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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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Consumers need to sort credit card debts out in New Year (31. 12. 2007)
As the festive season draws to an end for this year people are being urged not to forget their finances in January. Read the full story »
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MasterCard will have to scrap cross border fees (24. 12. 2007)
Finance giant MasterCard has been told by European watchdog that it must stop the inflated charges made to European retailers for accepting foreign card payments. Read the full story »
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Watch out for credit card fees if you go abroad over the festive season (17. 12. 2007)
The Post Office is urging consumers to bear in mind the high cost of many credit card fees when using them abroad. The Post Office are but one of a few lenders to offer commission free use abroad. Read the full story »
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Co-op under fire again for cutting credit card limits (10. 12. 2007)
How ethical the Co-operative Bank is has come under scrunity this week as they cut the credit limits of many of their cardholders. Read the full story »
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Credit card providers tightened up on lending (28. 11. 2007)
Credit card providers across the UK have really tightened up on lending over the past couple of months in light of the turmoil that has hit the financial sector as the result of the credit crunch. Read the full story »
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Credit crunch results in increased card fees and charges (19. 11. 2007)
Credit card users in the UK have started to feel the effects of the credit crunch, as lenders hike up an array of rates and charges as well as rejecting an increasing number of applications. Read the full story »
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Christmas sparks a cash back war (12. 11. 2007)
As Christmas and the New Year approaches it seems that a cash back war has broken out amongst credit card providers, with a number of lenders vying for the custom of anyone planning to put Christmas on plastic by offering high cash back rates during the festive season. Read the full story »
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House of Lords rules on credit card protection (5. 11. 2007)
The House of Lords has recently upheld a decision made by the Appeal Court earlier this year in relation to credit card protection on purchases and services made abroad by credit card users. Read the full story »
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Retailers are being overcharged by banks for card transactions (29. 10. 2007)
According to a recent report banks have been accused by the retail industry of charging too much for credit card transactions as well as debit card transactions. Read the full story »
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Many people using their credit cards to make mortgage payments (22. 10. 2007)
According to a recent survey many homeowners struggling to meet mortgage repayments have been forced to turn to credit cards in order to make some of these repayments – putting themselves in danger of spiralling debt according to some experts. Read the full story »
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Credit card providers doubling rates for some customers (15. 10. 2007)
Many consumers in the UK may be thinking of switching their credit card provider after a number of credit card companies pushed up their rates by up to double for consumers that they classed as being higher risk. Read the full story »
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Bank starts clamping down on credit cards (8. 10. 2007)
Amidst growing concerns over consumer debt in the UK, and further fuelled by the recent turmoil that has hit the UK's financial sectors, Barclays Bank has been cutting customers' credit limits on cards and increasing the number of applications that it is rejecting. Read the full story »
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Credit card offers rebates on fuel at Shell (1. 10. 2007)
A new credit card has been launched by Shell, which will allow consumers to earn rebates towards their fuel costs simply by using the credit card in the usual way. Read the full story »
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Is there a cash back credit card war on? (24. 9. 2007)
According to recent reports there could be good news ahead for UK consumers that are after impressive cash back rates on credit cards. Read the full story »
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Abbey raises the bar on cash back deals (17. 9. 2007)
The Abbey has revealed that it will now be offering a massive five percent cash back on purchases made at all major supermarkets in the UK up to the first one thousand pounds from now until the end of January 2008. Read the full story »
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Online credit card fraud highest in London (10. 9. 2007)
The level of online credit card fraud in London is higher than anywhere else in the nation, although Manchester and Kilmarnock are not far behind. Read the full story »
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American Express BMW credit card no longer as attractive (3. 9. 2007)
The credit card giant - American Express - has decided to increase the standard interest rate on their BMW and Mini branded credit cards by a whopping seven percent, taking it to 16.9%. Read the full story »
