Searches for the term ‘fixed rate mortgages 10 years’ up almost ten fold over the period.

Searches for ‘fixed rate mortgages 5 years’ increased seven fold, while searches for ‘tracker mortgages’ only [...]]]> The number of internet searches for UK fixed rate mortgages soared between April – June 2010 (Q2) compared to the same time period last year.

Searches for the term ‘fixed rate mortgages 10 years’ up almost ten fold over the period.

Searches for ‘fixed rate mortgages 5 years’ increased seven fold, while searches for ‘tracker mortgages’ only saw an increase of 16%, indicating that many consumers are expecting interest rates to rise over the medium term.

The table below details the annual increases in UK and US searches for portfolios of key finance / economic indicator terms.

Our analysis also reveals searches for houses for sale rose by a quarter between April – June 2009 (Q2), compared to the same time last year, and searches for properties for rent experienced a similar increase – up 22% compared to a year ago.

These trends indicate strong buyer interest combined with improved affordability due to the low interest rate environment. The fact that house prices remain below pre-recession levels gives buyers a strong incentive to enter the market ahead of any possible interest rate rises.

Experian’s Insight Index also analysed searches for other personal finance products, and revealed searches for loans fell by 14% between April and June this year, compared to the same time period last year.

Online searches for terms like ‘cheap loans’ and ‘low interest loans’ also saw declines of 16% and 47% respectively. The latest data released by the Bank of England confirms that the number of unsecured loans issued has fallen.

Credit cards however continued to rise in popularity, with online searches for ‘credit cards with zero interest’ up by 511% this quarter compared to this time last year. However, searches relating to credit card deals with rewards all experienced a decline in online searches, suggesting consumers are – for the time being – less focused on perks:

• Searches for ‘credit card airmiles’ fell by 24.03% between April – June 2010 compared to same time period in 2009
• Searches for ‘credit card rewards’ fell by 12.12% between April – June 2010 compared to same time period in 2009
• Searches for ‘credit card cashback’ experienced a fall of 5.02% between April – June 2010 compared to same time period in 2009

Experian’s Insight Index also highlights key differences between UK and US online searches. The US experienced a fall of 1% in searches for property for sale between April – June 2010 compared to the same period in 2009. However searches for ‘property for rent’ saw a huge increase of 104% in Q2.

US consumers, like those in the UK, were less interested in searching for the term ‘mortgages’ compared to last year with a fall of 20% this quarter compared to April – June 2009.

From: http://weblogs.hitwise.com/2010/08/surge_in_searches_for_fixed_rate_mortgages.html

The number of mortgages approved for house purchases stood at 34,905 in March, up 5% on the previous month, the British Bankers’ Association (BBA) said.

There has been some evidence of the traditional spring bounce in the housing market in recent weeks with estate [...]]]> UK mortgage lending rose slightly in March according to the major UK banks.

The number of mortgages approved for house purchases stood at 34,905 in March, up 5% on the previous month, the British Bankers’ Association (BBA) said.

There has been some evidence of the traditional spring bounce in the housing market in recent weeks with estate agents and surveyors reporting a big rise in the number of people putting their homes up for sale.

But the Council of Mortgage Lenders (CML) said that activity would still be relatively subdued this year and repeated its warning that lenders’ finances were likely to be severely restricted for several years.

The BBA figures show that gross mortgage lending in March – of £8.7bn – was less than the average of the previous six months.

The number of mortgages approved for house purchases was subdued compared with the latter months of 2009, when there was a surge in interest owing to the final months of the temporary stamp duty “holiday”.

But, even though that rush had “worked through” the system, house purchase approvals were still 20% higher than in March 2009.

The value of 10 Downing Street has plummeted in value while Gordon Brown has been in residence according to new research.

The property is valued at £4.5 million, a drop of [...]]]> Having sold the nation’s gold reserves at the bottom of the market, it seems that Gordon Brown’s shocking financial ineptitude also extends to his current property.

