Online shopping in Europe will be cheaper and easier as of Saturday, thanks to the European Commission's new banking directive, PSD2. While the directive introduces an array of new banking reforms, the first change customers are likely to see is the lifting of additional fees for online payment via credit card or bank transfer. Read more: Online vs offline shopping: which is better for the environment? The biggest change, however, is slightly more subtle. Under PSD2, banks lose their right to be the sole owner of a customer's account and transaction data. The EU's new directive makes it possible for individuals to share their account data with authorized third-parties. This means, for example, that people with multiple European bank accounts will be able to store and pull up their financial data within a single mobile app. More importantly, this also means that online vendors will be able to charge money directly from a buyer's account — provided of course they … [Read more...] about PSD2: New EU rules to make credit card transactions cheaper, faster and safer
Zero percent apr credit cards
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
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
SANTANDER customers were dealt a blow this week when the bank slashed the amount of cashback that can be earned from its popular 123 credit card.A cap introduced on Wednesday means the most you will be able to earn in any one month is £9.It is a huge hit to cardholders like Laura Rettie who will be around £100 a year worse off, as she tells Sun Money, below.Previously, you would get one per cent back from any spend at supermarkets and two per cent on department store purchases, without any limit.You would also get three per cent cashback on travel buys up to £300 a month.It meant big spenders could claw back unlimited amounts of money every month.But now the amount you can spend to earn cashback will be limited to £300 a month at supermarkets, £150 at department stores and £100 a month on travel.This means that customers will only be able to earn a maximum of £3 for each type of spend, amounting to just £9 a month.And as the card has a £3 … [Read more...] about As Santander 123 Credit card holders are hit by bank capping cashback we reveal best alternatives for your wallet
SHOPPERS will hit the high street in droves over the next few weeks as the annual festive spending frenzy begins in earnest.Parents splurged an average of £294.65 on presents for their kids – many of which were Christmas gifts – totalling £4.8billion last year, according to new findings from Asda. Grandparents spent an average of £254.53.With the most popular toys this year including the Zoomer Robot Chimp for up to £120 and Star Wars Lego at around £80, it’s little wonder parents are feeling the pinch — or that many people have to borrow to pay for the festive season.But put Christmas on the wrong type of credit and you could still be paying for it next year.Edward Ware of StepChange Debt Charity says: “Christmas can be very expensive, but turning to credit cards, store cards and payday loans to pay for it can be dangerous.“They are designed for short-term borrowing and can be costly to manage if not paid off … [Read more...] about From credit cards to overdrafts… here are the best and worst ways to pay for Christmas this year
SAINSBURY'S Bank has launched a new balance and money transfer credit card giving borrowers 42 months at zero per cent interest.The 42 month deal is the longest ever offered by any lender, pipping Virgin Money's, Halifax's and MBNA's 41-month offerings to the balance transfer post.But, Sainsbury's lengthy deal comes with a catch in the shape of a four per cent fee on the balance being shifted from an existing credit card in the first three months.After three months, the fee drops to three per cent of any balance being transferred, with a minimum £3 fee applying regardless how much you transfer across.For the first three months, purchases made on Sainsbury's new card attract a zero per cent interest rate. After that, it shoots up to 18.95 per cent.Anyone wanting Sainsbury's new card shouldn't hang around as applications close on 31 October. The deal is not open to existing Sainsbury's Bank credit card holders.New customers with a Nectar card will be able to get 5,000 bonus Nectar … [Read more...] about Sainsbury’s Bank launches longest ever 0% balance transfer credit card
Banks in the US are facing new troubles. Consumers who can no longer pay their bills, their mortgages, or debt run up on their credit cards threaten to trigger a tsunami of credit defaults. The estimated $80 billion (56 billion euros) in outstanding credit card debt could upset the liquidity of credit card companies and banks, warns John Ulzheimer, a credit card expert at the consumer website credit.com. "Today, the value of homes is going down rather than up, so there really is no equity to pull out of homes to pay down credit card debt," he says. "What you end up with is a consumer with a large amount of credit card debt, no equity in the home to fall back on, an increasing unemployment rate – and all of these things together really spell disaster, not only for the card-holder, but also for the credit card issuer." What about Europe? In most European countries, including Germany, banks are less worried about consumer debt, because people use their credit cards … [Read more...] about European banks weather credit card defaults better than US counterparts