Credit Card News

Welcome to the news section of Credit Card Store. Updated regulary, with all the latest personal finance and credit card announcements for UK residents.

• BT launches credit card
  British Telecom, the telecommunications giant, has launched its own credit card, and this has been designed to help customers to save money on their telephone and broadband bills through spending on the card. [20.08.07]
• Billions spent on plastic in the UK
  According to recent figures from the card clearance agency APACS spenders in the UK went mad with their plastic last year. [13.08.07]
• Holidaymakers will be spending on credit cards
  A recent report has shown that an increasing number of consumers in the UK are planning to use their credit cards for spending when they jet off on their holidays this year, with traveller's cheques and cash lagging behind when it comes to popular methods of payment whilst overseas. [12.08.07]
• Green credit cards – friend or foe?
  The state of the environment has been towards the top of the political agenda in the UK for some time, and as a result of this an increasing number of products and services have been going green to enable consumers to contribute more easily towards helping the environment. [10.08.07]
• Travellers to Europe should take care with their cards
  Experts are warning consumers that are getting ready to jet off on their holidays to take extra care when using credit and debit cards due to the levels of card fraud taking place. [07.08.07]
• Credit card customers feel effects of interest rate rises
  The series of interest rate rises in the UK over the past year has hit many consumers hard. [31.07.07]
• Barclays slated over PPI refunds
  Over recent months there has been a great deal of controversy over the sale of Payment Protection Insurance in the UK, with companies being accused of mis-selling this type of cover and pressuring borrowers to take it out even if it was not really appropriate. [25.07.07]
• Many consumers try and stay away from debt
  Although the high levels of consumer debt in the UK have been of great concern for some time, recent research has shown that the majority of consumers are trying to steer clear of debt and are only borrowing money when it is absolutely necessary. [24.07.07]
• Cardholders should always try and pay more than the minimum
  According to recent reports many credit card users in the UK continue to make the minimum repayment on their credit card balance each month, despite the knowledge that they will be charged huge amounts of interest on their card balance. [19.07.07]
• Credit card companies still trying to recoup lost profits
  Since 2006, when financial regulators in the UK placed a ceiling limit on the amount that they could charge in terms of penalty fees, many credit card companies have suffered financially, losing a great deal of revenue as a result of these capped charges. [15.07.07]
• New scam by credit card companies
  A number of consumers in the UK have been surprised to find that when they receive their credit card statements the minimum amount that has been asked for is actually lower than the amount that is going to be charged in interest for that month [11.07.07]
• Check on effectiveness of your credit card travel insurance
  There are many different types of credit cards available in the UK these days, and in many cases these cards charge varying annual fees to customers in exchange for various benefits, one of which is travel insurance. [09.07.07]
• Could secured loans help those with credit card debts?
  Those with credit card debts may end up paying a fortune these days. This is because the interest rates on many of today’s credit cards are very high, and in addition to this many card issuers have started adding a range of additional charges from annual fees and increased foreign fees to higher cash transaction fees and more. [05.07.07]
• How much does your credit card charge?
  With more and more credit cards charging extortionate annual fees it seems as though many consumers in the UK may not even know how much they are paying by way of annual fees, what they are getting for these charges, and even whether they are paying charges at all. [14.06.07]
• Does your credit card charge a fee?
  It seems that large numbers of people in the UK could be incurring annual fees on their credit cards after research revealed that one in every eight credit cards now charges customers an annual fee for the convenience of using a credit card. [13.06.07]
• Barclaycard imposes twenty pounds fee
  Yet another credit card giant has jumped on the bandwagon of charging customers that do not use their credit cards regularly enough. [12.06.07]
• Avoid the temptation to spend again after consolidation
  Over recent years consolidation loans have become a popular financial tool for those with a number of unsecured debts, enabling them to bundle their smaller loans, credit cards, store cards, catalogue balances, and other unsecured credit into one loan. [11.06.07]
• Government extends Consumer Credit Act
  The government has recently extended the Consumer Credit Act in the UK, which will give the Financial Ombudsman Service greater scope and power to deal with consumer complaints relating to financial services and products. [10.06.07]
• Touch and Go cards to be launched
  MasterCard and Visa are in the process of introducing new touch and go payment cards, which will reportedly make it easier for consumers to make certain payments without have to worry about signatures or pin numbers. [07.06.07]
• Think carefully before getting into debt
  Every year many consumers in the UK decide to apply for a loan or some form of credit, from secured and unsecured loans to credit and store cards. [04.06.07]
• Are new store card requirements of any benefit?