The value of 10 Downing Street has plummeted in value while Gordon Brown has been in residence according to new research.

The property is valued at £4.5 million, a drop of 9.18 per cent since he became Prime Minister in June 2007, costing the taxpayer more than £460,000, according to data compiled by property website Zoopla.

It is in sharp contrast to Tony Blair who saw the property’s price climb from £1.65 million when he took office in 1997 to more than £5 million when he handed the keys over to Mr Brown.

If there is a change in leadership over the next few weeks, Gordon Brown is likely to drop quite a few rungs on the property ladder as house prices in his own constituency of Kirkcaldy and Cowdenbeath are among the lowest in the country, averaging £120,910 compared to his current address in SW1 where average house prices are £920,361.

Nick Leeming, commercial director at the property website Zoopla.co.uk, said: “10 Downing Street is one of the most exclusive addresses in the country, with a valuation to match. It is one of the few properties that will likely never come on the market and it takes millions of votes to secure the keys.”

Gordon Brown has been a Downing Street resident for 13 years.

The number of people trying to buy or sell homes has picked up in the past month, according to estate agents.

The number of potential sellers rose in March to its highest level for six months, the National Association of Estate [...]]]> The UK housing market is starting to benef from its usual spring surge, estate agents say.

The number of people trying to buy or sell homes has picked up in the past month, according to estate agents.

The number of potential sellers rose in March to its highest level for six months, the National Association of Estate Agents (NAEA) said.

And the number of prospective buyers went up by 7% last month.

The NAEA said spring had brought its usual increase in activity, and suggested sales would improve in the coming months.

Earlier this week, a survey by the the Royal Institution of Chartered Surveyors (Rics), some of whose members also work as estate agents, reported that the number of people trying to sell their homes last month had reached its highest level since May 2007.

With the bad weather now behind us buyers and sellers alike are returning to the market with a renewed vigour
National Association of Estate Agents

According to the NAEA’s survey, the average number of homes for sale at each of its member’s branches rose from 56 in February to 60 in March.

At the same time, the number of house hunters registered with each branch went up by 7% last month, to 274 per branch.

Sales have also risen, the NAEA said, from an average of 6.8 per branch in February to eight last month.

The NAEA said all this was encouraging, especially with more sellers around.

The Bank’s Monetary Policy Committee (MPC) held the cost of borrowing at 0.5pc, and did not alter the £200 billion it has so far spent on quantitative easing- or printing money, to support [...]]]> Interest rates were kept at their record low of 0.5pc when the Bank of England announced its latest policy decision last week.

The Bank’s Monetary Policy Committee (MPC) held the cost of borrowing at 0.5pc, and did not alter the £200 billion it has so far spent on quantitative easing- or printing money, to support the economy.

Recent figures showed that the UK moved out of recession faster than originally thought in the fourth quarter of 2009.

But economists believe there could still be bumps on the road to recovery, while the General Election may also play a part in a decision to keep things as they are.

Meanwhile, the fall in February’s rate of inflation to 3pc, from 3.5pc in January, soothed concerns about pressure on the Bank for rate hikes.

The minutes of the Bank’s last meeting in March showed “different inferences” over inflation risks as some members worried that growing momentum behind recovery and a weak pound could keep it above the 2pc target for longer.

Others on the MPC were concerned that the “substantial and sustained” slack in the economy caused by a record recession could drag inflation below target.

The number of new mortgages granted to home buyers fell to 53,000 in November, a 4% drop from the previous month.

However, reflecting the upward trend seen for most of last year, the figures were still 66% higher than [...]]]> The UK has seen a “seasonal dip” in mortgage lending, according to the Council of Mortgage Lenders (CML).

The number of new mortgages granted to home buyers fell to 53,000 in November, a 4% drop from the previous month.

However, reflecting the upward trend seen for most of last year, the figures were still 66% higher than in November 2008.

