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Credit Cards News


Store cards 'need rate warning'
21 Dec 2005 source: bbc.co.uk

Store card statements should carry warnings to alert consumers to the high interest rates charged by lenders, the Competition Commission has said. If the card's interest rate is higher than 25% then the statement should have a "wealth warning", the Commission said Statements should also outline late payment charges and the consequences of only making minimum monthly repayments. In September, the Commission said consumers are being overcharged £100m a year due to inflated interest rates. ...


Watchdog gives final warning on store cards
21 Dec 2005 source: today.reuters.co.uk

By Trevor Datson, European Retail Correspondent LONDON (Reuters) - The competition watchdog served final notice to store card providers on Wednesday to cut the 100 million pounds in "excess" profits they make each year from high interest rates and charges. The card providers now have until January 9 to respond to a "Statement on Remedies" published by the Competition Commission, in which it prop ...


Morgan Stanley expands with Lloyds card deal
20 Dec 2005 source: today.reuters.co.uk

By Carmel Crimmins LONDON (Reuters) - Morgan Stanley has paid a 175 million pound ($308.7 million) premium for the Goldfish credit card business of bank Lloyds TSB (LLOY.L: Quote, Profile, Research) , expanding a business the U.S. bank had once looked to shed. Morgan Stanley (MWD.N: Quote, Profile, Research) said on Tuesday the deal would expand its credit card business significantly, adding 800 million pounds worth of balances to its existing 1.5 billion pound book of business and increasing ...


Goldfish finds buyer on other side of pond
20 Dec 2005 source: thisismoney.co.uk

Nick Goodway, Evening Standard20 December 2005 LLOYDS TSB today sold its iconic Goldfish credit card business, as advertised by comedian Billy Connolly, to US investment bank Morgan Stanley in a deal worth almost £1bn. SOLD: The Lloyds TSB-run card has been sold to Morgan Stanley WANT TO KNOW MORE? DEAL FINDER: Credit cards OTHER STORIES Rentokil pensions freeze shock Turnaround for house prices? Market report: Tuesday 11.00 Gas price fears as companies cash  ...


Lloyds TSB sells Goldfish brand
20 Dec 2005 source: bbc.co.uk

Lloyds TSB Group has agreed to sell its Goldfish credit card business to Morgan Stanley for a premium of £175m ($309m). Lloyds said it expected to make a pre-tax profit of £70m on the deal, which also includes the Goldfish brand and loyalty scheme. The UK's fifth largest bank added the sale reflected its desire to focus on its core Lloyds credit card business. Morgan Stanley will add around 800,000 accounts to its existing 1.5 million UK credit card accounts with the move. 'Growth  ...


Lloyds TSB sells Goldfish to Morgan Stanley
20 Dec 2005 source: today.reuters.co.uk

LONDON (Reuters) - Lloyds TSB said on Tuesday it had agreed to sell its Goldfish credit card business to Morgan Stanley Bank International for a premium of 175 million pounds. Lloyds (LLOY.L: Quote, Profile, Research) said the deal included the Goldfish brand and loyalty programme.

 

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