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 [...]
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 [...]
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 [...]
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, [...]
The economic crisis is making consumers wary of taking on more debt, according to the latest figures from the Bank of England. The amount of consumer credit totalled £0.9 billion in October, the same as for the previous month, and only slightly higher than the six month average of £0.8 billion, suggesting that pressure on [...]
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 [...]
The British Retail Consortium (BRC) has today reported a fall in credit card usage as consumers look to cash and debit cards for their purchases. According to a survey by the BRC, which represents 90% of the UK’s stores, shoppers are opting to use their debit cards and cash to avoid borrowing. However, the number [...]
Capital One, renowned for its credit cards, is to purchase the US internet banking division of ING – the Dutch banking and insurance company. The deal will see Capital One pay $9 billion (£5.5 billion) in cash and shares - $6.2 billion in cash and the remainder in stock, in a move which will see [...]
US banking giant JP Morgan has today reported a rise in first quarter profits boosted by a strong performance in its credit card operation. Net income for the three months to the end of March rose to $5.56 billion (£3.4 billion) compared with the $3.33 billion in the same period a year ago. Its 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 [...]
The Council of Mortgage Lenders (CML) has today reported a further fall in repossessions – the fifth consecutive quarter in which they have fallen. According to the Council, lenders seized 7,900 properties in the October to December period - an 11% fall from the 8,900 in the previous quarter. It was also 26% lower than [...]
Banking giant Barclays is reducing headcount further - this time at its credit card arm, Barclaycard. The announcement comes just a week after the bank said it will axe 1,000 jobs as it ceases to offer financial planning advice in its branches. Meanwhile, the job losses within the credit card division are the result of [...]
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 [...]
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 [...]
Financial pundits have praised Halifax’s new Clarity credit card for its simplicity, but warned it may not be the best deal for customers looking to borrow money long term. Moneynet.co.uk welcomed the Clarity’s easy to understand fees, with no complex introductory offer and just one rate of interest for purchases, balance transfers and cash withdrawals. [...]
Figures from the Bank of England today have revealed credit card write-offs continue to rise. During the first three months of 2010, write-offs rose to £1.25 billion - the second highest quarterly amount on record. The situation has deteriorated in the recession as thousands of people have been unable to afford their repayments, due to [...]
The Government-led crackdown on credit card companies is expected to save consumers around £300 million a year. The crackdown comes after the Government warned credit and store card firms to “clean up their act” after it launched a review of the industry in a consumer White Paper in July 2009. According to Prime Minister, Gordon [...]
The UK Cards Association has today revealed a fall in credit and debit card fraud - partly due to the introduction of chip-and-pin. According to the Association, fraud losses on UK credit and debit cards totalled £440.3 million in 2009 - a fall of 28% compared with 2008 and the first annual decline since 2006. [...]
Co-operative Bank ends interest-only mortgages
The Co-operative Bank will stop offering interest-only mortgages from next Tuesday, but the decision will not affect existing customers. A recent report by the Independent on Sunday suggested that a quarter of a million people with interest-only mortgages will reach retirement age by the end of the decade with a substantial capital debt still to [...]
Fall in bankruptcies hides rise in personal debt
There was a fall in the number of people going bankrupt in the first quarter of 2012 but more people are experiencing debt problems and many are simply unable to afford the £700 bankruptcy fee. According to the latest figures from the Insolvency Service, 28,723 individuals in England and Wales became insolvent in the first [...]
Financial Ombudsman receives 10% more credit card complaints
There was a 10 per cent increase in the number of complaints made to the Financial Ombudsman Service (FOS) about credit cards last year. A total of 19,183 complaints were made in the year to April 2012, the highest number since records began in 2001, with the majority relating to claims for refunds for unsuitable [...]
Opinions divided over Olympic effect on economy
While research by the Alliance Trust suggests that an economic boost generated by the Olympics will help Britain out of recession, rating agency Moody’s is warning that any benefit will only be short term. Alliance Trust suggests that ticket sales for the event and other consumer spending on Olympic related retail products will cause a [...]
Banks unclear over repeat payment cancellations
Banks’ customer service advisers are unclear about how to cancel Continuous Payment Authorities (CPAs) according to Consumer Focus. Customers are also confused about cancelling CPAs according to the consumer group, even though new regulations were introduced by the Financial Services Authority in 2009 to make the process simpler. The confusion could be causing some people [...]
Mortgages more expensive following SVR increase
Mortgages are more expensive for one million homeowners after the Halifax, the Co-operative Bank, Clydesdale Bank and Yorkshire Bank all increased their standard variable rate (SVR) yesterday. Many mortgages revert to the SVR when a fixed-rate deal comes to the end of its term. Lenders are increasing their SVRs due to the higher cost of [...]
Average house price dipped in March
The average price of a house in England and Wales fell by 0.6 per cent to £160,372 in March according to new Land Registry figures. However, there were wide regional variations with prices falling by 1.8 per cent in London and 4.1 per cent in Wales, but increasing by 5.6 per cent in the North [...]
Leisure costs soar but disposable income falls
The cost of the majority of leisure activities has grown to its highest level for a decade while the amount of income people have left after paying all their bills is falling. According to new research by the Halifax, the cost of football tickets, train tickets, petrol, eating out and going to the gym have [...]
Visa delays launch of V.me digital wallet
Visa has delayed the UK launch of its V.me digital wallet until the autumn, rather than ‘early 2012’ as announced in November. Users of V.me will be able to store their card details in their digital wallet, and will be able to pay online via a smartphone, PC or tablet. V.me will be accessed through [...]
New Atol rules protect online holiday bookings
A scheme that protects holidaymakers if their tour operator collapses has now been extended to flight-plus holidays booked online. The Air Travel Organisers’ Licensing (Atol) scheme will now protect an estimated six million holidaymakers. The scheme is designed to ensure that holidaymakers who book their holiday with an ATOL holder do not lose their money [...]
About | Privacy | Disclaimer | Resources | XML Feeds | Press Releases | Directory | Contact us