  Recent new requirements that have come in with relation to store cards in the UK don't seem to be having the desired effect, with many consumers still having to pay a fortune in interest charges for the privilege of using the cards. [03.06.07]
• Consumers getting credit pushed on to them
  Despite growing concerns over the high levels of consumer debt and bad debt in the UK, a number of companies are practically pushing credit in the faces of consumers that did not even ask for it, according to recent reports. [01.06.07]
• If you fall victim to financial fraud you should contact your bank
  In the past victims of fraud, including financial fraud such as online or credit card fraud, often went to the police to report the crime. [25.05.07]
• PCI Group demand stricter security measures
  The Payment Card Industry Group is demanding and enforcing stricter security measures in relation to customers' credit card details, and this comes in light of a series of serious security breaches at some major retailers and shops, including petrol stations and even the popular clothing store, TK Maxx. [24.05.07]
• Credit card companies try to claw back lost revenue
  Since last year, when UK financial regulators placed a ceiling limit on the amount that credit card companies could charge by way of penalty fees, these card companies have been desperately looking for ways in which they can try and claw back some of the revenue that has been lost due to the capped penalty fees. [23.05.07]
• Consumers in their early thirties carry most unsecured debt
  The problem of rising consumer debt in the UK has been a concern amongst both industry professionals and consumers for some time, and according to recent figures the majority of unsecured consumer debt in the UK is carried by those in their early thirties. [22.05.07]
• One in ten UK consumers become victims of Internet fraud
  A recent survey carried out into Internet fraud has revealed that around one in ten people in the UK have been victims of Internet fraud, begging the question with regards to whether banks and financial institutions are looking after the interest of their customers. [15.05.07]
• Lloyds customers to be alerted to suspicious transaction by phone alert
  A scheme has recently been launched by Lloyds TSB Bank that will enable those that may have fallen victim to fraudulent activity to be alerted to the situation by phone alert. [11.05.07]
• Morgan Stanley introduces annual fee on credit card
  In 2006 financial regulators in the UK carried out an in-depth review of penalty charges being imposed by credit card companies to customers that exceeded their credit card limit and for those that were late in making a payment on their card. [09.05.07]
• Some UK consumers fail to take up credit card benefits
  According to the results of a recent survey many consumers in the UK are failing to take advantage of credit card benefits that are available from a range of cards and issuers, opting instead for more basic cards that offer no real benefits. [08.05.07]
• Definition of cash transactions extended by credit card issuers
  Some credit card companies in the UK have shocked consumers by extending what can be construed as a cash transaction in a bid to get extra money from credit card customers. [07.05.07]
• Credit card interest calculations confusing customers
  The variety of ways in which credit card companies have started working out the interest that is charged on credit cards is confusing many UK consumers as well as helping the card companies to net even more interest. [06.05.07]
• Can you afford the cost of withdrawing your cash overseas?
  With the hefty charges and commissions that banks are now charging these days for accessing their own money when they go abroad, many consumers may be asking themselves whether they can actually afford to withdraw cash when they travel overseas on business or for pleasure. [03.05.07]
• Consumers threatening to close credit card accounts if charged
  From all the recent reports and media coverage it seems that many banks and credit card companies in the UK are determined to get all they can from consumers in terms of fees and charges, and even those that run their accounts sensibly are now being penalized by various credit card companies. [02.05.07]
• Credit card fraud a higher risk in Birmingham
  Recent data has revealed that residents that live in and around the Birmingham area of the West Midlands could be at increased risk of credit card fraud compared to other areas. [01.05.07]
• Banks try and make up for capped credit card penalty fees
  Over recent months banks and credit card companies in the UK have come under intense fire for many reasons. Last year, as the result of credit card companies and banks imposing hefty unfair charges by way of penalties on credit card accounts [23.03.07]
• Lloyds cash back credit card program to be scrapped
  Customers that have been enjoying the benefits of a cash back credit card with Lloyds TSB were disappointed when the banking giant recently announced that it was scrapping the program. [17.03.2007]
• Possible compensation for store card holders
  The recent hefty fines charged by the Financial Services Authority to GE Capital means that many people could now be entitled to refunds or compensation if they spend on one of a range of major store cards in the UK. [04.03.2007]
• Credit card debt overtaken by secured borrowing
  Recent data has shown that credit card spending in the UK has been overtaken with secured borrowing, with more and more people opting to borrow money secured against their homes in order to enjoy lower interest rates than on costly credit cards where the interest rates can be extortionate. [26.02.07]
• Office of Fair Trading extends interchange charge investigation to debit cards
  It was announced today that the Office of Fair Trading is now extending its investigation into interchange fees relating to Mastercard and Visa credit cards to include debit cards as well. [26.02.07]
• Banks defend accusation of failing to carry out credit checks
  A recent report claimed that banks were failing to carry out adequate credit and financial checks on those applying for finance such as credit cards. [24.02.07]
• Customers could be charged for having credit balance on credit card
  In a new move the MBNA bank has announced that it may be charging consumers that have one of its credit cards and have a positive or credit balance on the card. [23.02.07]
• Credit card fraud affect the UK the most
  According to recent reports the UK is the hardest hit of all of the European destinations when it comes to credit card fraud. [23.02.07]
• Finance company fined over PPI
  Another company has been fined over the mis-selling of payment protection insurance, with a fine of one hundred and seventy five thousand pounds being enforced by the Financial Services Authority. [21.02.07]
• Barclaycard tackles errant cardholders in the UK
  Having written off a record £1.57 billion in 2006, Barclaycard is setting in motion a series of steps it hopes will tackle the growing problem among its cardholders to repay their credit card debt. [20.02.07]
• Possible compensation for store card holders
  The recent hefty fines charged by the Financial Services Authority to GE Capital means that many people could now be entitled to refunds or compensation if they spend on one of a range of major store cards in the UK.
• Brits lose £3.5 billion a year to scams
  According to the Office of Fair Trading (OFT), consumers in the UK lose £3.5 billion each year to increasingly sophisticated techniques used by scammers. That equivalent to about £70 per adult in the UK. [16.02.07]
• More people will retire in rented accommodation
  According to a report that was released earlier this week a large number of people that were expecting to retire in their own homes once they reached retirement age will actually end up retiring in rented accommodation. [06.02.07]
• Debit card spending more popular than credit cards over Christmas
  Recent figures released by the UK payments association, Apacs, has shown that over the festive period spending on debit cards proved far more popular than spending on credit cards [06.02.07]
• UK borrowers could be wasting billions on borrowing due to lack of understanding
  A recent study has indicated that UK consumers could be wasting millions of pounds every year on their borrowing, simply because of a combination of apathy and lack of understanding when it comes to interest rates and APR (annual percentage rates).
• Egg to be purchased by Citigroup
  The UK's online banking giant Egg, owned by Prudential, is to be purchased by Citigroup, which has made a recent announcement confirming that the purchase of Egg Banking is set to go ahead for a reported price of five hundred and seventy five millions pounds. [01.02.07]