Credit Card And Related News For January 2007 -

Welcome to the latest news concerning UK credit cards and other related topics for the month of January 2007

• Know what to look for with credit cards [30.01.07]
  Experts from Moneyextra.com are advising consumers to ensure that they know exactly what to look for in a credit card to ensure that they end up with the right card for them. This comes as many credit cards have started offering special deals to consumers in a bid to tempt custom and beat the competition. 
• Credit card borrowers utilising different methods of finance [30.01.07]
  Over recent months some agencies have reported that credit card borrowing has taken a tumble in the UK, and have stated that this indicates that consumers in the UK are gaining a tighter reign over their finances, and are learning how to control their borrowing and repayments amidst concerns over the high levels of consumer finance in the UK. However, some experts are stating that this may not be the case at all.
• Charities Profit From HBOS Charity Credit Cards [29.01.07]
  Last year saw three UK charities receive over £1.5m in donations from Halifax and Bank of Scotland credit cards. The cards are proving increasingly popular among consumers who would like charities to benefit from their spending habits, as opposed to receiving loyalty benefits themselves.
• Brits to increase spending on their credit cards [29.01.07]
  According to new figures released by Morgan Stanley, Brits are set to increase the amount they spend on their credit cards by a massive 68 percent in the first three months of 2007, when compared with the same period last year.
• Barclaycard Lower APR's On Charity and Football Credit Cards [25.01.07]
  Barclaycard have reduced the cost of their charity and football credit cards by lowering the annual interest rate on both the Barclaycard Premiership and Barclaycard charity credit cards from 17.9% to 14.9%.
• UK Credit Card Debt Falls as Mortgage Borrowing Rises [24.01.07]
  New figures released by the British Bankers Association (BBA) and the Building Societies Association reveal that last year UK consumers repaid almost £2billion in credit card debt. However, whilst last year saw Brits paying off a substantial amount of their credit card debt, borrowing on mortgages rose to an unprecedented level.
• UK lenders could face hefty fines over PPI sales [23.01.07]
  Over recent months PPI, or payment protection insurance, has been at the centre of controversy in the UK, with many MPs, and even the Financial Services Authority and the Office of Fair Trading expressing concerns over just how appropriate these policies are to the people that they are being sold to.
• UK Bank Profits Surge On The Back Of Overdraft And Credit Card Fees [21.01.07]
  Despite the intervention by the Office of Fair Trading (OFT) to limit the maximum amount that UK credit card providers could charge their customers for credit card defaults to £12 without being considered an “unfair” charge, recent reports evidence that UK banks and credit card providers are still raking in millions of pounds in the fees and charges they apply.
• UK Credit Card Debt Beginning to Fall [20.01.07]
  UK consumers appear to be heeding warnings regarding record levels of personal debt as credit debt levels are falling. Figures released by the Consumer Credit Counselling Service (CCCS), reveal that the amount borrowed by UK consumers on credit cards is falling each month by hundreds of millions of pounds.
• UK Personal Debt Grows Every Four Minutes by £1m [19.01.07]
  As the UK's personal debt reaches almost epidemic proportions, figures released Credit Action reveal that personal debt is rising by £1m every four minutes.
• UK consumers not careful enough with credit card details [18.01.07]
  Amidst growing concerns over the sophistication of credit card and financial fraud in the UK, experts have revealed that consumers in the UK are failing to take even the simplest precautions in same cases with regards to keeping their credit card account information safe.
• Transferring credit card balance does not always do the trick [17.01.06]
  Over recent years many people have benefited from transferring the balance from their high interest credit cards onto a 0% balance transfer credit card, and then repaying the debt without being charged any additional interest.
• Debt day arrives for credit card spenders [16.01.07]
  A consumer campaigner has warned that with the imminent arrival of ‘debt day’ – the day where the first statements and bills start to arrive for credit card holder that have been flexing the plastic over the Christmas and New Year period
• Analysts Shocked By Interest Rate Rise [16.01.07]
  The Bank of England's decision to raise interest rates from 5% to 5.25% has taken analysts by surprise. The rise is aimed at curbing inflation, which has risen to 2.7%, its highest level for over ten years.
• Using Wrong Credit Card Abroad is Costing Brits [15.01.07]
  Nationwide has revealed that the average UK holidaymaker spending an unnecessary £81 in credit card fees when holidaying overseas by using the wrong credit card.
• UK consumers should plan their credit card for holiday season [14.01.07]
  With the festive season well and truly over, many people in the UK are now thinking about booking their holidays, and for a large number of these holidaymakers one of the essentials that will be taken on holiday with them is the trusty old credit card.
• Credit Card Fraud Still a Threat To Millions of UK Consumers [12.01.07]
  A new report from Morgan Stanley reveals that millions of UK consumers are placing themselves at risk from credit card fraud. This is despite repeated warnings from the credit card industry of the dangers of card fraud and how not to fall victim to it.
• Prepaid mastercard to be offered by debt management group [11.01.07]
  As more and more people fall behind with repayment and financial responsibilities in the UK, many have found themselves financially excluded in terms of being able to get a debt or credit card, which can mean the inability to make purchases by phone or online, as well as being unable to enjoy the convenience of paying by card rather than having to carry cash around.
• Chip & Pin Not Full Proof [10.01.07]
  Research at Cambridge University has uncovered flaws in the Chip & Pin system, the card system designed to protect card holders against fraud. Researchers at the university have been able to demonstrate how a Chip & Pin terminal, used for reading a card’s data, can be compromised thus allowing fraudsters to steal a card’s sensitive data.
• 0% Balance Transfer Deals Top of the Credit Card Charts [09.01.07]
  UK credit card customers are being tempted with 0% balance transfer deals as almost 70% of balance transfer credit cards are offering special deals in the hope that consumers will transfer their festive season debt.
• HSBC To Raise Credit Card Fees For Betting Transactions [06.01.07]
  HSBC are the latest large UK bank to increase charges on its credit cards when used for gambling transactions.
• Could a credit union help you with savings and loans? [05.01.07]
  When talking about loans and savings most of us tend to think automatically about banks and building societies. However, for some UK consumers an easy way to start saving, and to enjoy very low interest loan facilities, it to join a local credit union.
• UK consumers taking advantage of charity credit cards [04.01.07]
  There are many different types of credit cards available in the UK market these days consumers in the UK can also enjoy a choice of charity credit cards that enable them to make donations to their favourite cause or charity simply by using the credit card in the usual way.
• Is credit card spending better than debit card spending? [03.01.07]
  According to figures released from the Halifax Group, UK consumers are all set to hit the sales, and nearly forty percent of us will be whipping out our credit cards in order to make purchases in the sales.
• UK making resolutions to clean up finances [02.01.07]
  According to recent figures from a survey, many consumers in the UK will be making a New Year’s resolution to clean up and more effectively manage their finances, making this the second most popular resolution behind weight loss.
• Last chance to ease the financial burden of Christmas [01.01.07]
  With Christmas over, many consumers are now awaiting the dreaded credit card bill plopping onto the front doormat.