It is hoped that the deal will be completed within the first half of the year if regulatory approval is granted. Barclay’s wants to increase its portfolio according to reports and therefore purchased the assets for an undisclosed sum. However, whilst Barclay’s and Egg may be happy with the deal many customers who feel they may be affected are worried.

No indication has yet been given as to whether Barclay’s will change the terms and conditions of an Egg accountholders who are now switched to Barclays. It is thought that cash back levels will remain unchanged for those that switch to a Barclay’s card as part of the acquisition. However, naturally customers are keen to know whether there will be other changes but no details have been revealed by Barclay’s or Egg regarding this matter.

The finance director from Barclays, Chris Lucas, said: ‘The acquisition of Egg’s UK credit card accounts has been priced at a significant discount. Based on current projections, we expect the transaction to exceed the financial return targets set out at our recent results announcement.’

Another Barclays spokesperson said: ‘Barclaycard has a long history of providing simple and innovative payment solutions for our customers since launching the first UK credit card 45 years ago. We are very pleased to welcome over a million Egg customers and to provide them with access to our mainstream capabilities in areas such as mobile and contactless payments, digital servicing and instant rewards.’

Barclay’s buying a different kind of egg this Easter is a post from: Credit Cards Bureau

No related posts.

Related posts brought to you by Yet Another Related Posts Plugin.

At present the base rate still stands at 0.5 percent. However, despite this credit card interest rates have continued to soar, with the average credit card interest rate now coming in at a whopping 18.9 percent. This is thirty five times higher than the Bank of England base rate and is the highest it has been in thirteen years. Some officials believe that this stems from providers being cautious due to the increased risk of bad debt because of job losses and the state of the economy.

Credit card providers that are offering lower rate deals are becoming increasingly cautious over who they offer these deals to, which means that the majority of consumers have reduced choice when it comes to finding a credit card. This means that many end up having to go for the higher rate cards, and with interest rates going up and up this can equate to a huge amount of debt and interest.

One official said: “During the financial crisis many credit card companies assessed their existing customer base and many customers have seen large increases in the rate they are charged. Customers who would previously have switched to another provider are now finding it’s not so easy to do so. Competitive deals for balance transfers and introductory purchases remain on offer but card providers are selective over exactly who they select for these deals.”

Credit card rates soar despite base rate is a post from: Credit Cards Bureau

Related posts:

1. Card debt to continue this year Over the course of this year many people will continue...

Related posts brought to you by Yet Another Related Posts Plugin.

For many people the arrival of their credit card statements has resulted in them having to juggle their finances in order to budget for the repayment. Many have not had the disposable income to do this without making cutbacks elsewhere, and in some cases this has meant having to reduce the payments that they are paying on their bills.

According to some officials many households are in such a mess with their debt repayments following the costly festive season that they are having to miss bill payments and cut back on buying basic essentials. Many of the people that find themselves in this situation may end up seeking financial advice about their debts, as they realise how difficult it has become to cope with both debts and bill payments. An official from the Debt Advice Foundation said that January was not a time of year when people borrowed money in order to pay essential bills, and in fact it was quite the reverse.

He said: “It’s really the other way around, the debt tends to be racked up in November and December when people borrow money using credit cards, store cards, overdrafts and personal loans, to pay for a Christmas they can’t really afford.”

January debts lead to missed bills is a post from: Credit Cards Bureau

Related posts:

1. Prevent missed and late payments on credit cards There are many people these days that use their credit...

Related posts brought to you by Yet Another Related Posts Plugin.

The figures also suggested that for around 52 percent of credit card users in the UK the level of spending would remain the same this year as it was last year. Research was carried out to determine consumer intentions with regards to credit card spending for 2011. The figures showed that in around 17 percent of cases consumers were expecting to increase their credit card spending by around £200 a month.

A further 32 percent of those that were polled said that their credit card spending was likely to increase by around £100 a month. Many people struggled last year in terms of their finances, and ended up having to turn to credit cards and other forms of finance to fund their spending. Officials believe that this year is set to be as difficult if not more difficult for many households, and this could contribute to the increase in spending on credit cards. For many, this could lead to spiralling levels of debt, and could result in some people being pushed over the edge financially because they cannot afford the repayments on their credit card debt.

An official from the Post Office said: “January has been a tight month for many of us, especially with the long wait until pay day, and we can see that many people are falling back on credit cards to ease the costs of day to day living.” 

Millions set to increase credit card spending is a post from: Credit Cards Bureau

Related posts:

1. Card debt to continue this year Over the course of this year many people will continue...

Related posts brought to you by Yet Another Related Posts Plugin.

According to the figures from Barclays consumers in the UK will spend around £50 billion between them over the holiday period, and this will reflect an increase of 8 percent compared to last year. Many are still suffering when it comes to their finances but this does not seem to stop many people from dusting off their plastic cards and getting online to make purchases such as gifts and clothes.

The High Streets have suffered over recent weeks because of the bad weather, and whilst High Street retailers have taken the hit because of the weather conditions online retailers have enjoyed huge profits, with consumers choosing to shop from the comfort and privacy of their own homes using their credit cards and debit cards rather than brave the freezing temperatures and head out to the shops.

However, in the lull between spates of bad weather consumers have also been hitting the High Street with their credit and debit cards, which has resulted in further spending.

One official from Barclays stated: “The early snow falls this month meant that the start of December was a little quieter on the high street than expected.” He went on to state: “This is likely to put even greater pressure on retailers as we draw to the end of the Christmas countdown, with customers being forced to do their shopping at the last minute.”

