Credit Cards News

Is Egg's card crackdown a bad omen?
11 Feb 2008 source: thisismoney.co.uk

Jo Thornhill, Mail on Sunday11 February 2008 Chat | Vote | Guide | Calculate Egg, the internet bank, has caused a major row by closing the credit card accounts of 161,000 of its 'high risk' customers, claiming that it does not want to give them further credit. Cast out: Chris Gwynne is baffled over why his Egg card account was closed. WANT TO KNOW MORE? Egg card complaints are referred to OFT Egg to block 160,000 credit cards Has Egg signalled the end for 'rate tarts'? ...

Credit card £400m small print rip-off
11 Feb 2008 source: thisismoney.co.uk

Sean Poulter, Daily Mail11 February 2008 Vote | Deals Credit card bosses are grabbing £400m a year by confusing customers, says the Office of Fair Trading. Jargon is making it impossible to compare credit cards. WANT TO KNOW MORE? Egg card complaints are referred to OFT Has Egg signalled the end for 'rate tarts'? Ten steps to reclaim credit card charges POLL: Have you had your Egg card cancelled? If so, have you ever missed any payments? OTHER STORIES Egg ca ...

Complex credit cards criticised
11 Feb 2008 source: bbc.co.uk

The Office of Fair Trading (OFT) has criticised credit card companies for making their products too difficult to compare with each other. It recommends that a card comparison website be launched by the Financial Services Authority (FSA). The OFT found that 70% of customers do not shop around for cards and could therefore be wasting their money. The report follows a complaint last year from Which? about the way card issuers calculate interest payments. "No-one wants to throw money away, but  ...

Festive credit card spending falls again
8 Feb 2008 source: financemarkets.co.uk

Christmas credit card spending was down again for the second consecutive year, according to payments association, APACS. APACS reported that while 2007 Christmas credit spending rose 4% on the previous year, this growth was driven by debit card spending, which increased by 6.8%. Credit card spending fell from £11.4 billion in December 2006 to £11.3 billion in December 2007. Overall spending on plastic cards accounted for 64% of total retail sales. There were 690 million plastic card transacti ...

Job losses at Barclaycard
6 Feb 2008 source: financemarkets.co.uk

Barclaycard, the global credit card provider, has announced plans to close its card production and statement mailing operation in Northampton. At least 160 jobs are affected. The work is to be transferred to other companies in Milton Keynes, Gloucestershire, and Leicester. Print production will be outsourced to RR Donnelley in Buckinghamshire and Gloucestershire. Card operations will move to Gemalto in Fareham, Hampshire. The 160 workers affected have informed of the company’s plans, ...

Jobs to go at credit card company
5 Feb 2008 source: bbc.co.uk

Up to 160 people are to lose their jobs when Barclaycard closes its credit card production operation in Northampton. The company has announced it is to shut down its card production and statement mailing centre at Bewer House in the town. Print production will be outsourced to RR Donnelley in Buckinghamshire and Gloucestershire, with mailing operations moved to Leicestershire. Card operations will move to Gemalto, based in Fareham, Hampshire. Employees have been told of the company's plans,  ...

Will lenders follow Egg?
5 Feb 2008 source: financemarkets.co.uk

Internet bank, Egg, recently withdrew the credit cards belonging to 161,000 customers whose credit profiles have deteriorated since they signed up. The move is the first such action taken by a UK credit card issuer and has caused outrage from customers. Other financial institutions are tightening their lending criteria with HSBC rejecting 50% of all applicants for credit cards and Barclaycard blocking some cash withdrawals. David Kuo, head of personal finance at Fool.co.uk, believes that f ...



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