Financial Services

Credit Cards UK: Compare & Save
Credit card advice on cheap credit cards, low interest cards and balance transfers.
www.creditcards.co.uk Friday, 19 Feb 2010, 9:45am

A website has claimed that the current state of the lending market points towards an improvement in the UK economy.

The re-emergence of interest-free balance transfer credit card deals is an indication that the UK is on the road to economic recovery, 24-7 press release reports.

Interest-free balance transfer deals enable banks and credit cardholders the opportunity to shift credit and debt.

At the start of the economic downturn, however, many financial institutions decided to change the fine print on the contracts of balance transfer credit card deals.

It has been stated that balance transfer credit card offers can be somewhat deceptive because some cards offset the income loss with high transfer fees.

In addition, many lenders shortened the interest free period and at the end of this timeframe, full interest would be often be added to the balance.

However, Sandra Waldorf, a personal finance advisor at thinkingmoney.org, explained that Britons will be able to find better deals in the post-recession period if they are willing to shop around.

She told the website: “While some credit cards offer six months of mediocre interest rates and a transfer fee before moving balances to a high interest rate, for example, MBNA offers interest-free rates on balance transfers followed by a low interest rate that is often lower than what many consider a promotional rate.”

Meanwhile, Nationwide recently scooped the ‘Most Responsible Credit Card Lending Practices Award’ at The Card Awards.

The firm also collected the ‘Best Achievement in Customer Service Award’.

Posted by Tobias Bluth

New small business credit cards? Here’s why you’ll want to think twice from this point forward…

• Credit Card Reform Not Applicable
  The fact that we finally got credit card reform in this country is a major win for consumers. Although most banks have already became compliant over the past few months, next Monday the reform will officially go into effect. While this is great news for your personal cards, it’s bad news for old and new small business credit cards. Why? Because they aren’t included in the reform. That means they can still pull the ol’ interest rate bate ‘n switch on a small business credit card.
  
  
• Small Businesses Are Categorized As Riskier
  Thanks to all the economic turmoil over the past couple years, new small businesses are being scrutinized more than ever when it comes to giving them credit. If you are a sole proprietor or recently formed an LLC or corporation, it’s considered to be an especially risky proposition. However there’s good reason for creditors being skittish. Take Advanta… the

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Q: Is adding an authorized user to a credit card a good idea?

A: Thanks for your question Lynn. Most credit cards (almost all) will allow the account holder to add on authorized users. For those that choose to add a user, they usually add only one. However there are some credit cards that let you add multiple users if you so choose. But whether it’s one or five, is this a smart move? Let’s take a closer look…

Why Add An Authorized User?
Perhaps you are a parent who wants your son or daughter to have a card. Maybe you run a small business and would like one of your employees to have their own credit card for convenience. But most often, it seems to be that the new card is issued to their spouse – whether that be a husband or wife, boyfriend or girlfriend.

The Pros

• Adding a user is a convenient way to give someone access to your line of credit for purchases
• The places the authorized user spent money will be listed on your monthly statement
• It can be a way to help build credit for the authorized user, if their Social Security number is provided. In Se

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Find The Best Credit Cards & Exclusive Deals …
Need an Interest Free Credit Card? Compare over 150 Credit Cards & Apply Online. … Balance Transfers & Purchases. This search relates to those who want to transfer an …
www.moneysupermarket.com Wednesday, 17 Feb 2010, 2:11pm

The Virgin Money Mastercard is the best balance transfer credit card on the UK market, according to James Coney.

A leading personal finance expert has advised Britons that balance transfer credit cards can help borrowers to cut their interest and tackle their debts.

Money Mail’s James Coney stated that the Virgin Money Mastercard, which offers 16 months interest-free at 2.98 per cent, is the best balance transfer credit card on the UK market.

Further to this, he claimed that even if the consumer is unable to repay the whole balance before the zero per cent period finishes, it still gives borrowers space to pay off some of the debt.

However, Mr Cooney warned consumers to avoid spending money on balance transfer credit cards.

He revealed that spending is typically charged at almost 18 per cent and customers will be unable to clear this until the balance transfer has been cleared.

Mr Cooney said: “The rate will move when Bank of England rises and falls, but rates would have to rise a very long way before it starts to look more expensive than its rivals or a personal loan.”

Meanwhile, balance transfer credit card customers were recently told that interest rates on credit cards have reached the highest level since 1998. Read more…

Q: Is there an American Express student credit card?

A: First of all, thanks for your message and compliments about the site Molly. Whether someone is a college student, a retiree, or at any stage in-between… an American Express credit card is always considered to be the cream of the crop. In fact, this isn’t the first message I’ve received asking about American Express for students.

Unfortunately, the company has very strict lending practices, so not everyone qualifies. This is especially true if you’re younger and have limited or no credit history. An American Express student credit card is hard, but not impossible to get. I’ll share with you the secrets of how I pulled it off when I was only eighteen and the best way to go about it in today’s tightened lending environment.

Why an American Express?
While it’s true American Express is a very prestigious card to carry, there are actual real reasons why they’re the best. First of all, s

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Credit Cards UK: Compare & Save
Credit card advice on cheap credit cards, low interest cards and balance transfers.
www.creditcards.co.uk Friday, 12 Feb 2010, 9:55am

Researchers at Cambridge University have discovered that the chip and pin banking system is fundamentally flawed.

Balance transfer credit card holders have been warned that fraudsters have found a way to exploit major flaws in the chip and pin system using stolen cards.

Researchers at Cambridge University have claimed that the fraudsters are placing a “wedge” into the terminal to convince it into believing that the correct security numbers have been entered into the system.

In effect, this process enables crooks to withdraw money without actually knowing the pin number for an account.

The revelation raises major concerns about the chip and pin system because it renders balance transfer credit card holders vulnerable to fraud.

Professor Ross Anderson described the current credit card system as “fundamentally broken”.

He said: “We think this is one of the biggest flaws that we’ve uncovered – that has ever been uncovered – against payment systems and I’ve been in this business for 25 years.

“Customers are often told that their pin was used and so it’s their fault. Read more…

Nowadays, they take credit card for everything. In fact, if you’re like me, you probably get frustrated at those dry cleaners and shady convenience store that won’t accept plastic for payment. But one Michigan man allegedly got himself into hot water when he tried to purchase his crack cocaine using – believe it or not – a credit card!

What happened?
Although I don’t live in Michigan, I was born and raised there, so I try to stay on top of their news somewhat regularly. I was checking today, and low and behold I see a bulletin from the Associated Press about a man that allegedly told police he was robbed after he attempted to pay for his crack with a credit card. If that’s not bizarre enough, the story gets weirder…

According to the Flint Police, the suspect reported his 2003 Chevy Malibu was stolen last Thursday. That’s understandable why he would report that, right? Well, not quite… considering that the car was previously reported stolen in Lapeer, MI which is about fifty miles away. So allegedly,

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Credit Cards UK: Compare & Save
Credit card advice on cheap credit cards, low interest cards and balance transfers. … Credit Cards UK. Credit Card Quote Line. 0845 108 0505. Home. Read more…