‘Credit Cards’ News
Actions of credit card companies called into question
Posted 2008-05-12
Over 2.5 million credit card customers have been hit with annual fees or the threat of having their account closed, new statistics have revealed. Research from uSwitch.com has found that 1.6 million consumers have had their credit limit cut by their provider, while 1.3 million have had their account closed or been told they must pay a set charge each year. ...
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Credit Action: Adverts for loans and credit cards breach rules
Posted 2008-05-11
Some credit providers are breaching advertising standards rules with their promotions on social networking sites such as Facebook. According to debt charity Credit Action, some of the promotions being advertised do not comply with the Office of Fair Tradings rules. ...
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Fool.co.uk: Ask for lower interest rates
Posted 2008-05-7
Price comparison website Fool.co.uk is encouraging consumers to ask for lower rates of interest charged on credit cards. ...
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Credit card companies only have “so much” to lend
Posted 2008-05-5
A personal finance expert has claimed that banks want to issue credit cards but only have so much money to lend. In response to recent figures, which showed up to 18,000 people a day are refused credit cards, David Kuo, head of personal finance at Fool.co.u...
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Credit card fraudsters could use details to take out loans
Posted 2008-04-29
A failure to notice credit card fraud early on could allow criminals to use the victims details and take out loans in their name, an industry expert has warned. Helen Lord, fraud and regulatory compliance director at Experian, recommended consumers check their credit report regularly in a bid to detect fraudulent transactions, as the longer it is left undetected, the more damage it will do to the rating. ...
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One in 14 credit card applications are rejected
Posted 2008-04-23
Up to 18,000 credit card applications are being rejected every day, according to a recent survey. Research by price comparison site MoneyExpert.com has revealed that banks are turning down prospective customers over fears about the amount of personal debt in the UK. ...
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Cash makes a comeback
Posted 2008-04-22
A new survey has found that consumers are increasingly paying for goods with cash as credit card debt rises. Figures from the British Retail Consortium (BRC) show that cash transactions accounted for 60 per cent of purchases in 2007. ...
Online credit card fraud increases
Posted 2008-04-22
The amount of online credit card fraud is greater than first believed, new research has shown. According to figures from the banking industry, losses through mail, internet and phone, known as card not present losses reached £290.5 million in 2007, a 37 per cent increase on the previous year. ...
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Credit crunch spells end of 0% balance deals
Posted 2008-04-16
Zero per cent balance transfers “are going to be very hard to come by, if not non-existent,” according to the National Debtline. A spokesperson for the national telephone helpline has said that the knock-on effects of the credit crunch will also be felt on other aspects of peoples personal finances, with some people choosing to stop paying their mortgage to counterbalance the problem. ...
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UK credit card limits slashed by £3.1bn
Posted 2008-04-6
British consumers have seen their credit card limits slashed by a total of £3.1 billion over the course of just six months, it has emerged. Some 1.8 million credit card customers have had credit limits cuts by an average of £1,600 since last November, new research from MoneyExpert.com has found. ...