Figures have shown that many customers are struggling with their existing credit card debts, and this means that a rising number of consumers may soon be hunting out the best deals on interest free balance transfer cards so that they can better handle their credit card debt.

According to one financial website, moneysavingexpert.com, there are now seven credit cards that are offering interest free balance transfers for a period of fifteen months or more, and this compares to just one that was listed a year ago.

A number of banks have now started offering long term interest free balance transfer cards, and many will be keen to net as many people as possible out of those that will be looking to transfer balances over the coming months.

For those that are looking to transfer their balances from a high interest credit card to an interest free balance transfer credit card there are a number of things to look at in order to ensure the best deal. This includes the balance transfer fee that the credit card provider charges for transferring a balance, the length of the interest free period being offered, and the eligibility for applying for the credit card.

An official from the website said that last year there was only the Virgin balance transfer credit card that was offering this sort of interest free period, but that the number of cards had now soared.

He said: “In the past, Virgin completely dominated the zero per cent balance transfer market but now there are plenty of other alternatives.”

Increase in availability of interest free credit cards is a post from: Credit Cards Web

One of the most popular rewards based credit cards has been the cash back credit card, where cardholders can earn a percentage back for every pound that they spend on their credit card in the form of purchases.

However, whilst cash back credit cards have proven very popular amongst consumers there is evidence to suggest that the number of cash back credit cards on the market has been declining, giving consumers far less choice when it comes to finding a suitable cash back credit card.

Moreover, industry experts have now claimed that not only has the number of cash back credit cards already declined over recent years but these cards are set to decline further and could soon become very few and far between.

Figures have shown that fewer than one in twenty credit cards now offer cash back facilities for consumers, whereas just six years ago there were around 25 percent of credit cards that offered cash back facilities.

One industry expert said that cash back deals could often work out the most expensive for providers, and with many still trying to repair the damage caused by the credit crisis and the recession providers may start cutting back on the expense of cash back credit cards.

He stated: ‘Credit card providers are facing a number of hits on their established income streams and I regard it as inevitable that credit cards on offer will become less attractive as the providers seek to regain the lost income in other ways and also cut back on the cost of reward schemes.’

Cash back credit cards set to become increasingly rare is a post from: Credit Cards Web

Some cardholders have even seen the interest rates that they are being charged on their Capital One cards increase from just over 8 percent to over 15.3 percent. Although the rate hikes have not yet been put into place they are due to come in after customers receive their statements in March.

This does give those that do not want to put up with the rate hikes time to look for an alternative credit card provider so that they can keep their interest rate down.

No numbers have been released with regards to how many of the credit card giant’s customers will be affected, but the timing could not be worse for many of those who are still coping with their Christmas debt and who may have been affected by the recession.

Those that do not want to switch card but want to avoid paying the higher rate of interest are being given the option of repaying their balance at their existing rate providing they do not use the credit card any longer.

An official from Capital One stated: “The economic environment has changed dramatically and we must adjust rates to account appropriately for the increased risk of lending to consumers in an economic downturn. This significant downturn means that we have had to increase rates for some of our customers by up to 7%. This decision reflects similar moves throughout the credit card industry.”

Capital One customers hit by huge increases on credit cards is a post from: Credit Cards Web

Research by a finance industry group has shown that credit card interest rates are now at their highest level in twelve years, which is bad news for the many people that are still struggling with their finances as a result of the recession and the credit crunch.

Officials from Moneyfacts claim that over the course of this year so far credit card interest rates have increased to 18.8 percent, making the gap between the base interest rate and the average credit card interest rate astonishing.

Lenders are thought to have increased the interest rate charged on credit cards because they believe that in the current financial climate a rising number of borrowers are likely to default on their repayments, and the higher interest rates help them to cover the risk that they are taking in providing credit.

Data from the Bank of England showed that banks have been writing off huge amounts of money as a result of credit card defaults, which gives some back up to the providers’ claims that they are increasing rates to try and recoup some of the losses that have stemmed from defaults. The Bank of England has also acknowledged that credit card rates have increased, although its data indicates that rates are now at their highest in three years.

