5m Brits use credit cards for bills

<!– New research has revealed that nearly five million Britons use their credit cards to pay for their household bills. The figures from Opinium Research also reveal that people are costing themselves £90m each year in fees by withdrawing money from cash machines with their credit cards. This research comes as the industry and consumers alike wait to see what measures Chancellor George Osborne will introduce in next month’s emergency budget. Opinium’s stats show that…

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Warning over credit card reform

There are worries emerging that consumers may not end up being better off once the Chancellor introduces new credit card reforms. So far, George Osborne has indicated that he will give regulators new powers to ban ‘excessive’ interest rates on credit cards and store cards. This comes after evidence emerged about retailers making inappropriate levels of credit available for individuals. However, the Finance Leasing Association has told the Financial Times that the industry has already seen months of consumer protection regulation and that the new measures could risk the credit…

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AmEx credit cards security warning

People with American Express credit cards beware: your information may not be as secure as you first think. A computer engineer in the States has found a section of their website which says that it is secure is anything but, as it fails to encrypt your credit card details. Joe Damato discovered that if you click the ‘Sign up for Daily Wish’ button and enter your personal information, it transmits it in clear text back to American Express’ servers. The worry is that between your computer and their servers,…

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Prepaid card answer to counter issues

Another bank has put a limit on the minimum amount that you can withdraw over the counter. Alliance and Leicester have joined Nationwide in preventing customers from taking out smaller amounts of cash in-store. However, whilst the limit was set at £100 by the building society, the Santander-owned bank requires basic account customers to take out at least £300, otherwise they have to use an ATM. Vera Cottrell from consumer group Which? commented: “It is important that consumers with basic accounts can make small withdrawals as this helps…

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Credit card crime soars by 40 per cent

<!– Nearly two and a half million people were victims of credit card crime last year, the Times newspaper has claimed. Using figures from the latest British Crime Survey – which does not include figures for victims of credit card and debit card fraud separately from other offences against property – the newspaper claims to have identified a massive rise in crime rates. Extrapolating from the BCS’s data, the…

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