BRITS could see credit card and other personal debts soar, due to today's decision to put up interest rates today. Rates will rise by 0.25 per cent to 0.75 per cent later today, the highest rate since 2009. Young people are likely to suffer as a result of the rise, due to high levels of personal debt. In part, this could be due to credit card companies jacking rates on existing debts. But also, availability of cheap debt - which many young people rely on to get by - is likely to diminish. Research from R3, trade body for the insolvency profession, found that almost half (44 per cent) of those aged 25-44 have an outstanding credit card balance, compared to 26 per cent of over-55 year olds. And the amount we owe has risen sharply too. Research from financial wellbeing provider Neyber found that while household debt has risen to over £13,000 since 2017, among those aged 25-44 it is now more than £14,500. BACK ON TRACK Lidl is selling a fitness tracker for £25 - a … [Read more...] about Young people with credit card debts ‘most at risk’ from interest rate rise
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FRUSTRATED Sainsbury's Bank customers are unable to pay their credit card bills over the phone because they are struggling to get through. Some are being forced to wait on hold for more than an hour when trying to get through to the call centre after an IT glitch meant that they didn't received their credit card statements on time. Sainsbury's Bank's customer services has been struggling to cope with the volume of callsCustomers face late payment penalties if they don't pay off their cards on time - but without the statements they don't know how much money they owe. Others who prefer to use telephone banking have been unable to pay their credit card bills on time. Sainsbury's Bank has also recently changed the appearance of their statements leaving some confused customers needing help to understand it. Not everyone trying to get through on the phone lines is a credit card customer but the influx of calls has had a knock on effect. One unhappy customers is unable to pay his credit card … [Read more...] about Sainsbury’s credit card customers fuming as IT glitch leaves them unable to pay bills
YOU'VE already started counting the days until you jet off to the beach - but have you given any thought to which debit card you are going to use while away? Using the wrong plastic abroad comes with hefty fees which can be a nasty surprise when your next statement rolls round. Here's what you need to know. Why can't I use my normal credit card for spending when I'm abroad? No one is stopping you from using it. But if you do, it's likely you'll be hit by a host of hidden charges. There are lots of different fees to be aware of, according to Andrew Hagger of personal finance website MoneyComms. One of the most common ones is something called a "non sterling transaction fee." This will typically add up to 3 per cent to the cost of any purchases you make when abroad. You should also avoid withdrawing cash on a credit card unless you have to or you'll also have to count in the ATM withdrawal charge - typically between £1.50 and £5.00. To make matter worse some cards … [Read more...] about The credit cards that will rip you off if you use them on holiday
Many of us will bring a debit and/or a credit card to use on holiday, but we need to be careful that we do not end up getting singed in the sun by credit and debit card fees. A survey of 1,000 people found around half of holidaymakers plan to take a small amount of cash to start off with and then use ATMs. A large number will use their debit and credit card as normal, according to a survey by iReach Insights for comparison site Switcher.ie. The survey shows a real lack of understanding around the fees that could be charged for doing so. The majority of people either don't know or aren't sure of the charges for the likes of ATM withdrawals, using a credit card to withdraw cash, and paying by credit card or debit card in shops or restaurants abroad. This could lead to some unplanned and unwanted charges, especially for the three in 10 consumers who are travelling outside of the European Union. When you withdraw cash in a non-eurozone country, you are charged a percentage of the … [Read more...] about Don’t end up getting caught out when using your credit card on that holiday in the sun
In 2013, the average cardholder had 4.1 credit cards but only 0.1 charge cards, according to the Federal Reserve Bank of Boston. Clearly, most Americans are not clued in when it comes to charge cards. It makes you wonder whether they're missing out -- or whether charge cards just aren't worth it. Image Source: Getty Images. Charge cards vs. credit cards vs. debit cards Does It Build Credit? Does It Offer Fraud Protection? Does It Offer Purchase Protection? Does It Charge Interest? Is There an Annual Fee? Does It Offer Rewards? Debit cards No Sometimes No No No No Credit cards Yes Yes Yes Yes Sometimes Sometimes Charge cards Yes Yes Yes No Usually Yes Charge cards are like a hybrid of debit cards and credit cards. Overall, charge cards are comparable to credit cards, except that charge cards have to be paid off in full each month, whereas credit cards don't. Charge cards also offer the superior protection that makes credit preferable to debit in many circumstances. … [Read more...] about Charge Cards: Better Than Debit and Credit Cards, or a Waste of Money?