‘Credit Cards’ News
Balance transfer deals dwindling
Posted 2008-02-29
Customers hoping to secure a low interest balance transfer deal on their credit card may struggle to find suitable products, according to a new study. Research carried out by Fool found that there are just nine genuine zero per cent balance transfer credit cards left, compared to some 200 deals available this time last year. ...
Read Balance transfer deals dwindling
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Store cards ‘worst way to borrow’
Posted 2008-02-26
Store cards are among the worst ways of securing credit and people should avoid them at all costs, one leading debt consultancy firm has advised. Issuing a scathing assessment of the popular cards, Thomas Charles said they offered the least value for money of any method of borrowing and that people should not sign up to them "full stop". ...
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Multiple credit cards ’spell confusion’
Posted 2008-02-19
Having a multitude of credit cards in your wallet can lead to serious confusion over financial matters, it has been suggested. The Consumer Credit Counselling Service said that Brits cite numerous different reasons for having more than one credit card and in many cases they appear to make good sense. ...
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Credit card firms ‘abusing order of payments’
Posted 2008-02-18
A clear majority of credit card firms are structuring their debt repayment schemes to the disadvantage of borrowers, one new study has suggested. Research conducted by price comparison website MoneySupermarket.com has found that all of the eight largest credit card firms in the UK oblige their consumers to pay off their least expensive debt first. ...
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Brits top Euro list of plastic fanatics
Posted 2008-02-15
The average British consumer owns almost three times as many debit or credit cards as his French counterpart, new research has suggested. Whereas six years ago there were 2.4 cards for every adult in the UK, that figure has now risen to 2.8 and makes British people the most plastic-obsessed consumers in Europe. ...
Read Brits top Euro list of plastic fanatics
OFT: Credit cards too complex
Posted 2008-02-14
The Office of Fair Trading (OFT) has accused credit card providers of making their products too difficult to compare with each other. Seven out of ten consumers do not currently shop around for deals on credit card deals, the economic regular said, meaning that tens of millions of Brits are effectively wasting their money. ...
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Northern Rock, Co-op break credit card partnership
Posted 2008-02-13
Struggling lender Northern Rock has cancelled its credit card tie-up with the Co-operative Bank, leaving the Co-op without a credit card deal. However, both sides admitted that the timing was coincidental, as Northern Rock had stopped selling the Co-ops credit cards under its own brand in November. ...
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Cardholders urged to watch their backs
Posted 2008-02-8
Consumers are being advised to take extra care when using their credit cards to avoid falling victim to fraud. Danny Harrison, a security expert at card protection firm CPP, emphasised the need to take practical, commonsense measures when using credit or debit cards. ...
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Credit card firms ‘cull responsible borrowers’
Posted 2008-02-7
Credit card firms are exploiting the industrys current purge of high-risk customers by weeding out some of their most responsible - and so least profitable - customers, it has been claimed. Last week, Egg wrote to seven per cent of its 161,000 customers advising them that their cards would be withdrawn within 35 days due to an ongoing clampdown on irresponsible lending. ...
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Young urged to protect credit ratings
Posted 2008-02-5
Students and graduates are being urged to check their credit history and keep close tabs on any borrowing to avoid running into difficulties later on in life. Most young people have a "thin file" when it comes to credit records, credit checking service Equifax said, which means that any negative records will be more noticeable to creditors. ...