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How The Mighty Have Fallen

admin — Tue, 25 Nov 2008 19:34:02 +0000

Citigroup, one of America’s biggest banks, one that has been at the heart of American finances sinces it emergence back in 1812 has hit the ground with a thump, due to the global financial crisis of the moment. A company that only a couple of years ago was worth $ 273 billion, approx £ 181 billion, now finds itself valued at $ 20 billion.

Due to the amount of sub-prime mortgages given to people with poor credit ratings the company has been hit very hard, seeing its share pricing at $ 4.00 compared to the $ 55.00 it was only a couple of years ago.

With the value dropping and uncertainty of the current time it looks like Citigroup will be looking to cut jobs by 52,000, something that was announced earlier this month. Citigroup have 12,000 employees in the U.K.

So what does this all mean, what can be done to save them, can they be saved? Well the U.S Treasury will input $ 20 billion into Citigroup and also the U.S Government has guaranteed $ 306 billion worth of the riskiest loans, so the hope is that this will all help to get the financial giant through the hard times ahead.

For people who have bank deposits with Citigroup in the U.K, they are covered up to £ 50,000 on the Financial Services Compensation Scheme should the bank completely go bust but this seems to be something that is unlikely to happen. Due to the size of the company and the amount of money being pumped into Citigroup it is very unlikely that they will be allowed to go bust, due to what the knock on effect of this happening would have globally.

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Tags: citigroup, store cards, credit ratings, biggest banks, heart, share

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Charity Credit Cards

admin — Tue, 28 Oct 2008 16:38:49 +0000

Many people in this day and age like to give money or make donations to charity, and even in the current financial climate where finances are strained for many households people still think about those less fortunate than themselves and try to offer as much in the way of financial support as they can. It can be difficult to decide what charity to support when there are so many worthy causes but most people have heir own favourite charity or a cause that is close to their hearts, which they make donations to.

The good news is that for those people that wish to contribute to a worthy cause and want to enjoy the ease, convenience, and flexibility of using a credit card, there are cards that will enable you to do this without any hassle. These days you will find a number of charity credit cards available, each of which supports a different charity or cause. By simply using your credit card in the usual way you can enjoy giving something back by way of charitable donations without having to actually do anything yourself.

For every pound you spend on your credit card the provider will donate a certain amount to the sponsored charity. You can choose from all sorts of charities from cancer support and research charities to animal charities and wildlife preservation. The amount donated per pound spent on the card is usually low, but it can add up quickly if you use your card regularly and spend a lot on it. The level of the donation per pound spent can vary from one card to another, so it is worth comparing different charity credit cards.

The good thing about charity credit cards is that you do not have to lift a finger in order to donate to your chosen charity, as it is all done on your behalf. All you have to do is spend as normal on your card. However, do bear in mind that the charity credit card may not be the best thing for those that do not pay off their balance in full each month. This is because you will often be charged hefty amounts of interest by the card provider if you spread your repayments, and this will outstrip any donation that is made to the charity. Instead, you may be better off getting a 0% purchase credit card for your own use and then making a separate donation yourself to your chosen charity simply by setting up a standing order or direct debit.

For those that do use their credit card on a regular basis and do pay their balance off in full each month these charity credit cards are a good way to make donations to a worthy cause. You may find that some credit card providers also offer a bonus donation to the charity such as a larger payment when the account is first opened.

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Tags: cancer support, amount, 0 purchases, best thing, charity credit cards

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Different Types of Credit Cards

admin — Thu, 16 Oct 2008 18:27:28 +0000

If you are looking to take out a credit card you will find that the wide choice of credit cards on the market these days makes it easier for you to find a card that is perfectly suited to your needs and circumstances. If you have a good credit history and rating you will usually find that you can choose from a wide range of credit cards, although the choices for those with bad credit will be far more limited. It is important to make sure that you choose the right card for your needs and circumstances, as otherwise you could end up paying over the odds or could miss out on some valuable benefits. Below is a summary of some of the popular credit card types available these days:

Rewards credit cards: Amongst the different rewards that are available from credit card companies on these cards are discounts at various retailers, travel rewards, air miles, loyalty or rewards points that can be redeemed for various goods, and more. These are suited to those that spend on their credit cards regularly and repay their balance in full each month.

