As cheque, credit cards and chip and pin have been introduced as an alternative to carrying cash around, cash is not needed to be carried at all, as reported by the Financial Times on 11th May.
However, if you need to go to your local shop to buy some sandwiches or a drink, you still need to have some spare change in your pockets. But this is all about to change; you may even be able to protect the pennies in your pockets from ever seeing daylight.
In September the banking industry plans to introduce a ‘contactless’ credit and debit card system across the UK that will allow you to pay for items costing less than £10 by just swiping their card across a reader. (more…)
How would a normal person know how much interest they are being charged? Normally, everyone would just check the APR, which is not the best way to find out you charges.
Banks have a way charging interest in so many different ways that it is seemingly impossible to work out how much you are being charged and how to compare different card as they all have their own strategies, which also makes the APR meaningless as reported on msn money by Chris Gilchrist.
The good news is that the credit card companies have been reported and investigated by the office of fair trading to regulate the way cards charge and advertise interest charges to their customers. With the lending business being scrutinized heavily by the trading standards for unjust charges, the business is coming under increasing competition and costing them vital profit revenue. Whilst investigations are still undergoing into the unjust charges levied by these companies for late payments, this new investigation has come as yet bigger blow for lending businesses. (more…)
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
(more…)
Well it seems to be a trend within the current climate to raise interest rates in a curb to slow down spending. The latest rise occurred on the 10th May taking the rate from 5.24% up to 5.5%. (more…)
This is a start of a brand new website that will bring financial information, reviews and suppliers to your fingertips.
it will take some time before all our features will be up and running, but we are up for the challenge.
Here’s to day one of FinanaceBam!
We are here, although not yet in full form.
Our intention is to give you direct access to insurance, and credit providers, to ensure you get the right or best deal for you.
It is early days, but watch out for the site progressing and news about the finance world in general.
It may take a few months, if not a year, but we are up to the challenge.
Bye for now
Mr bam