On 25th June moneyextra.com published an article by Emma Lunn under the name “The 59.9% APR Credit Cards?” Emma says that recently she got an offer of credit card from Vanquis. They were offering a huge APR of 39.9%, or 59.9% on the “classic” option. If you wanted to withdraw cash on the card the interest rate would be 46.19%. Interest would be charged from the date of the transaction, although you could qualify for the standard 56 days interest-free after you had paid off two or more consecutive statement balances in full and on time.
Minimum repayments were 3% of the balance or £10 (whichever is greater) on the “gold” option, or 5% of the balance or £5 on the “classic” option. It was further explained that on an interest rate of 39.9% for a purchase of £250 on the card, paying just the minimum each month you would pay £78 interest in the first year, £60 in the second year and take a total of six years and two months to clear the balance. (more…)
Holly Thomas wrote an interesting article in the June 20th, 2007 edition of the Daily Express. In it she writes how high income earners can take advantage of credit cards loaded with tailored services, such as organizing dinner reservations, holidays and special events. But the annual fee for these cards are hefty, going as high as 300 pounds.
But because interest rates tend to be high and there can often be no balance left at the end of the month, these cards should not really be used for borrowing. (more…)
On 6 May 2007 Jo Thornhill wrote an interesting article about a Fashion & Furniture chain in UK and the chain under discussion is Laura Ashley.
It is the latest company who sent thousands of credit cards to its customers whether asked or not. Card sent by American owned GE (credit partner of store), according to him these cards are upgraded form of the store card while everyone knows store cards are useable on store only and spending limits are low rather than it Credit cards can be used everywhere with higher limits.
But yeah GE wrote to Laura Ashley’s customers first to inform & explain that if they do not want a credit card, informs the team and if they will not reply card must be posted.
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For more details check the source:
http://www.mailonsunday.co.uk/pages/dmstandard/frame.html?in_bottom=http%3A%2F%2Fwww.thisismoney.co.uk%2Fcredit-and-loans%2Farticle.html%3Fin_article_id%3D420066%26in_page_id%3D9%26ct%3D5
This article was previously wriiten for Finacebam last May
With Capital One now offering a credit card that will give you interest free on any transfers up until July 2008 and 3 months interest free on purchases, you wonder just how far credit card companies are prepared to go to get their piece of plastic in your hands.
There was a time when using your credit card to buy purchases was the most expensive way to go, now with a bit of planning and a few cards, you can transfer your balances to and fro to get lower rates than a traditional bank loan.
Of course most don’t do this, too busy to understand the savings, yet the convenience makes buying decisions very easy. The reality is that if most people were to take advantage of the interest free offers around, these competitive rates would probably drop off the shelf, which suggests it is those too busy to check their interest payments who are paying for those who swap and change to get the best deal.
Many see the monthly interest rate as an affordable charge, but when put into an annual statement, many would be surprised how much they could save a year, if a bit more time was put into the decision of what card to use when and when to transfer,
Even a £50 a month interest charge equates to £600 a year, enough for a package holiday for 2 to most places in Europe, your car insurance, home insurance or whatever else fits in with your lifestyle.
Be wise shop around, and take advantage to the offers available.
Written 16th May 2007
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