0% purchase cards: These cards allow cardholders to use the card to make purchases in the normal way but to enjoy a period of interest free credit within which to repay the debt in order to avoid paying any interest at all.

0% balance transfer cards: The way in which these cards work is by enabling you to transfer the balance from other, high interest credit cards onto your new 0% balance transfer credit card. Once the transfer has been made you have a specified 0% interest period within which to clear the outstanding transferred balance before you start getting charged interest. The length of the 0% period can vary from one provider and credit card to another.

Life of balance transfer cards: With the life of balance transfer credit card you transfer your existing higher interest credit card balances in the same way as you would with a 0% balance transfer card, which means that you can transfer debts up to the credit limit in your new card. You will then be charged a very low rate of interest for the life of the transferred balance providing you make at least the minimum repayment each month.

Charity credit cards: For every pound you spend on your credit card the provider will donate a certain amount to the sponsored charity. You can choose from all sorts of charities from cancer support and research charities to animal charities and wildlife preservation.

Credit cards for those with poor credit: There are a couple of main providers that offer credit cards to those with damaged credit, and these are Capital One and Vanquis. You should bear in mind that you will need to meet the lender’s eligibility criteria, and if you are successful the interest rate charged is likely to be very high based on how bad your credit rating is, whilst the borrowing levels are likely to be low in order to stop you from falling into spiralling debt levels.

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Tags: Credit Cards, 0 purchase, 0%, reward credit cards, balance transfer

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Cash Withdrawls In the UK

admin — Thu, 16 Oct 2008 18:20:43 +0000

According to research done by U Switch, consumers using credit cards in the UK are making over 38 million cash withdrawls every year and they are doing this at nearly twice the average APR% which is about 17.2%, which equates to an average 32%.

The last three years has saw figures rise to a staggering 41% compared to 21% back in 2005. Back in 2005, Nationwide were the cheapest cash withdrawl provider with a rate of 16.9%, but those days are long gone and the Nationwide now join the other providers to date but upping the rate by 85% which today would see 31.2%. The Nationwide do have the best method for customers to repay this amount back by making sure that the cash withdrawls being the first thing that is paid off on the individuals account which. Other providers make their customers pay off the whole amount. Another example of this would be Lloyds TSB who in the last three years has gone from 19.9% to todays rate of 31.91%.

Personal Finance Manager at U Switch, Louise Bond, says “People who use a credit card to withdraw cash may already be struggling under the burden of debt and are forced to resort to this method of borrowing to make ends meet. They can ill afford to pay the exorbitant rates of interest that most lenders are now charging them. While we accept that credit card providers have to make money, and that cash withdrawals carry a higher risk of people getting into bad debt, it is indefensible for companies to penalise their most vulnerable customers.”

“With some providers now charging up to the APR equivalent of almost 32% on cash withdrawals, equivalent to some sub-prime credit card rates, cash rates have become sub-prime rates masquerading as mainstream lending. We now challenge the OFT to investigate whether these rates amount to ‘usury’ or extortionate lending.”

“While the DTI may have intended to simplify things for consumers when they came up with these changes, they have actually caused more confusion. The reality is that most people who use this facility are either unaware of the actual costs incurred, or are so desperate to get their hands on the cash that they don’t care how much it will cost them.”

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Searching for a Suitable Credit Card

admin — Tue, 14 Oct 2008 18:03:29 +0000

The world of credit cards has become something of a minefield in many ways over recent years, and this is because there are so many different credit card types available from such a wide range of lenders. For those with good credit the choice of credit cards is very good, and it is possible to find credit cards to suit most needs and circumstances. Credit cards have become increasingly popular over recent years, with many enjoying the convenience, ease, flexibility, and even increased security that they offer.

With the evolving world of credit cards it is possible to get a card that suits your needs and your circumstances perfectly, and it is important to make sure that you do get the right card to suit your needs, as this can make a big difference to the benefits and the affordability of a credit card. In order to do this you need to look at what the card offers as well as what your spending and repayment habits are like, so that you can match the right card up to your needs.

