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0% balance transfer credit card deals dwindle, but Virgin looks brand-strong with 0% for 16 months (18. 11. 2008)
Credit card news is reporting a recent decline in the number of 0% balance transfer credit card deals available in the market.
But is this a mark of year-end budget constraints or something more long-term as a cause of the global credit crunch?
Whichever it is, one thing is for certain and that's the current brand-strength of Virgin and its continued market-leading 16-month 0% balance transfer credit card deal. Read the full story »
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Argos slated over interest charged on new easy shop card (7. 11. 2008)
Worryingly in time for Christmas, high street favourite Argos is peddling a 'wicked' credit card - termed by Liberal Democrat Vince Cable.
In association with Provider Personal Credit the 'easy shop card' allows people to borrow up to £500 to spend just at Argos, and like the Provident's other credit products the card works as a cash loan where repayments are collected on your doorstep.
As this credit card news story details, the most striking point of the easy shop card is its enormous interest rate of 222.7% typical APR. While the interest rate can be argued as comparatively inflated due to the way the loan is repaid, it's astronomically high enough to cause a serious stir. Read the full story »
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Debit card customers could be losing out on free cash (27. 10. 2008)
American Express has unveiled research in a bid to promote its Platinum Moneyback credit card in time for the Christmas shopping sprees.
According to American Express, people who are using debit cards to pay for everyday items are losing out on up to £380 free money a year.
This credit card news story reveals American Express' research and points out the warnings people need to be aware of before ringing up too many purchases on a cash back credit card. Read the full story »
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A Million Mortgages and Bills Being Paid by Credit Cards (22. 10. 2008)
The banks are under fire this week as industry officials report in the credit card news that they are profiteering from customers who are at their most vulnerable.
Over a million homeowners have been reported to be paying off their energy bills and even mortgages with their credit cards. But as cardholders need to withdraw the cash first, they are being stung with almost double the interest and added handling fees than would be charged for a purchase transaction.
In fact, over recent years, the interest rate charged on cash withdrawals has risen from an average of 21.2% p.a. to a crippling 30% p.a. Read the full story »
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Repayment cuts proposed to ease strain could result in 80-year debt (17. 10. 2008)
Shortly after its takeover by Lloyds TSB, the Halifax has updated the terms and conditions of their credit card to halve the required minimum repayment amount.
While the Halifax have backed up this change as a way to help people who are struggling to keep on top of credit card repayments, many officials are warning people just how long they would be in debt for if they only repaid the now very meagre 1% minimum.
So small in fact is the new 1% minimum, that the Halifax have been forced to add a "the greater of 1% or interest + fees + £5" clause to make sure the minimum repayment actually covers the repayment of the interest.
This credit card news story reveals the changes made by the Halifax and the consequences for Halifax cardholders. Read the full story »
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Virgin steals back 'best buy balance transfer' award (8. 10. 2008)
Virgin credit card has hit the credit card news headlines today as it reclaims its best buy balance transfer award.
Lasting for all of 2007 and the first half of 2008, the Virgin credit card lost its long-held title to Capital One in July when they launched the UK first 0% balance transfer deal to last for up to 16 months.
But now back in the saddle after having revised its advertising campaigns – Virgin credit card is once again leading the pack and offering 0% for a straight 16 months. Read the full story »
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Evidence revealed that credit card fraud has increased (7. 10. 2008)
The Association of Payment Clearing Services (APACS) has released reports that suggest credit card fraud has risen by 14% since last year.
The areas most at risk are overseas, online and Card Not Present activities where the new chip and PIN technology is not used.
Card present transactions at retailers where chip and PIN technology is used however has decreased.
This credit card news stories reports the facts and figures from APACS and includes useful advice from APACS on how to guard yourself against fraud. Read the full story »
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Balance transfer fees to be cut in competition war (1. 10. 2008)
Balance transfer credit card competition could be taking a sideways step as the length of the 0% periods is presumed to have possibly reached a peak.
This credit card news story reveals how providers may now be looking at cutting the balance transfer handling fees charged instead of 'bunny-hopping' over the competition by extending 0% periods for an additional month.
