Can comparison sites be trusted?

In the past anyone that wanted to look at finding cheaper prices on various products or services had to go to the hassle of ringing around or trawling the shops to try and get a better deal, which was quite frankly an inconvenience that put many people off trying to get a better deal. Read more

Tags: compare products, Price comparison services, online shopping, money expert, Electronic commerce, mobile phones, broadband, Information technology management

Dixons tries new tactic to beat retail rivals

High Street retail giant Dixon’s has decided to try a new tactic when it comes to beating rival retailers in the run up to Christmas. The retail giant has realised that whilst consumers want to save money on the cost of their purchases in the current difficult financial climate they also don’t want to risk purchasing something that they know little or nothing about for the sake of saving a few pounds, as this could mean that they end up with a totally unsuitable product. Read more

Tags: High Street, Dixon's, Advertising Standards Authority, anything, number

Egg charges monthly fee on new card

Internet financial giant Egg has recently announced that it will be charging a monthly fee of £1 on its new credit card, which is the Egg Money World Mastercard. Read more

Tags: Credit Cards, interest, Egg Money World, annual fees, Electronic commerce, MasterCard, mainstream products, ban

High street to suffer as consumers try and save money

Although Christmas is just around the corner many High Street retailers are not getting too excited about the flurry of activity and more importantly the huge profits that will come rolling in, namely because this is something that is unlikely to happen this year. After a particularly gruelling year in terms of finances, with soaring living costs, rocketing bills, and sky high borrowing costs to deal with, many consumers are desperate to try and put some money aside, and to do this many will have to cut back on the cost of Christmas, and reduce the amount of money that they spend on presents, food, going out, clothes, and entertainment. Read more

Tags: Electronic commerce, base rate, run, year, name, bank of england, food

Brits prefer cards to cash

vNearly a third of British consumers use their credit cards for everyday spending, according to new research.

Findings from Fool.co.uk showed that debit cards account for over a third (37 per cent) of spending while cash accounts for over a quarter (29 per cent).

David Kuo, head of personal finance with Fool.co.uk, said that using plastic is useful but relying on money that cannot be seen is indicative of the recent reliance on credit that is apparent in our culture.

“It is more important than ever to build a decent savings pot because one day when you need to pull a rabbit out of the hat, you could find that all you have is a dead duck in your pocket,” he said.

Further results of the study showed that fewer people carry cash, with nearly half of us withdrawing money once a week or less.

Meanwhile, last week, Chris Tapp from Credit Action said that anyone looking for a new credit card should shop around to make sure that they get the best possible deal they can.

Tags: business, Brits, duck, day, debit, Credit Cards, personal finance, Electronic commerce

Defaqto: Cash in on cash back credit cards

Consumers are advised to take advantage of the offers available on cash back credit cards, according to Defaqto.

The company explains that, although comparing the best deals is not always straight forward, there are significant “incentives” for choosing them.

Principal consultant, David Black, commented: “Despite their complexities, cash back credit cards offer a genuine return for card holders but are only appropriate for those people who always pay off their entire balance every month.

“This is another example in the credit card industry where consumers can take advantage of the offers by having more than one card and using each selectively to maximise cash back earnings.”

Some of the complexities of conditions and bonuses include tiered earning rates, introductory enhanced rates, maximum qualifying spends and enhanced earnings at specific retailers.

Defaqto is an independent financial data collection and research body, giving up-to-date product information to the financial services industry.

Tags: Electronic commerce, Defaqto, card, industry, finance, advantage, product, consumers

Text message banking makes balance checking easier

New banking systems using mobile phones are helping in the fight against debt, it was claimed this week.

First Direct said that its more recently introduced services such as mobile phone and internet banking were proving popular with customers.

According to the company’s own figures, almost 400,000 of its 1.2 million clients use the text message service, with about 2.6 million messages sent out every month.

Customers can set up alerts for when they become overdrawn or when their salaries are paid, as well as using the service to check their balance.

Spokesman for the company Rob Skinner said that the service helps customers “manage their money a little better”.

“The mobile phone is something which we carry around with us, it’s almost a remote control for our lives”, he added.

However, Mr Skinner maintained that telephone banking remains popular with some First Direct customers, who “still like to speak to a real person at the end of the phone.

“Ultimately it’s up to the customer to choose the method which suits them best.”

Tags: fight, IPhone, Electronic commerce, mobile banking, Telecommunications, spokesman, phone, week

Customers should enjoy ‘positive payments’ order

Nationwide is calling for credit card customers to enjoy a positive order of payments.

Research carried out by the group indicates that over two-thirds of consumers do not know which order their payments are allocated to their account.

Almost a fifth believe that the longest outstanding debt is paid off first, while over one in ten believe that that the highest interest items are paid off first.

Nationwide claims that less than a third of Britons know how their repayments are allocated; that is, with the lowest interest items being paid off first.

Although the group has welcomed government action which mean that from October next year all credit card providers will have to draw attention to the order of payments they use, it worries that the practice is not well understood by consumers.

Nationwide is calling upon the industry to make changes now and to treat their credit card customers fairly by adopting a positive approach to their order of payments.

Tags: positive order, Electronic commerce, order, britons, Financial services, government action, attention, interest

The changes brought about by debit cards

The debit card turned 20 on June 3rd and the banking industry has been looking back at how our lives have changed as a result.

Apacs, the UK payments association, has released a report called 20 Years of the Debit Card and it highlights how the cards have allowed our lives to alter in the past two decades.

Barclays was the first UK bank to provide customers with a debit card back in 1987 and 20 years on, 84 per cent of the adult population now owns one.

A total of 41 million people hold a debit card, a massive increase on the 27.8 million who had one in 1996.

The popularity of debit cards continues to grow, with Brits spending £194.9 billion on their cards in 2006, five times what we spent on them in 1996.

“It’s hard now for most of us to remember what life was like before the debit card, as it’s become one of those things we’re unlikely to leave home without,” said Jemma Smith from Apacs.

“Before 1987, most of us were totally reliant on cash or cheques, and although credit cards were used in supermarkets at that time, they only made up six per cent of transactions.

“Today, cards account for 66 per cent of supermarket spending, and most of this is on debit cards. In fact, over a third of all debit card transactions are made at the checkout,” she added.

It seems that debit cards will continue to be popular among consumers in the years to come, with spending on them expected to reach £400 billion by 2016.

Tags: Jemma Smith, MasterCard, massive increase, payment, cash, Electronic commerce, apacs, life