Credit Cards Articles

Halifax credit card to rise with base rate

Posted by: Lola Thornton Posted date: April 13, 2011 in Credit Cards Articles

Some five million Halifax credit card customers face eye-watering hikes in repayments if the Bank of England base rate rises or they miss repayments on borrowing with any other part of the bank.

Halifax, part of giant Lloyds Banking Group, is to give customers a personal interest rate which could be up to five percentage points more than they currently pay.

And this rate will move up and down, like a tracker mortgage, with the Bank of England base rate.

But a customers rate could also increase if they miss a repayment on a credit card, loan or mortgage with any other part of Lloyds Banking Group.

This could mean borrowers who miss a repayment on a personal loan with Black Horse, dip into their Lloyds TSB overdraft or are late paying their Cheltenham Gloucester mortgage could be penalised on their Halifax credit card.

Critics claim it is another example of how giant banks are able to give a poor deal to customers.

Two blogs in two carnivals in one week: An Internet record?

Posted by: John Freycinet Posted date: April 10, 2011 in Credit Cards Articles

They said it couldn’t be done, but it has: Two blog posts in two blog carnivals — in one week.

This week, two of my recent blog posts made it into two separate carnivals, establishing what surely must be some sort of Internet record. Yeah, that’s right Rebecca Black: You’re not the only online phenomenon.

My blog post about the Epsilon data breach, “Consumers, bank customers on alert following major email theft,” made it into the Carnival of Personal Finance, hosted this week by Blogging For Change. Meanwhile, my blog post about an Experian credit reporting foul-up titled “April Fool’s Day blunder temporarily damages borrowers’ credit” was included in the Totally Money Blog Carnival, hosted by Thousandaire. Those carnivals collected lots of great personal finance posts from across the web, and like a recording artist winning their first Grammy, I’ll say that I’m humbled to be included alongside them.

Those blog carnival inclusions have already made for an exciting week, and it’s only Monday. Read more…

Tags: Week Week Internet

Chrysler Credit Card to Reward Customers with Auto Discounts

Posted by: Lola Thornton Posted date: April 09, 2011 in Credit Cards Articles

Customers of Chrysler Group LLC will be able to apply for an automotive credit card program in May that will allow them to receive a number of auto discounts. The program, which will reward customers based on their loyalty to the brand, is being offered through First National Bank of Omaha and MasterCard.

Auto Discounts Offered to Program Participants

In an effort to regain its customer base after its bankruptcy in 2009, Chrysler’s rewards program offers a number of perks. According to a press release issued by the automaker on Wednesday, individuals who become cardholders could receive the following benefits:

Earn points: Cardholders will earn three points for every $1 spent on purchases at participating dealerships, two points for travel-related purchases and one point for all other purchases.
Redeem points: After points are earned, they can be redeemed for products and services like cash-off of vehicle purchases, parts and services at dealerships. Also,

Consumers paying credit cards before mortgages for third straight year

Posted by: Matilda Sprent Posted date: April 09, 2011 in Credit Cards Articles

A recent study by TransUnion reported that consumers are continuing their recent trend of making credit card payments before mortgage payments. In fact, this is now the third straight year that this unprecedented consumer payment behavior revealed itself.

This unexpected payment pattern exhibited by consumers over the past three years has many experts confounded and has a direct connection to the recent economic downturn, Sean Reardon, the author of the TransUnion study, said.

“The latest data from our study show that the new payment hierarchy has persisted for longer than many industry experts initially believed, and provides evidence that consumers continue to adjust their payment behavior in response to their economic and personal financial environment,” Reardon said.

The study focused credit card and mortgage delinquency for consumers that had at least one of each product, and examined data between the third quarter of 2006 and the fourth quarter of 2010.

According to the study, data showed that consumers, as a whole, first exhibited the payment pattern of being current on credit cards but delinquent on mortgages – as opposed to vice versa – in the first quarter of 2008. That is

Bank and Credit Card Issuers Warn Customers of Epsilon E-Mail Breach

Posted by: Lola Thornton Posted date: April 05, 2011 in Credit Cards Articles

Banks and credit card issuers are warning customers that millions of e-mail addresses were possibly stolen from an advertising company last week. As a result, customers could receive fraudulent e-mails that attempt to coax their account login information from them.

Major Banks Affected by the Theft

A number of major banks and financial institutions say customers may begin seeing e-mails that try to trick them into providing login information for their bank accounts and credit cards due to a security breach at a Dallas-based e-mail management company called Epsilon.

Some banks that could have been affected by the breach include Barclays Bank, Capital One Financial Corp. U.S. Bancorp and Citigroup Inc. and JPMorgan Chase & Co. Retailers were also affected by the breach, including TiVo Inc., Best Buy Co., Kroger Co., Walgreen Co.

A New Academic Study Scrutinizes Credit Score Reporting

Posted by: Matilda Sprent Posted date: April 02, 2011 in Credit Cards Articles

A New Academic Study Scrutinizes Credit Score Reporting

The all-important credit score has gained so much significance in our modern lives that a team of researchers from the University of Missouri plan to spend more than a million dollars to study it.

The group of experts was given $1.13 million in grant money by the U.S. Federal Trade Commission, and the educational institution released a statement to the media explaining that the focus of their research is to gain more insight into the how disputes related to credit scores are resolved. Under the Fair Credit Reporting Act – a piece of legislation that attempts to protect consumers from unfair lending practices – anyone who has a credit score is entitled to contest it, ask for errors to be corrected, or block access to their credit history. The study hopes to find out whether the process for resolving problems with credit score is effective and efficient.

They will also study how use of credit is evolving and how the payment habits of consumers impact their credit worthiness and overall financial health. We

Credit Cards Articles

Surviving in the world...

Some necessary researc...

Advantages of reward c...

A good credit history ...

Halifax credit card to rise with base rate

Two blogs in two carnivals in one week: An Internet record?

Chrysler Credit Card to Reward Customers with Auto Discounts

Auto Discounts Offered to Program Participants

Consumers paying credit cards before mortgages for third straight year

Bank and Credit Card Issuers Warn Customers of Epsilon E-Mail Breach

Major Banks Affected by the Theft

A New Academic Study Scrutinizes Credit Score Reporting

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