My New Credit Card

Other cards to consider are Tesco Bank Clubcard Credit Card Mastercard, which offers 0pc on purchases for first 13 months and 16.9pc APR thereafter, and Sainsbury’s Finance Mastercard, which is interest-free for the first 12 months and charges 15.9pc APR thereafter.

Kevin Mountford, the head of banking at moneysupermarket.com, said: “This is great news for anyone looking to consolidate their existing debts or make large purchases. But cardholders will need to make sure they understand any associated transfer fees on these products, as they do vary.”

Mr Mountford pointed out that despite the new offers launched this week, it would be wrong to say that banks are opening up these offers to all customers. In reality, most lenders are giving the best deals to customers who have good credit histories.

“If you fall outside of this category then you may find your options are limited,” he warned.

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Let’s forget credit card companies and the various ways they conspire to squeeze more money out of you for a moment. That’s a dead horse that’s already been beaten too many times with no resolution in sight. Instead, let’s focus our attention on banks. I can accept the fact that burying my money out in the backyard is not the acceptable way of “making it grow”. However, what I can’t swallow is all the sneaky, underhanded ways banks think up to use my money for their profit.

Fees for Foreign Transactions

Anyone would be excited to go on vacation, right? Most of the time, credit cards and travelers’ checks are sufficient to cover the cost of any expense incurred, and you won’t have to worry about not having enough money on you.

The bad news is, credit card issuers can charge up to 5% of the expenditure to grant you the convenience of using your own credit card outside the country. Not only that, there’s nothing stopping other banks from charging you a few extra dollars when you make a withdrawal from their automatic transaction machine, on top of the fees your own bank charges you. This adds up over t

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With so many financial burdens currently being placed on American households, it is all too easy to fall victim to credit card debt. Although it can be advantageous to have a large available credit line, there are additional responsibilities that come with the freedom of having multiple credit cards, larger credit lines and a continuous temptation to charge large amounts of money on credit accounts. Studies have shown that individuals with larger credit limits are statistically more likely to succumb to the temptation of making excessive purchases. Thus, it is imperative to find a comfortable medium between having a large credit line and a modest one. The following tips should help anyone determine a suitable credit line based on credit needs, repayment capabilities, and the cardholder’s current utilization rate.

Assessing Card Needs and Repayment Capabilities

Firstly, it is advisable to consider credit card needs and monthly income. Ideally, one should start by compiling the total of their current monthly expenses, and then comparing that amount to their total monthly income to create a sustainable budget. A

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Recent cases have included a man who had £1500 taken from his account using a PIN. The bank refused to pay the money back, saying he must have been careless. The Ombudsman noticed that the criminal had tried every card in the man’s wallet, using the same number, and therefore concluded that the bank must have been negligent. The customer was not refunded.

However, money has been refunded in different cases, including one where an elderly man with a very regular withdrawal pattern had money withdrawn from a different branch, at the time in which he was working at a charity shop. The Ombudsmn concluded that this didn’t fit his usual pattern and demanded that the bank refund.

The moral of these stories is to make sure you are careful with your card and PIN at all times, otherwise you could end up out of pocket. However, if you are unlucky and have been careful, and get into a dispute with your bank about this type of refund, use every bit of information you can – alibis of who was with you at the time are useful. The Ombudsman can be contacted on 0800 0 234 567.

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