Since 2017 the 0% balance transfer credit cards on offer have been getting slowly less good. And since coronavirus there aren't so many. You may have been shuffling credit card debt around for years with not much problem, but it is becoming harder. But there are still some good deals around if you have a great credit record. How good a deal can you get? The interest-free period had been … [Read more...]
Articles about credit cards
Credit cards can be really useful but they can also be dangerous - if you just hand over that piece of plastic it can be too easy to run up bills which will take you many years to clear. So how can you make the best use of them? The articles here look at
make sure you get the benefits - practical steps you can take so that the banks don't make huge profits from you;
what's new and whats changing with credit cards in Britain?
too much credit card debt - how can you tackle it fast?
“I’m using my credit card. But my report says I’m not!”
Mr M asked: I am trying to build my credit score but feel I am getting nowhere. I had 2 accounts in default which I paid about 1 year ago. My bills are paid on time. I have a Capital One credit card with a £200 limit. I always get £50 worth of petrol on the last Friday of every month and pay it manually a few days later. But I got an email from Credit Karma saying "When your last report came … [Read more...]
Off to uni ? Time to plan your finances!
You have the A level grades - well done! There are now just a few weeks to get organised for uni in September 2021. What should your top priorities be for managing your money? And what should you avoid? Living on a student loan is hard You will probably get more money in your bank account than you have ever had before. But most students find it harder to manage than they … [Read more...]
“Improving my credit score – be added to my partner’s card?”
A reader asked: I have fairly recently got an Aqua card with a limit of £1,900. Credit Karma suggests this is low and a higher limit (with low utilisation) reflects well with lenders. I’ve only just had a credit limit with Aqua so can't get another one soon. But I could be added as a secondary cardholder on my partner’s credit card. This is her idea – she has a limit of almost £10k. She never … [Read more...]
Barclaycard – more big cuts to credit limits in 2021
In April 2021, Barclaycard is cutting a lot of customers' credit limits. Some of the reductions are dramatic. Here is what one Debt Camel reader said: Today I received a letter from Barclaycard informing me my credit limit is being reduced from £5,000 to £250 in 1 months time. My balance is zero and has been for several months. Not very happy about this as it’s there for emergencies etc and … [Read more...]
How to get refunds from catalogues, credit cards & overdrafts
Have you had a catalogue, credit card or overdraft where you were given a high credit limit? So high that the monthly repayments were hard to manage so you got into more debt? Many people were originally given sensible limits, but the lender kept increasing them. You may have a good complaint that the lender was irresponsible in allowing you to borrow so much that the debt was … [Read more...]
Buying too much online? 5 ways to cut back
A few taps on your mobile and that handbag, those kids' clothes or this kitchen gadget is on its way to you. Very convenient with busy lives and little time to go to the shops. Or when the shops are shut because of lockdown! But when money is tight or you want to save for something important, or you are just bored with being at home all the time, it can be just too easy to overspend. … [Read more...]
Barclaycard to hike minimum payments in January – are you affected?
Barclaycard emailed customers in November 2020 about changes to their credit cards. With the title "Dear [customer name], we're updating your T&Cs ", you may have ignored it. But many people will find their minimum payments are going to be increasing from 26 January 2021. And some of the increases will be very large. This affects Barclaycard holders with Cashback, Freedom, Forward, … [Read more...]
Is your credit card getting close to the danger point?
Here is a simple way to think of your credit cards and catalogue accounts using the traffic light colours. It can give a warning signal where you may have problems in the future. First you need to compare the balance you owe at the moment to your credit limit. Your limit is shown on your credit card statement. Say you currently owe £1,000 and your limit is £4,000 - in this case you are using … [Read more...]
Barclaycard send letters saying they raised credit limits too high
UPDATE in April 2021, Barclaycard has made another set of cuts to customers' credit limits. In July 2020 Barclaycard sent out letters to some customers saying their credit limit may have been set too high. They say: We've recently reviewed the way we set some of our customers' credit limits and can see that the limit we gave you previously may have been higher than it should have been … [Read more...]