The CML said first-time buyers were still having to put down an average deposit of 25% of a property’s value.

But with interest rates still at historically low levels, the CML noted that the level of income that home buyers had to devote to mortgage interest repayments was at its lowest for more than five years.

“It is encouraging to see that mortgage interest payments are so affordable for home movers and first-time buyers,” said the CML’s director general Michael Coogan.

“But with substantial deposits still needed to secure a mortgage, the market will continue to be relatively restrained for some time to come,” he warned.

The CML’s latest data, suggesting a recent slowdown in the property market, chimes with that published earlier this week by the Royal Institution of Chartered Surveyors (Rics).

Its survey suggested that the pace of house price increases slowed in December.

Not all house price surveys are pointing in the same direction.

The Department for Communities and Local Government (DCLG) found this week that UK property prices rose by 1.7% in November, leaving them 0.6% higher than in November 2008.

On January 1 2010 the Treasury is due to lower the stamp duty threshold on houses from £175,000 to £125,000, catching well over 100,000 home buyers, many of them [...]]]> The recovery in the UK housing market will be shattered by the increase in property stamp duty, if it is implemented at the start of next year.

On January 1 2010 the Treasury is due to lower the stamp duty threshold on houses from £175,000 to £125,000, catching well over 100,000 home buyers, many of them first time buyers, in the tax trap.

The move will reverse the so-called holiday introduced last year by Alistair Darling, the Chancellor.

However, a coalition of estate agents, house builders and mortgage lenders are writing to the Chancellor over the weekend, imploring him to reconsider the move, arguing it will shatter the fragile recovery in the housing market.

One third of all home buyers will hit by the lowering of the tax threshold, it is estimated.

House prices have started to recover in recent months, as a lack of people putting their house on the market, has led to a shortage of supply, pushing up prices.

However, first time buyers are still finding it very hard to find a mortgage, because banks are extending loans only to those with large deposits. Raising the stamp duty threshold will make it even harder for first-time buyers to get a step on the ladder, the industry argued.

The stamp duty holiday was introduced a year ago by the Treasury as part of a package of measures to help rescue the consumer economy, which at the time was in a dire condition. The so-called fiscal stimuli included a lower rate of VAT, the car scrappage scheme and the record low interest rates.

The housing market was in a particularly parlous state at the time, with the drop in house prices the most severe seen in Britain since 1931.

The lower rates of VAT and stamp duty are both being reversed on January 1, providing an unwelcome New Year’s hangover for many consumers. Retailers have fought a mostly unsuccessful campaign to extend the VAT holiday.

The stamp duty holiday exempted all properties worth less than £175,000 from duty – raising the threshold for the 1 per cent transaction tax from the previous bottom limit of £125,000. The Treasury estimated that the measure would save the majority of home buyers about £1,640 because the average property at the time cost £164,000.

The stamp duty holiday has been a major benefit to the housing market, according to research undertaken by the mortgage lender Halifax. The data show 112,000 homebuyers in England and Wales, or 31 per cent of all buyers, bought properties between £125,000 and £175,000 in the first nine months of the tax holiday.

This means they were exempt from paying the tax but would have had to pay the tax if the threshold was at its original level of £125,000.

It casts new light on [...]]]> Britain’s households are spending an average of up to £5,000 keeping pace with their crippling levels of debt over the next year.

Data showed sales of newly built single-family homes slid 3.6 per cent in September, their first drop since March.

The figures put further pressure on [...]]]> Wall Street opened lower yesterday after September new home sales unexpectedly tumbled and analysts said that there was little in the way of catalysts to further fuel the market’s seven month rally.

Data showed sales of newly built single-family homes slid 3.6 per cent in September, their first drop since March.

The figures put further pressure on an already weaker FTSE 100, which closed down 120.55 points at 5,080.42. The Dow Jones was 115.63 points lower at 9,766.54 at 4pm in New York. The S&P; 500 Index was down 20.85 points at 1,043.38.

