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News Tag: credit card

July 5, 2012

Airlines to make card charges more transparent

by Jan Harris
Airlines to make card charges more transparent
Airlines will make debit and credit card charges clearer for customers, following an investigation by the Office of Fair Trading (OFT). The investigation was launched in March following a supercomplaint from the independent consumer body Which? Twelve airlines have agreed to include debit card surcharges in the headline price rather than add them on at the end of the booking process, ...




June 20, 2012

Cards launched for customers with low credit rating

by Jan Harris
Cards launched for customers with low credit rating
SAV Credit, which offers credit cards to customers who have been turned away by High Street Banks, has launched two new products. The aqua Reward and aqua Advance cards are available to customers with a poor credit rating and offer credit limits of up to £1,600. The aqua Advance card offers a reduced rate of 5 per cent a year for ...




May 30, 2012

Credit card lending contracted in April

by Jan Harris
Credit card lending contracted in April
Credit card lending contracted in April, representing the fourth time it has contracted in the past six months and suggesting that consumer confidence remains low. Repayments exceeded new borrowing by £118m last month, marking the biggest monthly contraction since August 2006, according to the latest figures from the Bank of England. Other types of personal lending increased by £400 million in ...




May 15, 2012

Sainsbury’s offers 6.9pc credit card

by Jan Harris
Sainsbury’s offers 6.9pc credit card
Retailer Sainsbury’s is offering a credit card with an interest rate of just 6.9 per cent on new purchases, but the card is only available to nectar card holders with good credit ratings. According to new research by the retailer, the number of cards offering a lower-rate APR over a long-term, with no introductory offer, has fallen by 35 per cent since ...




May 3, 2012

Financial Ombudsman receives 10% more credit card complaints

by Jan Harris
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 goods. Section 75 of the Consumer ...




April 17, 2012

Store-card debt written off

by Jan Harris
Store-card debt written off
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 to a credit card by Santander in 2003. ...




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 ...




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 ...




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 30, 2011

Consumer credit flat – money supply falls

by Jan Harris
Consumer credit flat - money supply falls
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 High Street sales will continue. ...




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 ...




June 27, 2011

Credit card usage falls sharply

by Kay Mitchell
”Credit
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 of transactions involving cash fell, although the average ...




June 17, 2011

Capital One to buy ING in $9bn deal

by Kay Mitchell
”Capital
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 the credit card company become ...




April 13, 2011

JP Morgan profits boosted by credit card business

by Kay Mitchell
JP Morgan profits boosted by credit card business
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 services division revealed a profit of ...




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 10, 2011

CML reports further fall in repossessions

by Kay Mitchell
CML reports further fall in repossessions
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 the same period a year earlier. Experts argue, though, ...




February 2, 2011

Almost 300 jobs to go at Barclaycard’s call centre

by Kay Mitchell
”Almost
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 the bank transferring back office ...




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 ...




September 1, 2010

Soaring bad debt hits credit card lenders

by Gill Montia
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 to exceed the record £4.1 billion ...