Credit card holders warned about buying abroad

People who intend on using their credit cards to make purchases abroad have been given advice by one expert to help them avoid losing money.

Mark Bowerman, a spokesperson for UK payments association Apacs, urged people to ensure that they know who they are “dealing with” and that it is a “reputable company”.

For transactions between £100 and £30,000, it is “beneficial” to use a credit card because it will offer greater “protection” than a debit card, Mr Bowerman explained.

For consumers who have made purchases that turn out to have been for counterfeit goods, the “normal route” to be reimbursed is to approach the retailer, as this is usually “easier” than going directly to the card issuer, he stated.

“If there is no one to approach, then you can approach your card issuer, explain the situation to them and then they are liable for that amount of expense so you are refunded by them,” Mr Bowerman remarked.

Apacs is the UK trade association for payments and organisations that [rvide payments services.

Tags: spokesperson, UK trade association, Mark Bowerman, Credit card, Credit card holders

Millions of Brits miss credit card payments

Approximately 5.5 million credit card customers missed payments in the last year according to research from Moneysupermarket.com.

The findings revealed that 13 per cent of spenders skipped a bill payment while credit card payments are the most likely to be missed with seven per cent going unpaid.

Steve Willey, head of credit cards at moneysupermarket.com, said: “Close to three million credit card holders will have paid out over £35 million between them in penalty fees.”

“But it is the damage to their credit rating that is more costly to them and to the other 2.5 million consumers who have missed payments elsewhere,” he added.

Credit card bills are the most likely debts to be missed by those aged 25, while the 25 and 34 age group also proved the worst at repaying with 12 per cent of respondents not keeping up to date.

The 18 to 24 age-group are most likely to miss mobile phone payments.

Meanwhile Moneysupermarket.com has also warned that specialist insurers can be the most expensive insurance agents.

Tags: bill, Credit card holders, percentage, group, Mobile phone, Steve Willey, cellular telephone, Credit Cards

Being added to electoral roll boosts credit rating, expert says

Performing simple tasks such as registering to vote for elections can boost customers’ credit scores, a financial expert said today.

Financial services advisors Experian recommended that customers add themselves to electoral rolls, so that companies can more easily verify their identity.

Consumer affairs manager James Jones said that being added to the roll particularly when you move is important, because “lenders use [the information] to check your name and address”.

“It will affect your credit score if you’re not on there,” he claimed.

Mr Jones offered more general advice to prospective credit card holders saying that “it’s a good idea, for a start, to actually look at your credit score and make sure it’s accurate and up to date and that you’re happy with it.

“Just use credit wisely”, he counselled. “Make at least the minimum repayments on your credits every month so that you don’t have any arrears recorded on your credit report.”

According to statistics from Checkmyfile, 1.6 million Britons are not currently registered on electoral rolls.

Tags: credit rating, finance, James Jones, use, Credit report monitoring, Credit card holders, TransUnion

Card holders wasting millions on holiday

Credit card holders are being warned that they may be wasting millions of pounds on fees by making purchases while abroad. Read more

Tags: holiday, research, provider, GBP, Credit card holders, purchases, cent, Credit Cards