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 [...]
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 Customers withdrawing cash on their credit card are charged 3 per cent of the amount withdrawn, or £5, whichever is [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
Gender directive could slash men’s annuity payouts
The EU Gender Directive, which came into force today, could see men losing up to £10,000 from their annuity payouts, according to research by PricewaterhouseCoopers. Under the new rules insurers are no longer allowed to take gender into account when setting annuity rates and premiums on insurance products. Men previously enjoyed higher annuity rates than [...]
Home rental costs down in November
The cost of renting a house in England and Wales fell by 0.4 per cent in November, its first dip since March, according to a survey by LSL Property Services. Average rent was £741m during the month, returning to the level seen in September. However, it was 3.4 per higher than in November last year. [...]
Lloyds TSB halts sale of packaged accounts in branches
Lloyds TSB will stop selling packaged account in its branches from 1 January 2013, until its sales procedures are brought into line with those operated by sister bank The Halifax. Lloyds TSB is one of the main providers of packaged accounts in Britain, with around one in three of its customers choosing to pay fees [...]
Housing market recovery to continue next year
Recent improvements in the housing market should continue into next year, according to the Council of Mortgage Lenders (CML) Gross lending is estimated to have increased to £12.9 billion in November, helped by the Funding for Lending scheme which provides banks and building societies with lower-cost funding, which they are then supposed to pass on [...]
Newcastle Building Society exits interest-only mortgages
Newcastle Building Society has stopped offering interest-only mortgages to new borrowers, following the lead of the Royal Bank of Scotland, Nationwide, Co-operative bank and Coventry Building Society. The decision will not affect existing Newcastle customers and applications for interest-only mortgages received before 14 December will still be processed. Prior to the credit crunch, interest-only mortgages [...]
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 [...]
Monthly incomes £22 lower in 2012
The average monthly income of UK households fell by £22 in real terms compared with last year, according to a survey carried out for the Bank of England (BoE) by NMG Consulting. People on lower incomes have seen their income eroded more than higher earners and households still have high levels of debt the BoE [...]
Savers dig deep to fund Christmas
New research from the Halifax suggests that savers are funding their Christmas spending with money set aside for other purposes. Thirty-seven per cent of 2,138 savers surveyed by the bank at the end of November had withdrawn savings in the last three months. The average amount withdrawn was £1,186, more than double the average savings [...]
Financial data at risk from unsafe passwords
According to a survey by the Payments Council the problem of having to remember a different password for several accounts means that many internet users are compromising the security of their financial data. Internet users have 22 password-protected accounts on average and many use the same log-in details for more than one account, even though [...]
Wonga launches Paylater loans on retailer website
Payday loan company Wonga has launched a new Paylater service on furniture firm Cotswold Company’s website. The service, which allows customers to “buy now, pay later” will be introduced on other retailers’ sites in the near future. Although the Paylater branding is similar to Wonga’s, the Wonga name only appears in the small print. A [...]
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