Most Popular
1. THE INFLATION MONSTER is Forecasting RECESSION - Nadeem_Walayat
2.Why APPLE Could CRASH the Stock Market! - Nadeem_Walayat
3.The Stocks Stealth BEAR Market - Nadeem_Walayat
4.Inflation, Commodities and Interest Rates : Paradigm Shifts in Macrotrends - Rambus_Chartology
5.Stock Market in the Eye of the Storm, Visualising AI Tech Stocks Buying Levels - Nadeem_Walayat
6.AI Tech Stocks Earnings BloodBath Buying Opportunity - Nadeem_Walayat
7.PPT HALTS STOCK MARKET CRASH ahead of Fed May Interest Rate Hike Meeting - Nadeem_Walayat
8.50 Small Cap Growth Stocks Analysis to CAPITALISE on the Stock Market Inflation -Nadeem_Walayat
10.Apple and Microsoft Nuts Are About to CRACK and Send Stock Market Sharply Lower - Nadeem_Walayat
Last 7 days
The NEXT BIG EMPIRE WILL BE..... CANZUK - 25th June 22
Who (or What) Is Really in Charge of Bitcoin's Price Swings? - 25th June 22
Crude Oil Price Forecast - Trend Breaks Downward – Rejecting The $120 Level - 25th June 22
Everyone and their Grandma is Expecting a Big Stocks Bear Market Rally - 23rd June 22
The Fed’s Hawkish Bite Left Its Mark on the S&P 500 Stocks - 23rd June 22
No Dodging the Stock Market Bullet - 23rd June 22
How To Set Up A Business To Better Manage In The Free Market - 23rd June 22
Why Are Precious Metals Considered A Good Investment? Find Out Here - 23rd June 22
UK House Prices and the Inflation Mega-trend - 22nd June 22
Sportsbook Betting Reviews: How to Choose a Sportsbook- 22nd June 22
Looking to buy Cannabis Stocks? - 22nd June 22
UK House Prices Momentum Forecast - 21st June 22
The Fed is Incompetent - Beware the Dancing Market Puppet - 21st June 22
US Economy Headed for a Hard Landing - 21st June 22
How to Invest in EU - New Opportunities Uncovered - 21st June 22
How To Protect Your Assets During Inflation - 21st June 22
AI Tech Stocks Current State, Is AMAZON a Dying Tech Giant? - 20th June 22
Gold/Gold miners fundamental checkup - 20th June 22
Personal Finance Tips: How To Get Out Of A Tough Financial Situation - 20th June 22
UK House Prices Relative to GDP Growth - 19th June 22
Will Global Markets Be Pushed Deeper Into Crisis Event By The US Fed? - 19th June 22
Useful Things You Need To Know About Tweezer Top Candlestick Pattern - 19th June 22
UK House Prices Real Terms Sustainable Trend - 17th June 22
Why I’m buying the “new” value stocks… - 17th June 22
Optimize Benefits from R&D in Software Product Development with an R&D Tax Credit Software - 17th June 22
Want To Save On Your Business Energy? Here Are Some Helpful Tips - 17th June 22

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

UK Credit Card Market Back Open for Business

Personal_Finance / Credit Cards & Scoring Jun 07, 2010 - 09:23 AM GMT

By: MoneyFacts


Best Financial Markets Analysis ArticleThe credit card market has seen a resurgence in recent months as card providers once again put the ‘open for business’ sign in the window.

In the last year the number of cards charging no interest on new purchases for at least 10 months has increased by 450%.

In the same period, the number of cards offering 0% on balance transfers for at least 10 months has increased by 20%.

Number of cards offering 0% for 10 months or more:

Other providers have launched competitive reward schemes including American Express, Barclaycard, Egg, NatWest, Royal Bank of Scotland and Sainsbury’s Finance.

However, interest rates charged on cards continue to increase, with the average credit card rate today standing at 18.7% APR. Since the start of the year the following providers have increased rates for new customers:

  • Barclaycard – rates increased by up to 2.0%
  • Capital One Bank – rate increased by 5.0%
  • Egg – rate increased by 1.0%
  • MBNA Europe Bank – rate increased by 1.0%
  • Sygma Bank – rate increased by 2.0%

Michelle Slade, spokesperson for commented:

“As the recession took hold credit card companies cut back on offering cards to new customers. While a few competitive deals were on offer, very few customers appeared to be able to successfully apply.

“Credit card companies have taken time to assess the market and now feel comfortable with doing business in the current economic environment.

“Competition has returned to the credit card market and card providers are actively trying to attract new business.

“Customers looking to make new purchases can find cards offering no interest for a year. Customers needing to repay existing debt can find deals charging no interest for 16 months.

“Most card providers currently make significant revenues from having a negative order of repayments, but following an OFT investigation card providers have until the end of the year to amend this.

“MBNA Europe Bank is the first provider to react to the announcement and joins just Nationwide BS, SAGA and The Co-operative Bank in offering a positive repayment order.

“Unfortunately for customers interest rates continue to rise and are only likely to increase further as providers are forced to lose revenue from moving to a positive repayment order.”

Intro Purchase Best Buy - The Money Search Engine is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.

© 2005-2019 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

Post Comment

Only logged in users are allowed to post comments. Register/ Log in