People are being advised to remember to compare credit cards and to keep an eye on the balance transfer handling fees becoming more competitive as well as the length of the 0% periods. Read the full story »
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Credit card users could be making repayments for 30 years (29. 9. 2008)
Whilst many people may be tempted to make just the minimum repayment on their credit card balance each month, it is important to remember that the minimum repayment figure barely scratches the surface on the actual amount owed.
As this credit card news highlights, people repaying just the minimum amount could end up paying off the debt over many years, as well as paying back a fortune more in interest charges.
It is vital to try and pay back as much as you can comfortably afford to each month, and people with a decent credit history should look at moving to a promotional deal if possible to cut down on the interest charged. Read the full story »
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A third of students now have credit cards (22. 9. 2008)
Recent credit card news has shown that over 1/3 of students now carry and use a credit card whilst at University, and as the cost of living continues many students are now using their credit card to help cover costs.
The average student credit card debt is said to be around £220, and students are being urged to make sure they have a competitive credit card deal offering low interest rates and cheap or waived handling fees. Read the full story »
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Reward credit cards need simplifying (12. 9. 2008)
Further reports from Sainsbury's Finance have again highlighted the need for greater transparency of credit card reward schemes.
Data collated on the UK population has revealed that 1 in 4 people using a reward credit card are leaving their points unclaimed due to not knowing how to claim them, finding the process too difficult, or believing the rewards available were so worthless it was not worth the bother.
In response to this credit card news, officials in the industry are now calling for simpler and easier reward schemes from the credit card providers, and anyone who is carrying a reward card they are not claiming rewards from should consider switching to a more 'instant' reward scheme instead, such as cash back. Read the full story »
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Why it's time to ditch that store card (5. 9. 2008)
Now more than ever it's time to ditch that store card. Even in this credit crunch, credit cards are more popular than ever and offer a better deal than their store-bound imitators.
Store cards can only be used in a very limited range of outlets and attract an average 26% interest on purchases. They just do not make sense in today's credit product market.
Russell Cavanagh takes a closer look in this credit card news story. Read the full story »
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Increase in credit card spending levels (28. 8. 2008)
Reports within recent credit card news have revealed that credit card spending levels remain high and are still rising despite the credit crunch.
Many people believe the increased reliance on credit cards has been caused by more people needing to use their credit card to pay for everyday goods, groceries, petrol, bills and even mortgage payments as the cost of living continues to escalate.
Anyone who is finding themselves spending more than usual on their credit card - and not paying back this spending in full each month, is being urged to consider comparing credit cards for a cheaper deal on rates and fees, as well as to consider moving any current balances to promotional 'balance transfer' deals.Read the full story »
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Get debt free by 2010 and weather the economy storm with a balance transfer credit card deal (21. 8. 2008)
Even with an unstable economy, it's possible to clear your debts by 2010. All it takes is a little planning ahead.
The cost of living is on the up, petrol prices have gone through the roof and getting a mortgage is harder than ever, but consider switching to a balance transfer credit card deal and you could have a weight lifted off your shoulders.
With credit card news reporting competition between credit card companies is fierce, there are a range of credit card offers to compare and choose from, and you could be worry-free and debt-free in no time at all. Read the full story »
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Time to get a cheaper credit card deal (19. 8. 2008)
With credit card providers continuing to hike up interest rates and fees on many of their credit card products for both new and existing cardholders, people are being urged not to be apathetic and to switch to a cheaper deal if possible.
Credit card news has seen industry officials urging people who have a good credit rating to consider switching to a cheaper deal to save money on the cost of borrowing. Read the full story »
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Payment shock for Egg Money cardholders (14. 8. 2008)
Egg hits the credit card news again as it hikes up interest rates and handling fees on its once competitive Egg Money card.
Egg Money cardholders will see interest rates for purchases and cash withdrawals raised, as well as new fees for cash transactions and increased currency conversion charges.
Cardholders who have a good credit rating should be comparing credit cards to keep borrowing and usage costs at a minimum, and those willing to shop around can find credit card deals offering typical APRs as low as 8.5%. Read the full story »
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Credit card interest rates are on the rise - and how to get the cheapest credit card deal (11. 8. 2008)
Although a number of credit card companies are pushing up interest rates due to 'market changes' according to recent credit card news, there are still many credit cards offering fantastically low interest rates.
