Category Archives: Credit Cards Articles

Credit card rates higher despite falling base rate and calls for fairness

April 24, 2009   admin   No comments

Credit card companies are charging their customers more in interest rates and charges than they were 12 months ago, despite the base rate falling 4.5 per cent since April 2008, according to research from Which?.

Despite calls from the Government for companies not to put additional pressure on households when they are at their most vulnerable, the consumer watchdog has discovered that providers have found a number of methods for squeezing more cash out of their customers.

Which? Read the full post

  Tags: Base Rate, Credit Card, Rate

Credit card fees for overseas use climb

April 19, 2009   admin   No comments

According to credit card news, fees for using your credit or debit card abroad are rapidly increasing. Price comparison engine and switching company uSwitch.com have found that charges levied for credit card use abroad have increased considerably in the last year.

In 2009, the company estimated, holidaymakers from the UK will pay an estimated 754 million for using their cards abroad. This figure is up 6 per cent on figures from last year.

Louise Bond, personal finance manager at uSwitch.com, reportedly commented: “With foreign card usage fees continuing to creep in the wrong direction over the last 12 months, this, coupled with crippling exchange rates, means that holidaymakers will certainly be feeling the pinch this year. Read the full post

  Tags: Credit Card, Fees

Credit card rates highest in two years, says MoneyExpert.com

April 17, 2009   admin   No comments

New research by financial advice website MoneyExpert.com has revealed that credit card rates are at their highest since the beginning of the credit crunch .

Despite the base rate being cut by 4.75 per cent to its lowest level in the Bank of England’s 315-year history, credit card customers are paying 1.1 per cent more than they were two years ago.

The increase will generate an extra 712.8 million in income for credit card providers while debt currently stands at 64.8 billion, according to the website.

Sean Gardner, director of MoneyExpert.com, said: “Even when we started monitoring average credit card interest rates they were already around 16 per cent – so to see them continue to increase is testament to how much the card companies feel they can get away with.”

Those travelling abroad this Easter weekend might also be hit with credit card foreign usage charges of up to 2.99 per cent for every transaction depending on which provider they use. Read the full post

  Tags: Card Rates, Credit Card, Credit Card Rates, Highest

Further Legislation to Cut Credit Card Interest Rates

April 15, 2009   admin   No comments

Ignoring threats by the banking industry that further legislation will hurt consumer credit, Senate Democrats moved to limit credit card interest rates and proposed additional restrictions on card issuers. Passing in committee by 12-11 votes, the Credit Card Accountability, Responsibility and Disclosure Act of 2009 is even more comprehensive than the rules adopted by the Federal Reserve in December. In addition to prohibiting interest charges on late payments or for exceeding credit limits, the Act would also require card issuers to disclose how long it will take to pay off a balance if only the minimum monthly payment is made and that statements be mailed at least 21 days before the payment due date.

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  Tags: Card Interest, Card Interest Rates, Interest Rates, Rates

Post Office credit card one of few left not charging for use abroad this Easter

April 07, 2009   admin   No comments

Many people will be getting ready to go away for the Easter holidays, but those who are planning a trip abroad should beware the cost of using their debit and credit cards in a foreign country, industry experts have warned.

Most implement a fee when used abroad, some as much as 2.99 per cent of the purchase or transaction, according to Michelle Slade of Moneyfacts.co.uk, which is applied each time the card is used and can soon mount up.

There are now very few which offer fee-free foreign transactions, Moneyfacts’ research has revealed, with Nationwide Building Society ending its rare no-fee policy in May this year. Read the full post

  Tags: Credit Card, Easter

Chase to Refund Controversial Credit Card Fee

April 06, 2009   admin   No comments

Credit card defaults have risen sharply as the unemployment rate swells, raising the concerns about billions more in loan losses. JPMorgan Chase is one of several major credit card issuers who have added fees, cut credit limits, raised interest rates and changed terms to help manage riskier cardholder accounts. Nearly 400,000 Chase customers were notified in January that they would be charged a $10-a-month maintenance fee to keep their account open. Adding insult to injury, Chase raised the minimum payment from 2% to 5% for those same customers who were carrying an outstanding balance.

Reflecting the struggle that credit card issuers are experiencing with risky borrowers, the controversial maintenance fee will be refunded to JPMorgan Chase & Co. low-

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  Tags: Card, Credit Card
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