Miners were the biggest drag in London, with Xstrata falling 91.5p to 882p and Kazakhmys losing 111p at £11.13 amid concern about demand for commodities.

The banking sector has suffered heavy losses this week after ING, the Dutch group, said that it would split itself in two as part of a deal with Brussels. Regulators approved a plan to break up Northern Rock, the state-owned mortgage bank, today.

Insurers were also generally weaker, with Prudential falling 60p to 550.5p despite reporting a better than expected 9 per cent drop in third quarter sales.

The bank boasts that it has helped 50,000 people with mortgages this year – although [...]]]> People coming to the end of their zero per cent deals might have seen the Lloyds TSB family are back on our screens again, narrated by Julie Walters telling people wanting to discuss mortgages to drop in and have a chat.

The bank boasts that it has helped 50,000 people with mortgages this year – although out of a total of a million mortgages taken out in the past 12 months, according to the Council of Mortgage Lenders, that is just 5pc.

Borrowers will be a step closer to taking up the advert’s offer when they hear about the 2.99pc two-year fixed-rate mortgage Lloyds has just launched. But don’t assume that you will qualify. It is more of a marketing gimmick than a product for the masses.

Don’t take my word for it: Lloyds as good as admits this itself in a letter to branch staff.

The letter says: “2.99pc is a fantastic market-leading rate and a great tool to start a conversation with customers about a mortgage. The mortgage, which does have a higher fee, should be used in branches to drive additional appointments. 

The British Property Federation, which represents investors, said regulation would halt “reckless lending”.

Many amateur [...]]]> Buy to let mortgages should be regulated by the FSA City watchdog in the same way as other home loan mortgages.

Your loan can be [...]]]> Home Refinance- You may want your loan for major home improvement work, a holiday, to pay school or university fees, or to provide financial support for your children. Whatever you need to loan the extra money for we will be happy to listen.

Your loan can be for any purpose and once we have received your completed homeowner loan form your loan application will be processed quickly to ensure your secured homeowner loan is granted as soon as possible. Once your loan is granted you are free to spend your money on anything you wish.

Borrow £5,000 to £1,000,000
Borrow over 3 to 25 years
Simple, fast and straight forward
Free yourself from unwanted debts

For UK loans seekers looking for a fast online loans calculator HOME REFINANCE APPLY NOW please click here now

For UK mortgage refinance fast online mortgage calculator APPLY NOW please click here now

Being refused credit or having a bad credit rating is nothing to be ashamed of and we won’t judge you either.

We may still be able to arrange an unsecured bad credit loan for you even if you’ve been turned down or refused credit many times.

A bad credit history is just that, history. So why not fill in our online form today for a free unsecured bad credit loan quotation and perhaps we can turn your bad credit history into a positive result.

We specialise in helping those previously refused by other companies and high street lenders. Finance for tenants, homeowners, and anybody with bad credit or credit difficulties such as CCJs, defaults or mortgage arrears.

We even arrange loans for the self-employed and those who have difficulty in proving their income.

No matter what you need, experienced and friendly advisors will guide you every step of the way – so your loan application goes ahead quickly, easily and completely hassle free.

What is an unsecured bad credit home loan?

An unsecured bad credit loan is for people who have had problems in the past, and now have a less than perfect credit rating. An unsecured bad credit loan does not require you to use your property as a guarantee or security for the loan either. As it is unsecured, the loan offers a little more flexibility to the borrower that does not wish to put their home at risk.

Who are the loans for?

Unsecured Home Loan Calculator are in the first instance, best suited to those with a bad credit history who do not wish to secure the loan against their property. In the second instance, an unsecured bad credit loan is often the only option for people or tenants who suffer with a bad credit history and have no property to secure the loan against.

Who can apply for a loan?

The simple answer is anybody can apply for an unsecured bad credit loan, however in reality before an application can be processed your age and employment status are taken into consideration.