While Capital One and Barclaycard were seen to increase the interest rates on some of their credit card products, they are still battling it out between themselves to offer the UK’s cheapest credit card. Capital One is in pole position at the moment, but Barclaycard are only just behind.
With the battle to attract customers raging, there are certainly still some great deals out there. Read the full story »
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Battle of the 0% Balance Transfer Credit Cards (7. 8. 2008)
The latest credit card news reveals that the 0% balance transfer market is heating up, and in a time when lenders are tightening their belts, the balance transfer market seems to be bucking the trend.
Capital One made all the headlines recently by becoming the first issuer to offer a 0% deal for 16 months, as well as Barclaycard becoming the current third provider to reach the 15-month mark, and Tesco are but one more issuer to extending their 0% period.
With such great deals on offer, how do you know if a 0% balance transfer deal is right for you, and what’s the best way to make sure these offers save you money? Read the full story »
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Keep the cost of petrol down with a petrol rebate credit card (5. 8. 2008)
As supermarkets announce that fuel prices are coming down, we can all breathe a sigh of relief - but there's another way to make sure that petrol prices stay low.
As this credit card news story continues - if you choose the right credit card, you could be getting great discounts.
Asda's credit card offers a discount of 2 pence per litre on fuel, and Shell's credit card offers a 3% rebate on all petrol and diesel.
On top of these great savings, both cards have extra added incentives, perfect for shoppers or petrol-heads looking for a bargain. Read the full story »
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Are credit card rewards too difficult to redeem? (1. 8. 2008)
Recent research and cross-population surveys have revealed that only 37.5% of people in the UK who use a reward credit card are actually redeeming their points for free goodies.
When was the last time you logged-in to your credit card rewards portal or flicked through that booklet of reward options? If the answer was a while ago and your points are accruing without much notice - have you thought if you're using the right reward credit card for you?
Sometimes the best rewards are those that come instantly, and with instant rewards on offer - you could be saving money as soon as you've earned those points, instead of waiting for years down the line until you've enough to claim a reward you actually want! Read the full story »
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Capital One rivals Virgin for best buy balance transfer credit card (23. 7. 2008)
After 14 months at the best buy top spot for balance transfers, Virgin has been successfully rivalled and the new 'balance transfer best buy' is now 0% for 16 months with Capital One.
The Capital One Balance Transfer and Purchase credit card has recently been launched alongside a number of other 'best buy' credit cards from this lender.
Currently offering 0% on balance transfers until 1st November 2009, fast acting applicants can now enjoy up to 16 months at 0% for current outstanding card balances.
As well as snatching the 'best buy balance transfer' title from Virgin, Capital One have also managed to score records and best buy titles for their combined 0% balance transfer and purchase deal now lasting up to 15 months, and also with their life of balance transfer deal at a mere 5.5% APR. Read the full story »
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The dangers of writing down your credit card PIN number (22. 7. 2008)
Writing down your PIN number can be dangerous business, while it might be a hassle if you forget your PIN and need a new one issued - it can be considerably expensive to write it down.
Even more dangerous is to write your PIN number down - and keep it with your credit or debit cards, as a recent news story has revealed.
People are always being warned of the necessity to not write down a PIN number, to keep different PIN numbers for each card and certainly to never keep it written down in the same place as you keep your cards. Read the full story »
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Will touch and go credit cards result in increased fraud? (8. 7. 2008)
Visa and MasterCard have, over the last year, begun rolling out new 'touch-less' payment systems with wireless chips imbedded in credit cards.
Currently offered by Barclaycard and HSBC, these cards are of most use to London commuters and people living in London to offer a much faster way to pay for quick purchases costing less than £10.
People surveyed into the use of these cards have raised concerns about fraud. However, levels of fraud protection are high and Barclaycard offers 100% fraud protection and zero fraud liability. Read the full story »
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Post Office expands foreign money services in time for summer holidays (2. 7. 2008)
The Post Office has recently introduced thirteen multi-currency ATM machines across the country, as part of a pilot scheme to facilitate easy withdrawals of foreign currency.
Using your debit card, you can now withdraw US-dollars, Euros or Sterling commission-free and at the same rate as over the counter.