A spokesperson from Moneyfacts said: “The UK continues to suffer from a high level of unemployment and providers are worried about the increased risk of customers not repaying their debts. This increased risk continues to be passed on to both new and existing credit card customers through higher rates.”

New high for credit card interest rates is a post from: Credit Cards Web

However, according to recent reports the majority of the proposals that have been put forward to credit card companies have been rejected by the providers, which means that consumers could still suffer unfairness when it comes to their credit card accounts.

A number of proposals had been made by the Department of Business Innovation and Skills to try and make things fairer for credit card customers, but according to recent reports the credit card industry has rejected the majority of the proposals. In fact, the industry has gone a step further and has announced plans that could result in around two million borrowers paying extortionate rates on their credit card borrowing.

Amongst the proposals that the Department of Business and Innovation had put forward were a ban on increases in credit limits that had not bee requested, an increase in minimum repayments for customers so that their debts would be cleared more quickly, and a ban on borrowing rate changes at short notice and for no apparent reason.

One of the other proposals related to the allocation of repayments, where the Department wanted the more expensive debt paid off first.

Reports claim that the credit card industry has agreed partially to the final request relating to the allocation of repayments, and has rejected the other three requests completely.

The UK Cards Association has stated that it wants the credit card firms to be able to decide which of the debts are paid off first with repayments that are made by credit card customers.

Credit card firms reject many proposals is a post from: Credit Cards Web

Whilst many people still take cash with them when they go abroad one industry expert has said that consumers need to carefully consider the downside of using cash, and work out whether a credit card could actually prove more beneficial for them.

Research was recently carried out by Spanish owned High Street bank, Santander, and the results showed that around 52 percent of Brits took cash with them the last time they went abroad.

The figures also showed that around 20 percent said that they had taken credit cards to use abroad, 15 percent had relied on their debit cards to make purchases whilst overseas, and just 5 percent had taken travellers cheques with them when they went abroad.

One official from Santander said that in many cases consumers were spending considerable sums of money when they went abroad, and with this in mind they needed to think carefully with regards to whether cash was the best option for them when they were going abroad.

He suggested that a more viable and effective option for many of these travellers would be to take and use a credit card when going abroad.

He said that credit cards offered many benefits to consumers that were going abroad, adding: “The reliance on cash does raise some concerns: one, is it safe to carry large sums of money; and two, is cash the cheapest way to pay for items whilst out of the UK? Britons do believe that credit and debit cards do not get great rates of exchange, but this is simply not the case – the exchange rate on cards tends to be very close to the daily wholesale rates.”

Credit cards could be the ideal solution for holidaymakers is a post from: Credit Cards Web

Becoming the victim of identity theft can have many repercussions, and the recipients of this type of crime have to put up with stress, frustration, and even financial losses. However, there are some steps that consumers can take to reduce the risk of becoming a victim of identity theft, and providing consumers are more vigilant and careful when it comes to their personal information it is possible to prevent this type of crime.

One of the things that can help you to better monitor your finances and check on whether you may be a victim or attempted or successful identity fraud is checking your credit file on a regular basis. By doing this you will be able to see whether there is anything untoward, and you can quickly identify and address an suspicious activity which could help to reduce the risk of you becoming a victim of this sort of crime.

You can order your credit report with ease online these days, so checking your financial information will prove to be no hassle and could really help to save you from the hassle and stress of becoming a victim of identity fraud.

Another thing to remember is that identity thieves do not always use the most sophisticated methods, and in fact they are able to get hold of the information that they need by something as simple s going through your rubbish bag. This is why it is so important not to just throw away paperwork that contains financial and personal details in the waste paper basket, and this includes bills, bank and credit card statements, and any other documentation that may contain sensitive information that can be used by ID thieves to commit their crime.

You also need to be very careful about where and when you dish out personal information that could lead to ID theft. For example, if you have a computer that is shared with other people you should never save password and account details, as these could easily be hacked. Similarly you should ensure that you never link to a website from an email, as this is a scam that is known as phishing, and these emails – although they may claim to be from your bank or another trusted source – link you to a fake website, and once you enter your details they are freely available for the fraudsters to access and use.

