0 Have your say Today a ban has come in on companies adding charges to credit or debit card purchases. It has been welcomed by consumer groups - but advice has gone out to shoppers that they should be aware of retailers attempting to find ways around it.Q. What are the surcharges being banned?A. As of January 13, all surcharges for paying with either a credit or debit card will be banned under new EU rules to help improve transparency and fairness. This includes linked ways of paying such as PayPal or Apple Pay and applies to any online payments, credit transfers and direct debits.Q. How much were they costing me?A. Consumers have been facing hefty charges, with fees typically around two per cent and on some smaller transactions accounting for as much as 20 per cent of the bill.The ban should make a significant difference on some purchases. It will end British Airways charging a one per cent fee of up to £20 on credit cards, Ryanair charging two per cent on credit cards … [Read more...] about CONSUMER: The end of credit card surcharges – here’s all you need to know
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PUBLISHED: 12:05 12 January 2018 | UPDATED: 12:40 12 January 2018 Martin Lewis, founder of moneysavingexpert.com Archant The dreaded post-Christmas credit card bills are beginning to arrive. Moneysavingexpert’s Martin Lewis explains how to tackle them. This time of year causes concern for many people, as Christmas debts begin being repaid. Picture: Thinkstock/AntonioGuillem Letterboxes become dangerous at this time in January, and not just due to trapped fingers. Mail takes on a demonic hue for many awaiting credit card statements of their Christmas spending to land on the doormat. So if your plastic has a festive hangover, don’t ignore it: it’s time to sort it. There are three key rules to sorting your existing debts: 1. Stop borrowing more. 2. Cut the interest rate. This means your repayments clear the actual debt rather than just profit the lender. 3. If you’ve more than one debt, prioritise repaying the one with the highest interest rate first … [Read more...] about Martin Lewis: Dreading those Christmas credit card bills? Here’s how to cut them
Professionals in today's fraud industry may come equipped with some kind of know your customer (KYC) regime to validate buyers of stolen credit card numbers, a bizarre inversion of the sort of financial services protocols designed to stop white collar crime. Anyone can go on the dark web and start searching for opportunities to buy stolen credit card numbers, but the people brokering this data may require some evidence that you are not a time waster or an undercover cop. Richard Harris, head of international operations at Feedzai, which uses machine learning to do real-time fraud detection for banking and ecommerce, explains: "If you just want to go and buy, people are going to want to start validating - it comes down to an identity issue for them. "They will want to do some kind of KYC on you as a buyer to make sure you are not an undercover cop. There are various ways for them to start to validate that you are who you say you are." Harris said some websites begin with a perfunctory … [Read more...] about The fraud industry: Expect to be KYC’d by criminals when buying stolen credit cards on the dark web
When it comes to searching for a credit card the consumer has never had more power in their hands. The days of calling your bank, asking for a credit card and hoping for a ‘yes’ are over. Using sites like TotallyMoney.com you can compare hundreds of cards online to see those which suit you best and that you are most likely to be accepted for. Why you should compare credit cards 1. Protect your credit score. When you compare credit cards you can check your eligibility for each one. This means you can see how likely you are to be accepted for a card before applying. Making multiple card applications in a short space of time can harm your credit score, so by knowing your chances of acceptance you can avoid rejection and protect your score. 2. Know your options. There are many different types of credit card that could be right for you. Plan on making a large purchase like a laptop or a fridge? Put it on a 0% purchase card and save money by paying no interest for the … [Read more...] about 5 reasons why you should be comparing credit cards online
BORROWING money with mega low interest rates and zero per cent credit card balance transfer deals "may be coming to an end".Finance expert, Andrew Hagger from Moneycomms has said that it's getting harder for people to borrow money at a lower cost as banks increase their rates.Since the Bank of England raised the base rate to 0.5 per cent from 0.25 per cent in November, banks have been following the guidelines and putting their own rates up for borrowers.According to the analyst, there are now fewer loans of more than £10,000 with super low interest rates of below three per cent available on the market.Meanwhile, the length of zero per cent your credit card transfer deals has also shortened.Most credit card lenders will allow you to transfer your credit card debt to another card to save you paying high interest rates you may have racked up.A zero per cent balance transfer credit card will charge you a transfer fee but won't charge you interest on the sum of money you move for an … [Read more...] about End of mega cheap personal loans and 0% credit cards – what are the best options for borrowing?