For example, if you want to use your credit card to make a big purchase and you are looking to spread the repayments then you may find that the most suitable card for your needs is a 0% purchase credit card, as this means that as long as you repay the balance within the lengthy interest free period offered you will not be charged any interest at all. Your spending and repayments habits will play a big part in which card you choose for your needs.

The best method of finding the most suitable credit card is using the Internet, as this will enable you to browse and compare different credit cards from a wide range of providers, so you can look forward to an excellent choice of cards and providers. You can also look the benefits of different cards with ease when you use the Internet, so you will be able to determine which cards sound best suited to your needs and circumstances. You will be able to browse and compare credit cards from the comfort and privacy of your own home and at a time to suit you, and you can even make your applications online and receive an instant decision from the card provider.

You should always make sure that you take your time in looking at the benefits of different credit cards, as otherwise you could end up with a card that is totally unsuited to your needs and results in you paying over the odds. You can choose from many different credit card types, such as rewards base cards, balance transfers cards, 0% purchase cards, charity credit cards, low rate credit cards, cash back credit cards, and more.

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Tags: balance transfer, cashback, 0 purchases, Payment card, Credit Cards, credit card

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Should You Switch Your Credit Card?

admin — Tue, 07 Oct 2008 10:55:17 +0000

With the current financial climate in the state that it is in many people may be confused as to whether they would benefit from switching their credit cards or not. Many industry professionals have stated that the cost of borrowing on many credit cards has rocketed over recent years, and this means that many people may now be paying a fortune for their credit card borrowing. In cases such as these it may be advisable to switch to another card that offers a more competitive rate. However, there is also the fact that tighter credit conditions could make it harder for consumers to get another credit card, and this could result in rejection, which in turn could lead to damaged credit.

It is therefore important that you think carefully with regards to switching your credit card. There is little point switching cards if you are not going to benefit from the switch, so don’t just apply for another card simply for the sake of it. Do your research and see whether you could make any savings or get a much more competitive rate before you take the plunge. You can check out the different types of credit cards and the rates and fees charged by using the Internet, and this will make it easier to determine whether there is any point in you switching credit cards.

If you are paying a balance off on one or more high interest credit cards then you may find that switching to a 0% balance transfer card or a low rate life of balance transfer card may prove useful, as you can then transfer your combined balances onto the balance transfer card and save some money on interest. If you have a credit card that you pay off in full each month but which offers nothing in the way of benefits then you could ditch that card and go for a rewards based card where you can earn something back from the credit card company.

The matter over whether or not to switch credit card will really depend your needs, circumstances, spending and repayment habits, and what sort of deal you currently have with your credit card. The object of the switch is obviously to save money, or in cases where you are not charged interest, such as if you repay your balance in full each month, to enjoy greater benefits from your credit card. If you have very bad credit then there is a very strong chance that you will not be accepted for another credit card, and you should avoid making haphazard applications because your credit can be further damaged through rejections.

If you are looking to switch your credit card then you should make sure that you research the market and compare a range of cards that will suit your needs. Avoid the temptation to simply take on another card, and then use both the new and the old card, as the point of the process is to replace your existing card with a different, more suitable card and not to add to your existing card with an additional credit card.

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Visa to Launch the Green Credit Card

admin — Sat, 27 Sep 2008 13:24:12 +0000

In Europe, Visa, have decided to launch a “Green” credit card which will allow businesses to offset the carbon emissions that have been created on products the card has been used to pay for.

An example of how this would work would be that when they used the Visa card, whatever carbon emission’s are gained from this purchase will be offset against something of the complete opposite, such as forestry or renewable energy.

Luc Janssen, who is head of Visa Commercial says “This new partnership means that we can offer members a ‘green’ payment capability across Europe that addresses the increasing demand for sustainable initiatives. It is also easy for member banks to get involved as they won’t need to invest heavily in special back office functionality, as ClimaCount has that already in place.”

This new project for visa follows on from the Visa Greencard, which was launched into the consumer market over in Holland back in 2004.