You may need to arrange finance for a new car, a well-deserved holiday, home improvements, to pay school or university fees, or to pay off credit cards or an overdraft.

Your finance can be for any purpose and your application will be processed quickly to ensure your monies are granted as soon as possible. Once your loans are granted you are free to spend the money on anything you wish.

As long as you are employed and you are over 18, you can apply. Please contact us today for a
free no obligation quote.

Our lenders provide some of the most competitive finances in the UK. So if you’re looking for a help and you’re a UK resident why not ask for a quote?

At Wise Money we work with a number of different financial services providers. As a result we find that we are able to provide competitive rates and terms for a wide range of different personal circumstances.

You can choose between a secured or an unsecured credit and it can be for any purpose. All that our lenders ask is that you can meet the monthly repayments and that you’re a UK resident.

You can expect a prompt and efficient service. An in-principle decision will be made as soon as possible and once your application has been fully processed your money is made available to you as quickly as possible which you are then free to spend as you wish.

Please click here now to APPLY NOW online here now

Wise Money have providers of finance that may [...]]]> Debt Management UK consolidates all your debts in to one affordable monthly or weekly payment. This is an informal arrangement made between your and your creditors.

Wise Money have providers of finance that may be able to assist you. The finance company will take details of your outstanding credits, income and outgoings, and provide proof to your creditors that they can’t afford current repayments.

You will then make one affordable payment to the finance company, which will in turn distribute this to your creditors. Typically, the new payment is half your existing payments, but will depend upon individual circumstances. The company charges an administration service for arranging this for you.

How can this help you?
* It creates lower payments for you.
* Payments are based on your disposable income.
* One payment.
* Less hassle, you pay the company and they forward payments to your creditors.
* Creditors liase with the company not you.
* Client control.
* If your circumstances change for the better or the worse, you may adjust your payments accordingly.
* No need for you to get involved in legal proceedings.
* Unlike an IVA, this is an informal agreement, not involving the courts and it does not require minimum loans levels.
* Does not put your home at risk.
* Unlike a secured consolidation loan, you do not run the risk of having your home repossessed should you not be able to make payments.

For financial help a fast online consolidate loans calculator DEBT MANAGEMENT UK APPLY NOW please click here now

Examples of where credit refinancing fits in…

Total loans amount: £39,000
Was paying: £891/month
Now paying: £396/month
Client has totals outstanding loans of £39,000 with 7 creditors. He was aged 67 with a household income of £1,150 per month (including his own and his wife’s pension). He was paying out £891per month. He owns his home, without a mortgage, valued at over £400,000. He was unable to get a mortgage or secured loan due to age and insufficient disposable income. We have reduced his payment to £396, with a view to getting a mortgage or downsizing his home in the future.

Total loans amount: £12,950
Was paying: £350/month
Now paying: £180/month
These clients were repaying all their monthly credit payments until the husband lost his job, halving the household income. A few months later the savings which they had were all gone and so they tried looking at an unsecured loan to reduce monthly payments, not being homeowners they were unable to borrow against their property. Their low income ment that they were unable to get any type of loans and now they were beginning to miss payments. The clients looked at the possibility of an IVA but as the husband would be returning to work, an IVA would effect the client for too long given that the husband may be able to return to work within the year. A credit arrangent was the right solution for them because the payments were flexible and could be increased when they were both working again.

For help and a fast online consolidate loans calculator APPLY NOW please click here now

Even if you’ve got a bad credit history you can still apply for help. A bad credit history should not put you off applying for finance and we have helped many customers who have been turned down in the past by other lenders. Being refused credit or having a bad credit rating is nothing to be ashamed of and we won’t judge you either.

A bad credit history is just that, history. So why not fill in our online form today for a free quotation and perhaps we can turn your situation into a positive result.

Finance for tenants, homeowners, and anybody with bad credit or credit difficulties such as CCJs, defaults or mortgage arrears. We even arrange loans for the self-employed and those who have difficulty in proving their income.

