Credit card providers have endured a difficult time during the past two years, owing to a combination of the credit crunch, rising bad debts and increasing pressure from the Government to treat customers fairly.
Unsurprisingly, as their margins came under pressure, there was a sharp fall in the number of 0pc balance transfer deals on offer. In 2008 there were 80 different 0pc balance transfer deals on the market, half of which were for periods of 12 months or more, according to financial website moneynet.co.uk.
But by last year the number of different 0pc interest cards had fallen to just 52, only 24 of which were for at least a year. However, in the past year, the number of different 0pc interest deals has nearly returned to its 2008 level, at 71 – 39 of which are for 12 months or more.
Peter Harrison, credit cards expert at moneysupermarket.com, said: “Yorkshire and Clydesdale banks have not traditionally been proactive players in the credit card best buy tables, so to see them make such a bold move is very pleasing.
Among those who do not have a store card, just over half said they had declined one on at least 10 occasions.
Three out of five people with a store card said they had been unaware of the interest they would be charged on it when they took it out, while 59pc did not even realise they would be charged interest on any money they spent, thinking the card simply enabled them to defer payment.
In reality, the interest charged on store cards can be as high as 29.9pc, compared with an average rate 18.6pc on a credit card.
Two-thirds of people with a store card admitted they were in debt after using their card while shopping, while 81pc said when using it they often spent money which they would not have done if they did not have access to credit.
But a savvy 12pc of people said they had taken out a store card in order to qualify for a discount, but destroyed the card immediately after they had used it for the first time.
If you’re like the nearly 35% of Americans currently losing sleep over financial problems, Intuit is inviting you to voice your concerns and offer helpful advice on how to manage your way through it. In conjunction with this forum, Intuit is also advises you visit its free resource website, Mint.com (www.mint.com), for tips on how to tackle debt, available at http//www.mint.com/solutions/debt/. Need proof? Between February 2009 to February 2010, Mint.com users shrank average credit card debt by 14.3%, from $5,501 to $4,716, increasing cash savings by 3.2% for a combined average liquidity up 18.4% since the previous year. Additionally, those working with the Mint.com budgeting tool saw their cash increase by 11.4% while those who elected to not budget with Mint.comâÂ?Â?s tool only saw their cash decrease by 3.9%. Paying off debt is the key financial goal for 75% of Mint.com users while 84.1% have revolving debt in the form of credit cards.
Need a way to express support for the team? Regions Bank is making available to its customers the “Crimson Tide National Championship Fan Pack,” offering a fun way to express support of the University of Alabama 2009 National Championship football team every time they swipe a CheckCard or write a check. The Regions Bank “Crimson Tide National Championship Fan Pack” features a crimson and white Visa CheckCard over the official 2009 National Champions logo. Also, until June 30, 2010, when first time customers use their new CheckCard to make a signature transaction, they will be automatically registered to win a pair of 2010 season tickets to University of Alabama home football games. New customers can request the branded checks and CheckCard at the time of account opening while new customers can get them by calling 1-800-REGIONS.
American Express has launched the ZYNC card designed for and with a new generation of Cardmembers in their 20s and 30s. ZYNC brings together the financial control of the pay-in-full Charge Card with the added flexibility to select bundles of rewards and benefits called â??Packsâ? that are tailored to specific lifestyle interests and spending habits in categories such as music, fashion, food, travel and more. Over the course of several months, American Express worked closely with people in their 20s and 30s to identify their key lifestyle interests and passions to help shape the Card, specifically the Pack offerings. Based on the feedback collected, American Express is introducing six new ZYNC Packs and made some changes to the original four Packs that were tested during beta.
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