Consumers expected to spend more this Christmas is a post from: Credit Cards Bureau

No related posts.

Related posts brought to you by Yet Another Related Posts Plugin.

However, these days more and more people are using their credit cards to make everyday purchases, from paying for groceries and travel to paying for drink and lunch in the pub. The convenience and ease of credit cards has made them very popular amongst consumers that don’t want to be carrying cash around everywhere. They have also proven to be a financial lifeline for many people that have suffered financial struggles due to the credit crisis and recession.

Richard Sorsky, who works for the UK Insolvency Helpline, said that credit cards were no longer seen as a luxury, and rather than being used by wealthier people, as they once were, they were now tools that were used by the average consumer to pay for many different items both online and on the High Street, as well as by phone.

He said that more people were now spending instead of saving, and this was because it was impossible to save any significant amount of money for some people due to the high cost of living. There is also the fact that most people are not getting any return on their savings due to low rates of interest from banks.

Another recent report has also highlighted how popular credit cards are becoming, but industry experts want to ensure that consumers are being sensible with their credit cards as well as enjoying the convenience and ease that they offer.

Consumers make everyday purchases with credit cards is a post from: Credit Cards Bureau

No related posts.

Related posts brought to you by Yet Another Related Posts Plugin.

Leading the way in this new innovative way of shopping is Barclays, Barclaycard who have over 5 million contactless enabled credit cards in the U.K. at the present time. It all started in 2007 with Barclaycard introducing the One Pluse, making life easier for many of its customers.

Caffe Nero, one of the largest coffee retailers trailed the contactless concept in December 2008 in central London and completed the roll out across all their stores by October 2009. Managing Director of Caffe Nero, Jonathan Hart, says “We have had very positive feedback from our customers since our decision to trial contactless in December 2008. The rollout across our entire network will give our customers a choice of ways to pay which we hope will enhance their experience with us.”

Another company to roll out this concept is Pret a Manger, who have also successfully roll out the product throughout its 199 shops. Head of I.T. at Pret a Manger , Simon Kerry, said “As a high street food chain, our busiest times are during the morning and lunch time rush hour. These are the best times to pay with contactless as it cuts down on the amount of time that our customers will spend queuing in store. We are pleased our customers have embraced the technology and hope to see an increase of payment via contactless in the next year.”

These are only two of the big names who have rollout this concept, taking contactless payment product with Barclaycard to 20,000 outlets.

Amer Sajed, Chief Executive of Barclaycard UK, Business and International at Barclaycard, comments: “Five million contactless payment cards issued is a significant milestone on the journey of how people will pay for goods and services in the future. Together with Barclays we continue to rollout contactless technology across our card portfolio as we believe it is the future of payments. Consumer feedback highlights the increasing demand for contactless payment and we expect to see more retailers follow Caffe Nero and Pret A Manger and sign up to contactless in the near future.”

The Rise Of Contactless Credit Cards is a post from: Credit Cards Bureau

Related posts:

1. Barclay’s buying a different kind of egg this Easter Whilst many people will be busy buying Easter eggs for...

Related posts brought to you by Yet Another Related Posts Plugin.

Simple advice has been issued in order for credit card holders to make necessary procedures in order to protect themselves from fraud.

Logging out straight after making the transaction then saving the confirmation e-mails are very important in order to record what has been purchased. PC’s should have up to date protection such as anti virus software and the latest operating system.

Only sites with a good reputation should be used and these sites can be identified by looking for the padlock symbol.

Head of fraud control for The U.K. Cards Association, Kate Worobec, said “More of us than ever before will be doing our Christmas shopping online this year, and there is absolutely no reason why we shouldn’t be doing so in complete confidence.”

Finally, credit card holders should never reveal any details to any cold calls they receive.

Safe Online Shopping This Christmas is a post from: Credit Cards Bureau

No related posts.

Related posts brought to you by Yet Another Related Posts Plugin.

Head of banking at moneysupermarket.com, Kevin Mountford, said “Christmas is always a difficult time of year financially and the current economic climate is not making things any easier. Preparation is the key during the festive season and consumers who have saved will be able to start the New Year without the burden of Christmas debt hanging over them”.

Those who have decided to go down the credit card route should be using their head when deciding about how to go about this, with Mr Mountford adding that for those people looking at using a credit card a deal with 0% interest on purchases would be the best option.

He added “Provided you are able to pay off the balance in full within the zero per cent period, these cards are a good way of spreading the cost of Christmas”, pointing out that consumers should not be spreading the payments to after the 0% interest period as they could still be paying the credit card off the next time Christmas comes around.

Are You Using Your Credit Card For Christmas This Year? is a post from: Credit Cards Bureau

Related posts:

1. Card debt to continue this year Over the course of this year many people will continue...

Related posts brought to you by Yet Another Related Posts Plugin.

Customers will not only receive points on everything they buy, but they will be able to double their points when purchasing fuel or any AA products.

In may appeal to the 15 million members that the AA has who will be able to benefit from a 12 months interest free period.

With an APR of 16.9%, customers can redeem their points against AA insurance or products as well as shopping vouchers and cash back.

The motorist’s card, as the director of Financial Services at AA put it, believes that reward cards are of particular popularity at the moment. He said “The cost of motoring is constantly rising – not least the price of fuel and the new AA card offers the opportunity to help ease the financial pain of running a vehicle”.

New Rewards Card From The AA is a post from: Credit Cards Bureau

No related posts.

Related posts brought to you by Yet Another Related Posts Plugin.