Ever wondered how credit card companies make a profit off 0% balance transfer deals?
New research from financial comparison site moneysupermarket.com has estimated that nearly 1 in five would-be ‘rate tarts’ fail to move their balance to a new card before their introductory offer ends, and this failure costs a collective £1.7bn in interest each year.
Card issuer Capital One have been strongly criticised for sending out unsolicited credit card cheques to an undisclosed number of customers, with debt campaign group Money Advice Scotland saying they plan to raise the matter with the Banking Code Standards Board (BCSB).
UK credit card holders could soon be facing an extra £1bn a year in fees and charges according to a new report, as card issuers look to recoup revenue lost following rule changes to late payment charges.
Image-conscious credit card carriers may soon have a dramatic new look in their wallets after 3M announced the development of a totally transparent material that can be used to make credit cards.
The latest official figures from the UK payment clearing association Apacs show that credit card fraud has fallen by 5% compared to last year’s figures. Total fraud in the first six months of 2006 amounted to just under £210m, which represents a 17% drop over the same period in 2004.
The introduction of chip and pin technology has been credited with the improvement.
Holders of the MyTravel credit card have been warned that they have only a few months to redeem their reward points before February 5th 2007 or risk losing them when their accounts are transferred over to another card.