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Borrowers Don’t Consider Balance Transfer Fees

Borrowers may be paying more than expected in balance transfer credit card fees after being attracted by 0% interest offers, consumer group Which? has warned.

Co-op Customers Charged Twice For Transactions

Thousands of Co-op customers have been charged twice for purchases made from its food stores and petrol pumps.

MasterCard Accused Of Overcharging By EU

MasterCard has been accused of overcharging consumers by adding fees when cards are issued outside the European Union (EU) and then used in EU countries.

Cashless Payments Overtake Notes And Coins

Payments made using cards, cheques and transfers have overtaken the use of notes or coins for the first time ever, according to The Payments Council.

Two Million Offered Credit Card Insurance Compensation

Two million customers will be offered compensation from their banks for being sold insurance policies they didn’t need, covering the loss or theft of their bank cards.

Credit And Debit Cards Used More Often Than Ever

The average value of a purchase with a credit or debit card has dropped recently, suggesting that card payments are becoming an even bigger part of customer shopping habits. The average transaction for credit and debit cards fell by £1.40 over the last 12 months, and it now stands at £47.51. These figures suggest that more people are using cards for regular everyday spending, rather than just for big purchases.

One In Three Brits Rely On Credit Cards For Daily Buys

A recent study from the Post Office has revealed that one in three British credit card users rely on their plastic in order to pay for daily items throughout the month of January. Out of the 12 million credit card users in the UK, 35% will use their card throughout the month in order to pay for daily essentials and other required purchases.

Cashback Cards € Earn Up To £130 Per Year

Research from Defaqto has revealed that consumers who spend over £500 per month on a credit card could be in line get earn up to £131 a year back in cashback. The demand for cashback cards has increased, and this has led to double the amount available on the market now than that of two years ago. Consumer demand has been the driving force behind this increase, which now sees 22 cards available from different providers.

Laws To Tighten On €hidden’ Card Surcharges

Hidden surcharges that are applied to credit and debit cards in order to push up the price of goods and services purchased online or over the phone are set to be banned under a new ruling.

Household Finances

Recent surveys of over 2000 households have suggested that people are still struggling on stretched budgets. The Bank of England's annual poll has concluded that over 50% of households struggled to meet credit card debts and other unsecured credit payments. Almost a quarter of those surveyed said that they had cut back on spending because it was so hard to borrow or that they had concerns about over extending and then not being able to get the credit to service their needs. The vast proportion of the survey, over 90%, felt that they would be hit by Government financial measures.

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