The move has served to put the Post Office in first place for foreign currency exchanges, and it continues to offer fantastic credit card deals for travellers, along with the secure and easy to use Travel Money Card. Read the full story »
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Avoid making minimum repayments on your credit card (30. 6. 2008)
Just paying off the minimum amount required each month on a credit card balance can seriously increase not just the amount of time it will take to pay back the balance - but can add thousands of pounds in interest charges to the balance too.
Anyone who is just paying back the minimum are being urged to consider paying back as much as they can comfortably afford too, even if it's just on the odd month were money isn't so tight - as this can really help to reduce the total amount of interest charged and the length of time it takes to pay it all back. Read the full story »
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Free gadget insurance with Barclaycard credit card (19. 6. 2008)
Barclaycard is currently offering free gadget and personal possession insurance for new cardholders taking out one of the Barclaycard Platinum credit cards.
The free insurance cover lasts for 6 months, at which time cardholders can choose to continue with the insurance policy or cancel it without being charged.
Gadget insurance is a new product to come into the market with the increase of people carrying and using gadgets such as iPods, Cameras, Sat Navs, laptops, mobile phones and PDAs. Read the full story »
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With the cost of credit card use rising - are you carrying the best plastic for you? (12. 6. 2008)
As more and more people are turning to credit borrowing to either spread the cost of new purchases or spread current balance repayments, it is important to highlight the need to be using the right credit card.
Switching products now can mean huge savings in interest charges and to help stop any financial difficulties from high interest charges on borrowing.
People spreading the cost of current credit card balances should be looking at moving to promotional 0% balance transfer deals. Likewise, anyone looking at spreading the cost of new purchases should first look to see if they can get a 0% purchase credit card. Read the full story »
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More people have multiple cards (4. 6. 2008)
Many people are turning to credit cards to cover the cost of day to day living as petrol, energy, food and mortgage prices increase.
People are being advised that while credit cards are useful for emergencies, spreading purchases over a long period of time should be done on low rate or 0% credit cards. Read the full story »
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Consumers not exercising enough caution with credit cards (30. 5. 2008)
Credit card fraud is commonplace and is certainly not on the decline even after the introduction of new technologies such as Chip and PIN.
Consumer group officials are urging cardholders to remain vigilant by choosing a secure password and using varying PIN numbers across cards held.
Even while credit cards offer a certain level of protection against fraud, the security of credit cards for cardholders is still an important factor as ever. Read the full story »
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Barclaycard accused of acting irresponsibly (20. 5. 2008)
Withdrawing cash on a credit card is probably the most expensive way to use a credit card. Often attracting higher rates of interest and handling fees, cash transactions are also usually left on your account the longest while providers allocate your payments to cheaper items such as purchases and balance transfers first.
The usual sensible advice to card users is to try and limit cash withdrawals to debit cards wherever possible, and only using a credit card for promotional balance transfers or new purchases.
However, Barclaycard have been advertising to customers irresponsibly by highlighting and encouraging the use of their credit cards to get instant access to cash.
Read the full story »
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Credit card rejection levels rocketing (7. 5. 2008)
As the global credit crunch continues to affect the financial markets quite dramatically, many lenders have and are continuing to tighten up their criteria for who and how much they lend.
Recent reports are highlighting the increased number of credit applications that are being rejected due to the current economic climate, with around 18,000 rejections now being reported each day.
Anyone looking to apply for a credit card should check and make sure that they meet the eligibility criteria set out by the issuer, such as age, income, residential and employment status. Read the full story »
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Credit crunch leads to rise in credit card use (1. 5. 2008)
The global credit crunch alongside higher mortgage repayments and increased day-to-day living expenses is leaving many households struggling to cope with their finances.
Recent research into the UK’s consumer economy has shown that more and more people are now turning to credit to cover essential items such as food and petrol and to pay monthly bills.