Even giving out personal and financial details on the phone can prove dodgy, unless you are the one that has made the phone call. If you receive a call from someone that claims to be from your bank or credit card firm, and asks you to confirm your account details, always exercise caution, as this is not some thing that banks do. If in doubt take the name of the caller and ring the company back to make sure that it is your bank or credit card provider, as otherwise you could end up giving your card and personal details to a complete stranger.

Tips on avoiding identity theft is a post from: Credit Cards Web

The figures were released by the Bank of England, and the data showed that in the final three months of last year default levels on credit cards and other unsecured credit actually fell.

Officials from the Bank of England have now said lenders clearly overestimated the rate of defaults on unsecured borrowing in the final quarter of last year.

However, the Trends in Lending report from the Bank of England also showed that whilst the level of defaults for the final three months of last year fell, contrary to expectations, the actual value of defaults increased during the same three months.

There has also been an increase in interest rates on credit cards as a result of this, the Bank of England figures show, with the gap between the average interest rate charged on credit cards and the rock bottom Bank of England base rate, which still stands at just 0.5 percent, being wider now than it was a year ago.

Officials have said that this is the result of heightened risks for lenders amongst other things.

One of the reasons that default rates on credit cards and other unsecured credit was lower than lenders had expected in the final three months of last year was because many had been expecting unemployment levels during that period to be higher than they actually were, and had therefore based estimates and predictions based on a higher unemployment rate.

However, there was actually a surprise drop in the number of people that were out of work in the three months leading up to November 2009.

Lower than expected defaults on credit cards and other borrowing is a post from: Credit Cards Web

It is thought that the new plans from Barclaycard could spark something of a loyalty card war amongst providers, and officials believe that if this happens borrowers could really benefit, as providers will be doing their best to entice them with various schemes and incentives.

Barclaycard will be allowing its credit card customers to benefit from cash discounts in selected retailers, which could save shoppers valuable money. The new scheme is called the Barclaycard Freedom Scheme, and it is thought that the new scheme will be viewed as something of a threat by many rival credit card providers, who may then launch their own similar schemes to ensure that they are able to compete with Barclaycard.

With many believing that rival providers could start to offer bigger rewards to customers in order to remain competitive in light of the Barclaycard offer customers could soon start enjoying a range of benefits and rewards from their credit card providers.

So far around thirty thousand retailers have been asked to be part of the new Barclaycard scheme, and officials from Barclaycard have said that the scheme will be far bigger than those offered by its rivals.

The scheme is set to be launched in March, and customers will be able to get around one pence back for every one pound that they spend in participating retailers.

The accrued cash can then be used to make purchases at these retailers. Whilst Barclaycard believes the scheme will be very popular some industry experts are claiming that many customers may still be better off with a standard cash back credit card where benefits can be accrued at any retailer rather than just participating ones.

Cash discounts could benefit Barclaycard customers is a post from: Credit Cards Web

The problem is said to have affected those that were trying to make a payment through the use of a Natwest Visa debit card, who found that they were not able to make the payment from their Visa card onto their Egg card leaving them in danger of incurring late or missed payment fees.

The problem occurred towards the end of January and Egg officials promised that they would get it sorted out as quickly as possible.

The appeared that the problem had occurred because the Egg website through which customers were trying to make their payments failed to recognise the Natwest Visa debit card as a legitimate payment card, which meant that customers that were trying to make payment via these particular debit cards found that they were unable to do so.

Egg claimed that the problem had occurred because it was unable to identify the Bank Identification Number of the cards, and updates about these numbers were supposed to be provided by the card providers.

Egg has since been in liaison with Natwest in order to get the issue resolved. Egg did state that most of its customers had not been affected by the problem because the majority paid by debit card.

An official from Egg stated: “As soon as we were made aware of this issue we have been working with the third-party who provided the data to rectify this problem as quickly as possible. We expect it to be resolved by early next week.”

Many Egg credit card customers unable to make payment by debit card is a post from: Credit Cards Web