Date:14 April 2007 I Comments: 0 I Views:3,817

MBNA have now increased their credit card balance transfer fee to 3%. One of the last leaders in the credit card industry to reach the 3% mark. Virgin still offer 13 months at 0% with a fee of 2.98% (not much of a saving!) but most of the long 0% offers are now charging around 3% for balance transfers. The leading offer of the moment is the HSBC Credit Card offering 0% until April 2008 and only charging a fee of 2% for transfering your balance. If you are a ‘rate tart’ this is currently the card to consider! more >

Date:30 March 2007 I Comments: 0 I Views:7,048

Fraudsters have stolen over 45 million credit card numbers from a well known retailer’s database. Hackers accessed the database of TJX (TKMaxx in the UK) several times over a period of 4 years and only stopped when suspicious software was discovered in December last year. The company revealed details in January about suspected fraudulent activity accessing customer card numbers but has only now revealed the full extent of the theft. Apparently customers’ names and addresses were not stored on the same systems as the card numbers, and it is not thought Pin numbers could have been compromised. People that have shopped in TK Maxx more >

Date:14 March 2007 I Comments: 0 I Views:8,113

In a previous post I mentioned the possibility of being able to strengthen an individual credit score by transferring a credit card balance onto multiple cards. I.e. a £5,000 balance transferred across 5 cards by putting £1000 on each. This may not be advisable in the UK. The information I was originally working from was based in the US and discussed something called ‘credit-utilization ratio’ which suggests that if you have lots of credit at your disposal, you’re only using a relatively small amount of it and you’re managing it successfully, you will be regarded as a fairly safe risk more >

Date:6 March 2007 I Comments: 0 I Views:2,273

Choose the possibility of 12 months less of repayments and hundreds of pounds less interest. When considering the option of transferring a credit card balance onto another credit card to take advantage of a 0% offer or taking out a loan to consolidate the credit card debt it pays to sit down and do the maths. Using a variety of online calculators and some simple maths it is possible to determine which option would make the most financial sense. Taking the time out to sit down and tackle the calculations could save over £1000 so even if it takes an more >

Date:4 March 2007 I Comments: 0 I Views:2,972

I recently read an interesting article on a US finance blog regarding how canceling credit cards may affect your credit rating. To summarize, the article explained that if you are to cancel a credit card you should cancel the ones with the lowest credit limit. The reason for this is what you are left with is cards with high credit limits that still have a reasonable amount of available credit instead of low credit limit cards that are maxed out. Something called ‘credit-utilization ratio’ suggests that if you have lots of credit at your disposal, you’re only using a relatively more >

Date:16 February 2007 I Comments: 0 I Views:2,521

I recently wrote about the slow increase of credit card balance transfer fees. In this post I mentioned that a number of card issuers now charged as much as 3% for balance transfers while most were still at around 2.5% and some even still at just 2%. MBNA still advertise on their website a balance transfer fee of 2.5% but as a card holder, I received a letter in the post telling me my tranfer fee had now also risen to 3%. One thing MBNA do offer however is a cap on the fee. Mine stands at £75 so more >

Date:8 February 2007 I Comments: 0 I Views:3,017

In a pervious post I mentioned how the Virgin credit card balance transfer fee had risen, in line with their new 13 months at 0% apr promotion, from 2% to 2.5%. Once again that fee has risen and now stands at 2.98%, one of the higher balance transfer fees on the market. The highest of the top providers being the Barclaycard Platinum with a transfer fee of 3%. Virgin may have increased their transfer fee but they have done so inline with a trend. Many credit card issuers now charge over 2.5% and the list looks a little like this: Barclaycard more >

Date:19 January 2007 I Comments: 0 I Views:2,109

For many years the credit card balance transfer wars have been raging with offers getting longer and longer. This has seen the introduction of the ‘Balance trasnfer fee’ which is a charge made by a credit card company when you transfer a balance to them. Usually you wouldn’t do this unless there were other benefits and in most cases this would be to take advantage of a lengthy 0% balance transfer period. Virgin have recently increased their balance transfer offer from 12 to 13 months which is currently the longest offer on the market. In line with the extension of more >

Date:18 January 2007 I Comments: 0 I Views:2,138

Well both really. Depends how you use them. If you can afford to pay off your balance in full every month and are therefore immune to interest charges then go crazy! The more you use them the more the credit card companies will like you and the more credit they will give you. Loan companies will love you, you’ll have credit offers coming out of your ears! Leave a small balance for more than the initial interest free period and we all know what happens! It’s a trap! If everyone paid off their balances in full though, who would pay for more >