Related Credit Card Article

"Good deals being limited by credit card providers"

By Reno | August 30th, 2010 | General

It has been claimed that good deals on credit cards are being limited by credit card providers, and although many consumers may have read reports that made them believe that credit was becoming more easily available credit card companies are not giving these deals out easily.

Industry officials have said that many credit card providers are advertising various tempting deals on credit card borrowing, but in many cases consumers will not qualify for these deals as they are being limited by the credit card firms. In the meantime credit card users are being hit with sky high long term borrowing rates on cards, which have rocketed even though the base interest rate is still at its all time low of just 0.5 percent.

It is thought that whilst there may be a rising number of advertisements relating to affordable credit card deals most people will have few options when it actually comes to finding a new affordable credit card. The increased rejection facing credit card customers has been outlined in recently released figures.

Industry figures have shown that in 2004 and 2005 when credit cards and other forms of credit were widely available two thirds of applicants were being accepted for credit cards. However, figures show that now half of applicants are rejected, and of those that do qualify one third do not qualify for the advertised terms and end up paying far more for their borrowing.

An official from the UK Cards Association, Sandra Quinn, said: “Lenders are being more choosy and looking more carefully at all aspects of an applicant’s credit history. We are a long way from the time when credit was shoved at you from all directions.”

Tags: deals, borrowing, credit card, Credit Cards, finance

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