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Mastercard faces two days in front of Britain’s highest court to determine whether it potentially owes every adult in the UK a collective £14billion. Former financial ombudsman Walter Merricks is taking the card provider to court, claiming the fees it charged shops between 1992 and 2008, declared unlawful by the European Commission, resulted in consumers … Read more
Virgin Money customers who had their credit card suspended will be able to use them again from tomorrow after bank’s U-turn Customers will be able to use their credit cards again from Saturday 9 May Their previous credit limits will also be reinstated, Virgin Money said The bank has apologised as the suspension attracted strong … Read more
Credit card borrowers who take three-month payment holidays could end up adding nearly £100 more a year in interest when they start making payments again compared to not taking one. While customers make no payments for three months, credit card providers in most cases still charge interest, meaning borrowers continue to rack up interest. The … Read more
Customers of Virgin Money rounded on the bank after it suspended their credit cards, despite many of them not struggling with their repayments and clearing their balances in full. Borrowers have shared emails recently received from Britain’s sixth-largest bank telling them any ‘further spending on their card’ had been stopped after ‘looking at their overall … Read more
American Express customers who opened a credit card shortly before coronavirus pandemic given extra time to rack up spend for bonus points Amex often give a points bonus if you spend a certain sum in three months These can be Amex points, British Airways air miles or Nectar points It has doubled the time limit … Read more
Plastic purge: Britain’s personal debt pile SHRANK in March as people shun credit cards amid coronavirus crisis Bank of England found households paid back £3.8bn more than they borrowed Of that, £2.4bn came from credit cards and the rest from other loans The bank said a collapse in new lending was the big reason, as … Read more
Thousands of people receiving refunds for cancelled flights and holidays should check their credit card statements, as they may find they get less back than expected. Britons who book trips with holiday rental listing sites often find themselves being charged non-sterling transaction fees, with their cards billed in foreign currency. But many may be surprised … Read more
Santander reveals 240,000 of its customers are on mortgage and credit card holidays – with savings rates and 123 account due to be cut 206,000 mortgage borrowers had been given holidays Meanwhile 15,000 credit card and 18,600 loan borrowers had paused payments The £32.4bn of mortgages having payments paused was 19% of its lending The … Read more
‘Britons born before 1999 could get debt relief’. Next to a picture on social media app Snapchat of Ryan Reynolds teasing news about upcoming superhero film Deadpool 3, is this ‘sponsored’ post with its own teaser: that you can write off your debts. All you need to do is take a free 60 second quiz, … Read more
Banks will increasingly tighten lending criteria over the next three months, approvals for credit cards and loans will fall and interest-free term lengths will shrink, banking giants and building societies predict. The Bank of England’s latest credit conditions survey revealed lenders by a large margin believe the availability of unsecured credit for households will decrease … Read more