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Don’t get punished for NOT using your credit card
Most of us are well aware of just how convenience and flexible it can be to use a credit card to make purchases. However, the global credit crunch has changed our spending habits in many ways, and quite rightly many of us are now nervous about using our credit cards and getting into debt unless there is a real need to do so. As a result of this many people are simply deciding to put their credit cards to one side and use them only in an emergency. For some lucky people a financial emergency that warrants the use of their...
By admin | November 23, 2009 | Read More
Yes You Can Lower the Cost of Your Credit Cards
In the past credit card companies have raised customers’ credit limits unbeknownst to them, sent them checks they can use to transfer balances and have charge exorbitant interest rates on balances. This is about to come to an end with the plans the UK government has in place to crack down on the ruses used by these companies that lead to consumers going farther into debt. The practices of the companies have come under criticism in the past and with the many critics of the policies they use, the government is starting to pay attention to the complaints of consumers. Cliff...
By admin | November 10, 2009 | Read More
Annual Fees May Be Coming for Credit Card Holders
With the government clamp down on the credit card industry in the last months, credit card companies are poised to charge an annual fee for the cards in order to recoup some of the losses that they have incurred. The Internet bank EGG recently released a new credit card that had an annual fee of £12. It gave indications that other banks are set to follow suit. Peter Harrison of the price comparison site Moneysupermarket.com, said that right now Egg is the only credit card company to issue a card with an annual fee, but this is likely just the “tip...
By admin | July 26, 2009 | Read More
The End Of The 0% Deal? Lifetime Balance Transfers May Be The Answer
Since the credit crunch began to bite, the overall number of 0% balance transfer offers has dropped dramatically. ‘Credit card tarts’ are finding it more difficult to find good deals out there. Not only are there fewer providers offering the deal, but the deal terms are getting shorter on average. Also, nowadays there is no such thing as a fee-free balance transfer. Average fee tends to be around 3% which is added on to the debt. In real terms, this equates to an interest rate of 5.7%. So it isn’t really no-interest, but low-interest, with transfer fees subsidising the cost...
By admin | July 24, 2009 | Read More
More Protection For Credit Card Borrowers But With A Catch
With a consumer white paper released to aiming to protect consumers by curbing reckless borrowing and spending, and a white paper designed to protect Britain from a repeat of the current financial crises with tougher legislation for banks, it seems the Government is finally recognising the need to rein in on sneaky, unfair tactics used by lenders. So what are the measures being employed against unscrupulous lenders? Amongst the wide-ranging reforms are: Ban on negative hierarchy There will be a consult on a ban on negative payment hierarchies. This is when payments on a card go towards paying off the cheapest debt...
By admin | July 20, 2009 | Read More
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Don’t get punished for NOT using your credit card
Most of us are well aware of just how convenience and flexible it can be to use a credit card to make purchases. However, the global credit crunch has changed our spending habits in many ways, and quite rightly many of us are now nervous about using our credit cards and getting into debt unless there is a real need to do so. As a result of this many people are simply deciding to put their credit cards to one side and use them only in an emergency. For some lucky people a financial emergency that warrants the use of their...
By admin | November 23, 2009 | Read More
Credit card companies use incentives to attract customers
According to a recent report an increasing number of credit card companies in the UK are trying to attract customers by offering a range of incentives that even include free flights. Vouchers and other incentives are also being offered, and this comes after two years of turbulence in the market where not only were many credit card firms refusing to offering incentives or cutting perks but were also turning down many people for credit cards. In order to qualify for the high end incentives consumers simply have to spend a certain amount of cash on their credit cards and then repay...
By admin | November 23, 2009 | Read More
Many credit card consumers will not shop around
Although most people are aware that the interest rates, terms, and benefits of credit cards can vary from provider to provider and from card to card it has been revealed that many credit card customers are still afraid to shop around for the best deal. One of the main factors affecting their confidence when it comes to shopping around is the fear of affecting their credit rating and score by making applications or being rejected for credit cards, which would then knock down their credit score. The global credit crunch and the recession have resulted in an increase in the number...
By admin | November 20, 2009 | Read More
Nine month low for UK credit card borrowing
Recently released figures have shown that in September the amount of money that Brits borrowed on their credit cards fell to its lowest level in nine months, with many continuing to aim to pay off debts rather than accrue further debt in the ongoing difficult financial climate. Only £79 million was borrowed on credit cards for the month, whereas debts of £262 million were paid off for the month. September also saw improvement in the number of mortgages that were approved for Brits, with 56,215 approvals in September compared to 52,970 for the previous month. It is thought that this was...
By admin | November 18, 2009 | Read More
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By J. Kenny | August 28th, 2008