Anyone who is spending more on their credit card are being urged to consider getting a 0% purchase credit card or a cheaper low interest rate credit card if possible to cut down on interest charges and the risk of unmanageable credit card debt. Read the full story »
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Card firms have increased rates since penalties were capped (22. 4. 2008)
Most of us are aware of how high the interest rate on many credit cards can be, but recent reports have shown just how much the interest rates on credit cards has rocketed over the past couple of years – and the lost profits from capped default charges just might be to blame. Read the full story »
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Reward card customers failing to cash in (15. 4. 2008)
A recent report has revealed that many reward-earning cardholders are actually failing to cash in on their points collection even though they’re savvy enough to keep their balance repaid. Read the full story »
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Do you have to put up with the Halifax rate hike? (8. 4. 2008)
The Halifax has been putting up rates on existing customer's credit cards, but with one customer already successfully challenging the move, people are being advised to contact their issuers if they have a good credit rating and repayment history as there is a chance the rate will be dropped back down. Read the full story »
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Many plan to move card debts onto 0% balance transfer deals (3. 4. 2008)
£6.68 billion of consumer credit is set to be moved to 0% interest rates as around 4.3 million UK credit card users look to move to a 0% balance transfer deal. Competition between issuers has not declined and it’s certainly still a ‘buyers market’; with the longest 0% offer hitting the 15-month mark. Read the full story »
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Over fifty percent of cardholders pay no interest (20. 3. 2008)
In a surprise report this week, it’s been revealed that 50% of cardholders in the UK pay no interest whatsoever for carrying and using their credit card. By choosing to spend on a rewards based credit card and paying back their balances in full each month; half the UK’s credit card spending population are actually making money back from the credit card companies. Read the full story »
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Limits on credit cards cut for many customers (18. 3. 2008)
It has emerged that many cardholders have had the limits on their credit card cuts without previous notice. During a time of 'credit crisis', banks seem to making a lot of movements towards lessening their risk and cutting down on the amount of money they are lending. Read the full story »
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Fewer credit card providers offering capped transfer fees (4. 3. 2008)
It’s become clear over the last year that balance transfer handling fees have been steadily rising from an average charge of 2% to a now more common 3%. On top of this, lenders offering capped maximum fees has also decreased, with only 7 cards now capping their handling fees compared to 18 a year ago. Read the full story »
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'Without-fee' 0% balance transfer credit card enters the market (27. 2. 2008)
With the days of free 0% balance transfer deals looking all but over, Capital One brings to the market a ‘fee-free’ 0% offer. But at only 6-months in length, are you really saving money by avoiding the handling fee? Read the full story »
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easyJet launch first low cost airline air miles (19. 2. 2008)
easyJet has become Europe’s first budget airline to offer an air miles reward scheme. In association with Citibank, the easyJet MasterCard will allow cardholders to earn Miles that will act as a rebate system on future flight purchases. Read the full story »
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Are banks closing credit card accounts of the wrong people? (13. 2. 2008)
It’s been reported that the recent decision of banks such as Egg are in fact closing the accounts of people with excellent credit histories and repayment records in contrast to their statement that the account closures were due to deterioration of credit ratings. Read the full story »
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Have you been affected by Egg's decision? (5. 2. 2008)
160,000 Egg cardholders have had their accounts withdrawn as the Internet banking giant has decided it no longer wants to offer credit facilities to them. However, in contrast to Egg’s statement of reducing risk - many cardholders on the ‘hit list’ actually have very good credit histories and have never missed a payment. Read the full story »
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How long will it take to clear your Christmas shopping? (28. 1. 2008)
Many people have been left with outstanding balances on their credit card post Christmas and New Year spending. Reports are highlighting that while many are planning to repay their spending by the due date, 40% of cardholders looking to spread their repayments are being urged to consider balance transfer options. Read the full story »
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Are capped default charges actually costing you more? (22. 1. 2008)
Since the cap on credit card default charges last year, it’s become increasingly noticeable that interest rates and hidden fees are on the up; and it’s the cardholders who are still funding the lost profits of the credit card companies. Read the full story »
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Are you feeling the financial squeeze? (16. 1. 2008)
Recent research carried out by the Post Office has revealed that four in ten people are using their credit card to cover the cost of day-to-day spending. But using the wrong credit card could be costing you hundreds of unnecessary pounds a year; money that could be going towards easing the financial burden of the financial squeeze. Read the full story »
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Is insolvency really the right answer? (7. 1. 2008)
With a growing number of people turning to insolvency as the Christmas overspend catches up in January, an amount of concern is raised as to whether insolvency is really the best answer. Read the full story »
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