MILLIONS of stretched households should try to cut their credit card debts now, according to MoneySavingExpert's Martin Lewis.The Bank of England hiked rates for the first time in a decade last week amid fears about Brits' £200billion debt pile and soaring inflation.And Martin has warned that the move is the "death knell" for record length balance transfer cards, which has given customers more than three-and-a-half-years to clear their outstanding balances without incurring interest.In his weekly Money Tips newsletter, he urged everyone with debts on credit cards to take action now if they want to avoid worsening zero per cent deals and an increase in monthly interest payments.He said six months ago, the longest zero per cent deal on the market was 43 months.That's now dropped to 38 months with both Barclaycard and Virgin Money now offering the longest deals on the market.Martin said: "Last week's base rate rise was the death knell for record balance transfer … [Read more...] about Martin Lewis warns credit card users to sort out their debts now as MILLIONS of customers face paying more
LLOYDS bank has SLASHED the rate on its standard credit card to just 5.7 per cent - the cheapest deal on the market.Its means on a balance of £1,000 you'll be charged around £50 in interest in the first 12 months - as long as you meet the minimum monthly repayments.It's low-rate credit card comes with an APR of 5.7 per cent - currently the cheapest deal on the market.There is no annual fee and - helpfully - you won't have to pay anything to transfer existing debt to the card within the first 90 days.Those without a great credit score may be offered a higher rate of 10.9 per cent or 14.9 per cent.You can only apply for the card online.The credit card market is really competitive.Low-rate deals can really help those who don't want a 0 per cent deal which shifts to a higher rate of interest when the offer comes to an end.Money expert Rachel Springall, of Moneyfacts, told The Sun Online: "Low rate credit cards are great for everyday spending for consumers thanks to their … [Read more...] about Lloyds launches LOWEST rate credit card – but is it the best one for you?
SHOPPERS can bag £150 worth of Nectar points if they take advantage of a new American Express offer.The credit card giant is offering new customers the chance to collect 30,000 Nectar points, worth £150, when they spend £2,000 within the first three months of owning the card.New customers typically get 20,000 free points when they take out a card, and the offer of an additional 10,000 points will run until June 30 only - so anyone who's interested in the deal will need to apply soon.It's worth noting that you'll only get the points if you spend £2,000 during the first three months - which is fine if you're going to spend the money anyway on a large purchase such as a holiday, but if you can't afford to spend so much, the card isn't worth getting.The Nectar loyalty scheme, which is used by around 20million people, has more than 500 brand partners, meaning shoppers can use their freebie points to get money off at retailers including Sainsbury's, Pizza Express, … [Read more...] about How to bag £150 worth of Nectar points when you take out an American Express credit card
INTEREST RATES for some of the most popular credit cards has risen by hundreds of pounds since the start of the year, according to new data.Big lenders including HSBC, NatWest, Virgin Money and Santander have upped costs on credit cards despite the Bank of England cutting the official interest rate.In the most extreme example, the rate of one card had been hiked by 11.9 per cent to 18.9 per cent and its annual fees have gone up by as much as £45.This means that shoppers pay an extra £470 on a balance of £4,000 if they only pay off the minimum balance each month, according to Moneyfacts.co.uk.When the Bank of England slashed the base rate from 0.5 per cent to 0.25 per cent in August many hoped they would benefit from lower borrowing costs.However, a report in the Daily Mail today warned that despite it being cheaper for banks to lend money many are failing to pass on the savings.Last week borrowers were warned against racking up too much debt as low interest rates have … [Read more...] about How the cost of using popular credit cards has risen by £100s since the start of the year
SELF-EMPLOYED workers will no longer be able to pay their self-assessment tax bill with a personal credit card - and some people are pretty p*ssed off.Under current rules, taxpayers can pay with a personal credit cards using their HM Revenue & Customs (HMRC) online account or, if you receive paper statements, with a paying-in slip.The credit card charges ranges from 0.374 per cent to 2.406 per cent, depending on whether it is a personal or corporate card.But from January 13, sole traders and company directors will no longer be able to use their own credit card to pay this bill.Instead they'll have to use a business credit card - which many will not have - or choose to pay via bank transfer or debit card.Frankie Tortora, founder of freelancing digital magazine Doingitforthekids.net, says she believes that the changes will take many self-employed professionals by surprise.“My fear is that a lot of people will be panicking come January,” she said.“As much as we all … [Read more...] about HMRC is stop accepting credit card payments… and some self-employed workers are angry