Tesco Finance has increased interest-free period on its Clubcard Credit Card from 13 to 15 months, getting in line with Marks & Spencer that has been offering its 15-months 0% interest MasterCard since February of this year.
MBNA has decided to increase minimum monthly repayments for its credit card holders in a move intended to help people get out of debt sooner. But the decision might have the opposite effect, sharply increasing the expenditure for many of the company’s five million customers.
A new method of calculating minimum monthly repayments will be changed beginning from 1 April 2011. The new minimum will be set at 1% of the outstanding balance on the card, plus interests and charges. This scheme was already put in practice in 2009 for the new MBNA customers and will now be extended to all the card holders of this provider. Continue Reading
Halifax offers a 2% cashback on balance transfers with its Clarity credit card and Rewards Clarity credit card. Both cards allow you to transfer balances without any fee in the first 90 days of opening an account. Anyway, the maximum cashback is set at £60 and transfers of over £3000 will not get you any additional bonus.
One of the attractions of Clarity credit card is that it has no fees for cash withdrawals and for using it abroad. Another convenient feature is that the 12.9% interest rate applies to purchases as well as to cash withdrawals. The downside of the deal is that there is no 0% promotional offer on balance transfers with either of these two cards and the representative APR (variable) of 12.9% begins to be charged at once. It must be remembered also, that beginning from February of 2011 “representative” rate is going to be offered to 51% of successful applicants only, and real rates might be much higher. Continue Reading
A research, carried out by consumer watchdog Which? demonstrated that credit card companies give their customers false or inaccurate information in response to credit card claim inquiries.
In an experiment that involved mystery shoppers making calls to the 12 biggest credit card providers it was established that 71 out of 120 calls failed to produce a clear and helpful answer to the question concerning a claim for goods, purchased or ordered using a credit card.
Out of a total of 120 advisers only 10 actually mentioned Section 75 of the Consumer Credit Act by name, and only ONE of them gave correct money limits for claiming on it.
Sainsbury has teamed up with British Gas and is going to stop selling gas and electricity from EDF Energy under it’s own brand – which means that thousands of its Nectar Card customers will no longer be able to collect points on their energy bills.
If you have Sainsbury’s Nectar Credit Card and continue to be EDF Energy customer, you will lose a chance to collect Nectar points when paying energy bills or use Sainsbury’s energy offers.
