Credit Card Articles
1 In 10 Credit Card Applications Rejected
Recent research into the credit card market suggest an increase in the number of people being rejected when applying for a new credit card. It is believed 1 in 10 will automatically be turned down as banks try to protect their bottom line.... Read More
Has Chip And Pin Been Successful?
It has now been two years since chip and pin was widely introduced in the UK. Primarily introduced to try and prevent credit card fraud, has it been successful two years on? 2004 saw costs of fraud in shops at £218m whilst in 2006 it dropped to £72m. Whilst there are reasons to feel more secure with chip and pin, APACS warns consumers of a rise in internet, telephone and mail order fraud... Read More
Credit Cards Criticised For Being Too Complicated
A recent report by the Office of Fair Trading has criticised credit card companies for making their products difficult to compare. The OFT also says consumers don't compare enough. Consumer group Which? asked for assistance from the OFT last year as it found card issuers were using 12 or more methods to calculate interest charges, cash advances, etc. This confusion has also recommended the FSA to step in and create a credit card comparison website... Read More
Egg Set to Cancel Credit Cards of Risky Customers
Credit lender Egg has recently announced they are taking action by canceling the accounts of customers they deem too 'high risk'. Egg is sending notice to approximately 161,000 credit card accounts notifying customers their card will stop working within 35 days time. Some customers are claiming they've never missed a payment, which has sparked investigation by the FSA... Read More
0% Cards Can Come With A Sting
Now that Christmas is behind us, many credit card holders in the UK will have transferred old debts onto a new balance transfer credit card to try and keep on top of their finances.The idea is to transfer balances over to a new card, typically offering 0% on balance transfers for several months to over a year. However, the problem that most people don't know about is something called 'negative order of payments'... Read More
Pay Your Balance Off And Look For A Good Deal
In spite of the UK's growing mountain of consumer debt, the majority of card holders still pay off their full oustanding balance each month. For this group of cardholders, they look for more that just lower interest rates. Credit card companies are now offering wider range of services from booking theatre tickets, booking a yacht rental, free travel insurance and more... Read More
Credit Card Deals 2008
Many UK consumers relied on credit cards to get through the holiday season. Credit card debt usually means high interest rates. Many lenders are becoming more particular to who they approve for credit. However, there are still deals to be had, starting this month.... Read More
Steer Clear Of Store Cards
This Christmas the advice for consumers is - avoid store cards. Watchdog groups have criticized providers of store cards as they charge some of the highest rates on the market. Store credit cards can provide you with a good discount but you should be able to pay off the full balance before the interest sets in or you could be throwing money down the drain... Read More
Customers Vs Christmas Credit Challenge
With Christmas upon us consumers are gearing up for yet another year of holiday shopping. More spending usually means more debt and those words echoing in our head to not spend as much as last year seem like faint whispers. Soon, many homeowners will be faced with much higher mortgage payments as their fixed-rate deals end adding to more debt and more defaults... Read More
Credit Card Debt Predicted To Rise In 2008
Warnings of an increase in consumer credit card debts in 2008 was issued by Price Waterhouse Coopers. Despite the government showing a fall in personal insolvencies this past year the PWC believes many will struggle with mortgage payments due to high interest rates. Over-borrowing and high interest rates could lead many to file for an IVA or bankruptcy... Read More
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