There are several "bad credit" cards in Britain, including Vanquis, Aqua, and Luma. The cards are aimed at people who get turned down for a normal credit card. They promise access to credit you can't otherwise get, but many people want them not because they want to borrow but to help them improve their credit score. The credit card regulator published research showing that a quarter of these … [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?
Although the 0% balance transfers on offer are less good at the end of 2018 than they were a year ago, there are still some great deals to be had. So good that you may be wondering what the catch is! Banks do expect to make money from these "bargain offers". If you know how, you can plan to avoid this and make sure you are the one that gets the bargain, not the credit card company. How do … [Read more...]
The FCA is worried about the number of people who appear to be struggling with debt, just above the default level: around 2 million people have "persistent levels of debt", normally using 90%+ of their credit limit, suggesting that they may be struggling to repay; another 1.6 million people are repeatedly making minimum payments on their credit card debt. These are big numbers, … [Read more...]
This week many Halifax credit card holders have received a letter saying there is a change to the way their interest rate will be set in future. The letter says your current interest rate isn't increasing so this may sound pretty harmless, but it's worth a closer look as you may want to reject the change. The new interest rate formula At the moment, Halifax simply sets an interest rate for you, … [Read more...]