Barclaycard are another company who are looking into this new area of the market and earlier this year launched the Breathe credit card where it is the customer who benefits. Some of the benefits that the customers see are things such as discounts on home insulation, green energy and holidays in the UK which are done to encourage greener spending. Along with this Barclaycard also give half of the products profits to various different environmental projects which aim at reducing emissions all over the globe. Other credit card companies who have also produced similar products are the UK’s Co-operative Bank and Dutch banking group Rabobank.

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Barclaycards Takeover of Discover Financial Services

admin — Sat, 13 Sep 2008 14:21:51 +0000

The recent announcement of Barclaycards £ 35 million takeover of Discover Financial Services UK portfolio of 11 credit cards, which include credit cards such as Goldfish, Morgan Stanley, Liverpool Victoria, Leeds Building Society to name but a few, will see a transfer of 1.7 million credit card holders being transfered into Barclaycards cutomer base.

The message that is being put out to the current holders of the Discover Financial Service cards is that they will not be losing out as a result of this change. Holders of these credit cards will soon be reciving a new card to replace their old one and they will recieve one of nine new or existing cards that Barclays offer. Along with recieving their new card they will also be recieving a guarantee that the benefits they had with their previous card will be the same with their new card if not better.

These new credit cards should be with the holder by the 20th of October and will see a new account number and pin being issued. Although the holders will be getting new cards, account numbers, pins, etc, this will not affect the credit limit or interest rates that they had. For customers looking to be able to find out more about the new Barclaycard that they will recieve a spokesman for the company advised “Customers will be able to get more information by calling the customer service number on the tailored letter sent to them by Barclays.”

It seems that Barclaycard are doing all possible to make this takeover go as smoothly as possible both for their customers and Barclays and in the words of their Managing Director of UK Cards, Amer Sajed “Over the next few weeks, we are focused on ensuring a simple and seamless transition for our new customers and we feel that the new card offers and our customer service will make them feel welcome to Barclaycard.”

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Tags: goldfish, discover, morgan stanley, Credit Cards, barclaycard

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Looking For ‘Free’ Credit? 0% Purchase Credit Cards

admin — Mon, 01 Sep 2008 20:04:38 +0000

For anyone that plans to spread repayments on their credit card balance the interest rate that is charged is of the utmost importance. The rate of interest charged by your card provider will determine how much you pay both monthly and overall on your credit card debt. In the past many people used to browse and compare credit cards in order to get the best rate of interest and keep their repayments and debts down, but over recent years many consumers have been able to enjoy the benefits of paying no interest at all on their credit card spending.

This is thanks to the introduction of 0% purchase credit cards, which allow cardholders to use the card to make purchases in the normal way but to enjoy a period of interest free credit within which to repay the debt in order to avoid paying any interest at all. Many credit card firms offer 0% purchase credit cards, and the interest free periods that are offered can vary dramatically – for example, one card provider may offer six months interest free credit on purchases whereas another may offer twelve months or more. This is why it is important to make sure that you browse and compare a range of 0% credit cards from a number of providers, as the longer the 0% period offered the more time you will have to repay the balance without being charged any interest.

If you still have an outstanding balance towards the end of your interest free period you should bear in mind that you will be charged interest when the 0% period expires, and therefore it is important to clear this balance before the expiry. If you do not think that you can do this is may be worth transferring the outstanding debt to a 0% balance transfer credit card to avoid being charged interest.

A 0% purchase credit card is ideal for those that want to pay for a larger purchase such as a holiday or large item for the home, and then spread the repayments, as it means that you can enjoy quite a lengthy interest free period so you won’t have to pay any interest for the privilege of spreading your repayments. Alternatively you may want to use one of these cards for certain occasions, such as Christmas or when you go away, when you are likely to make a lot of purchases but do not want to pay for the whole lot in one go.

The 0% interest on these credit cards is not extended to cash transactions and withdrawals, and you will be charged both interest and fees on this type of transaction, so you should avoid these and use the card only to make actual purchases. This way you can enjoy the ease, convenience, and flexibility of using a credit card without having to pay the price.