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Looking to compare credit cards?Credit Card Comparison Online can help you compare, choose and apply online
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| Balance Transfer Offer | Balance Transfer Fee | Typical APR (variable) |
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Virgin | Best Buy! 0% for 16 months |
2.98% | % APR |  |
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HSBC | 0% for 13 months |
2.5% | % APR | |
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MBNA Platinum Plus | 0% until 1 Jan 2010 |
2.9% | % APR | |
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Post Office | 0% for 12 months |
2.98% | % APR | |
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0% on balance transfers
for 6 months (2.98% fee) % APR
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0% on purchases for 10 months
% APR
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Up to 5% cash back
on all purchases % APR
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Earn Thomas Cook Travel Pounds for Free Travel
Commission Free use abroad % APR
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Rebuild a poor credit history
% APR
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Credit Card News Round Up
The week of 19 November 2008
THE credit card news this week includes market insights into the future of 0% balance transfers, new ways fraud is being tackled by Visa and how the Prime Minister is helping to address high interest rate problems within the credit card market.
Also this week is a surprising advancement by MasterCard that sees the world's first diamond encrusted credit card.
3 big banks drop 0% balance transfers but Virgin continues to strive ahead
CAPITAL ONE, RBS and Natwest have all dropped 0% balance transfers completely from their line up of credit card products.
While Capital One has decided to focus more on offering promotional mid-term low rate balance transfers, the RBS family (RBS, Natwest and Mint) have dropped promotional balance transfers altogether.
Capital One also continues to offer one of the UK's most competitive low standard interest rate credit cards at just 8.5% APR fixed until August 2012 [Capital One FixedRate credit card review].
RBS, Natwest and Mint are instead now focusing on a short-term (9-month) promotional low rate for purchases (4.9% p.a.) and are offering balance transfers at their standard rate of 16.9% p.a. but are waiving any handling fee.
While the credit card comparison headlines are full of the possibilities of nearing the 'end of the 0% balance transfer', certain credit card providers such as Virgin are still looking incredibly strong.
The Virgin credit card in particular continues to offer 0% balance transfers for a record 16 months. MBNA, HSBC, Post Office, HBOS, Barclaycard, Tesco and Egg (among others) are all still offering 12+ month 0% balance transfers.
Compare 0% balance transfer credit cards to see the current best buy credit cards.
PM urges responsible lending and fairer costs on credit cards
GORDON Brown has expressed concern that the credit card industry needs to employ more responsible lending as well as fairer costs for existing cardholders at a recent monthly press conference.
He said "I think we have got to bring the credit card industry in to talk to them to join with us in establishing clear principles to apply to the costs people face on their existing debts", as well as expressing confidence that credit card companies would support a "new responsible approach to lending" to people through the current economic down-turn.
Shortly after, new researched was revealed that now almost 50% of all credit cards require an average minimum income of just over £18,000 in order to be considered for the credit card. Only 6 months ago, just a third of credit cards specified a minimum income amount as part of their application criteria.
Credit card minimum incomes range from £3,000 right up to £100,000 on some of the UK's most prestigious credit card products.
Anyone who is looking to compare credit cards is advised to use a credit card comparison site to find the best deal and should check the application criteria carefully to make sure they meet all of the conditions before they apply online.
Visa offers keypad credit card, while MasterCard offers diamonds
VISA has introduced a new revolutionary way to help the fight against credit card fraud, and in particular against "card-not-present" fraud which accounts for more than 50% of all card fraud.
The new Visa credit cards feature a 12-button keypad and a battery powered LCD display that will generate a unique code required to authenticate any online purchase.
Anyone who banks with HSBC will be familiar with the "security device" used to generate a one-off code to enter the online banking facility. The new Visa credit cards, due to begin launch within the next few months will work on the same principal.
Meanwhile, MasterCard have also been rattling the technology headlines with the issue of a diamond-inlaid credit card designed especially for the Kazakhstani super-rich.
The "Diamond credit card" will be laced with gold and inlaid with a real diamond, and even comes in his or hers versions.
Aimed at Kazakhstan's oil rich billionaires, the Diamond credit card is available at a pinch of just a $1000 (£665) annual fee.
Any UK citizens looking for prestige status will have to compare credit cards by looking at specific platinum credit cards.
How Are Balance Transfer Credit Cards Shaping Up?
Balance transfer credit cards are a great option for shifting problem debts around until your financial woes are finally sorted out - and the 0% interest free periods on some of these credit card deals are getting longer.
But balance transfer credit card products have transformed over the past few years - and are continuing to transform.
Russell Cavanagh looks at how balance transfer credit cards are shaping up and what you need to think about when you compare credit cards for the best deal. Read the full story »
How to Get a Cheap Credit Card Deal
Getting a cheap credit card deal to suit you requires research. There's much to consider when you compare credit cards to make sure you get the cheapest credit card deal available to you.
While using credit card comparison tools is invaluable to find the best offer, it's equally important to know what type of credit card deal you need to be comparing, and what will work out the cheapest for you in the long run.
Russell Cavanagh provides valuable insight into how to get a cheap credit card deal so you know with confidence what you're looking for. Read the full story »
0% balance transfer credit card deals dwindle, but Virgin looks brand-strong with 0% for 16 months
18 November 2008
As credit card comparison reports reveal a decline in the number of 0% balance transfer credit card deals available, the Virgin brand holds strong and continues to offer the UK’s longest 0% balance transfer deal - for a staggering 16 months.
People looking to transfer expensive credit card debts before the Christmas season are being advised to compare credit cards and make sure they get their applications in quickly.
While the Virgin credit card continues to offer the best buy balance transfer credit card, whether or not the rest of the market will return with force in the New Year remains unknown as it could be a result of a more serious knock by the credit crunch. Read the full story »
Argos slated over interest charged on new easy shop card
7 November 2008
Many credit cards charge people high rates of interest and this is why people are advised to either compare credit cards for the cheapest deal or repay the balance in full wherever possible to avoid any interest charges.
However, high street retailer Argos is playing on the desperation of people over the Christmas period in this particular difficult financial time by marketing a credit card that charges a massive 222.7% interest.
Already termed as 'wicked', the new easy shop card is run by Provident Personal Credit and allows borrowers to spend up to £500 at Argos with weekly repayments collected at the borrowers home. Read the full story »
More news in our credit card guide »
Q. How long do I have to repay my balance before I'm charged interest?
A. Usually you'll have between 14 and 28 days from the date of an issued statement in which to pay the full balance on time before you are charged any interest on purchases.
However, the interest free period on credit cards usually states that the previous month's balance must have been paid in full and on time as well, in order to receive no interest charges by fully repaying this month's statement.
If you usually repay your balance in full each month, you can compare credit cards by the length of the interest free period offered - giving you the most time to pay back your balance in full without being charged any interest. Read the full answer »
Got a question?
Other recent questions:
Q. What transactions are included in the standard interest rate or APR?
Q. What fraud security will a credit card offer?
Q. How can I transfer money to a current account?
Q. How much am I required to pay back each month on my credit card?
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