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Sainsbury's increases 0% period for purchases on credit card (28. 8. 2007)
The Sainsbury's credit card offer has now been extended from 10 to 12 months interest free credit on purchases, which is great news for consumers. Read the full story »
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LV cardholders to see introduction of foreign fees (21. 8. 2007)
Credit card holders with Liverpool Victoria have enjoyed the unusual benefit of no foreign transaction fees when using their credit cards in other destinations within the European Union. However, Liverpool Victoria have recently announced that there will be a three percent foreign currency loading charge applied from the end of September. Read the full story »
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Consumers that consolidate credit cards should close their accounts (13. 8. 2007)
Recent research has shown that many consumers that pay off their credit card accounts using a consolidation loan then go on to run up balances on the cards again in next to no time. Read the full story »
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Minimum repayments could spell debt for customers (6. 8. 2007)
A recent industry report has highlighted the financial problems that could face credit card holders in the UK that insist on making just the minimum repayment on their credit card balance. Read the full story »
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Is green the way to go with credit cards? (30. 7. 2007)
From reducing emission to re-using carrier bags, there have been a number of options put forward for those interested in going green – and the latest environmentally friendly craze seems to be the availability of 'green' financial products. Read the full story »
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Will September bring another rate rise? (23. 7. 2007)
The interest rate in the UK is already at its highest in six years, and according to some industry professionals there is set to be another interest rate rise in September of this year. Read the full story »
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Longer term fixed rate mortgages - call from government (16. 7. 2007)
The UK government under the new prime minister Gordon Brown has revealed that it wants more longer term fixed rate mortgages on the market to help make property purchase easier and more affordable for first time buyers and existing homeowners. Read the full story »
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MPC warns that further interest rate rises could be on the way (9. 7. 2007)
The Monetary Policy Committee has warned that inflation in the UK is continuing to pile on the pressure with regards to the stability of the interest rate, and for many analysts this means that further interest rate rises are on the way. Read the full story »
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FOS to dispel myths over credit card protection (28. 6. 2007)
The Financial Ombudsman Service has announced that it will be issuing guidelines to make Section 75 of the Consumer Credit Act 1974 clearer in relation to the protection that consumers can receive through making credit card purchases. Read the full story »
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One fifth of credit card holders in the UK dissatisfied (25. 6. 2007)
According to a recent report over a fifth of all credit card users in the UK are actually dissatisfied with their credit card provider. Although credit cards are still very popular and regularly used, this figure equates to over one fifth of consumers with credit cards expressing dissatisfaction with their credit card provider. Read the full story »
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Fixed rate mortgage customers could start to feel financial pinch (20. 6. 2007)
Homeowners in the UK who have fixed rate mortgages could start to feel the financial pinch when it comes to their repayments, as their fixed rate periods start to draw to an end. Read the full story »
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0% anniversary cards offer unique benefits (12. 6. 2007)
A number of lenders are now offering 0% balance transfer credit cards that offer specified interest free periods in the second and third years of the account – the perfect solution for rate tarts that want to save the hassle of switching. Read the full story »
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Barclaycard introduces twenty pounds fee (31. 5. 2007)
Barclaycard has become the latest in a long line of credit card issuers that have decided to charge customers that do not use their credit card accounts regularly enough. Read the full story »
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Lenders may be exceeding interest rate rises (25. 5. 2007)
According to recent reports a number of lenders are making interest rate rise matters even worse by taking up the interest rate on borrowing by even more than the rise in the base rate. Read the full story »
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First victory for banks over unfair charges (22. 5. 2007)
Last week the banks won their first victory after a judge ruled in favour of Lloyds TSB in a case where the plaintiff was trying to reclaim over £2,500 in charges that had been applied to his account over the past six years. Read the full story »
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Consolidation loans could result in increased debt (21. 5. 2007)
A recent survey carried out into the effectiveness of consolidation loans in the UK has shown that in many cases debt levels for consumers are actually increased. Read the full story »
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