For help and a fast online consolidate loans calculator APPLY NOW please click here now

What exactly is a credit card? How do credit cards work? Do all credit [...]]]>

What exactly is a credit card?
How do credit cards work?
Do all credit cards offer the same service?
How do I get a credit card?
Am I obligated to accept the offer if I apply?
What if my application is rejected?
Are there any credit card traps?
How is my credit limit determined?
How am I judged when applying for a credit card?
How do I check my credit rating?
Does applying for a credit card affect my credit status?
Why do providers put so much importance on a good credit history?
I’ve had credit problems. Can I still qualify for a credit card?
How much do they cost?
How are interest charges calculated?
What does ‘grace’ or ‘interest free’ period mean?
How should I pay the bill?
Must I pay the full bill each month?
How can I make sure I never miss paying my bill on time?
What will happen if I can’t afford to pay the outstanding balance?
What is a balance transfer?
What is Payment Protection?
What is an affinity card?
What is a secured card?
What is a guaranteed card?
What is an unsecured card?
What is a debit card?
Is a credit card the same as a charge card?
Do all cards offer travel rewards?
I thought ATM cards had PIN numbers. Why do credit cards have them?
Where can I withdraw money using my credit card?
Can I get cash on my credit card?
Why am I charged more interest when I use my credit card to get cash?
Are credit cards cheap to use when abroad?
How can I be sure that I make the right choice?
Are credit cards safe?
Is it safe to give out my credit card number when buying goods or services by phone or on the Internet?
Do I get proper consumer protection if I use a credit card?
If I have a problem with my credit card whom should I contact?
What if I lose my card?
How do I know where to find your website again?
What is a cookie?

Please just click here now for all of your credit card and unsecured loans needs credit card calculator

>What exactly is a credit card?
A credit card represents a loan agreement where you are offered credit, providing you pay off a minimum amount each month. You can charge purchases up to the amount of your credit limit and pay for them later.
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How do credit cards work?
With a credit card, as long as you do not exceed your credit limit, you can spend whatever you wish, wherever your credit card is accepted. You are required to pay a minimum amount off the balance each time you receive a billing statement. The usual minimum payment is approximately 3% – 5% of the balance. You can sign for purchases or you can purchase by telephone or the Internet. There are many different card issuers, but most operate through two worldwide credit card networks – VISA and MasterCard.
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Do all credit cards offer the same service?
No, there are huge differences in the services provided by credit card issuers. For example, there are cards available to people at a set minimum income level, e.g. Gold/Platinum cards, and these may provide more benefits to the customer. With Affinity and Charity cards, a small percentage of what you spend is donated to an affiliated organisation. Reward programmes offer air miles, shopping points, cash rebates or special discounts. If you do not pay your balance, you may lose these benefits. Other features include access to cash machines, travel insurance, and special introductory rates. Purchase Protection is available in the case of loss, theft or damage to goods you purchase with your card.
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How do I get a credit card?
It’s easy! Just complete the following 5 steps:

Through our Find the Right Card option, you can interactively search for a credit card based on the features most valuable to you. You can compare using your own personalised criteria, whether its price, brand or reward programmes.
The results of this comparison will be presented in graphical format together with the relative importance in percentage of the most valued features to you.
After comparing your most valuable features, you will be presented with a list of ten suitable credit cards. Each card is given a percentage so you can see how close each product matches your preferences. You can view the details for each of the credit cards in the list to help make a decision.
For our on-line partners, you can complete the application form for their products on this site and send it off. All aspects of your application are assessed by the product provider, and a decision is provided within 24 hours.
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Am I obligated to accept the offer if I apply?
If you apply and are approved for a credit card, you are under no obligation to accept the offer. An offer will be sent to your listed address and you choose to accept by returning the signed document to the product provider.
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What if my application is rejected?
If your application is rejected, you can ask your credit card provider to review the application. If a credit reporting agency has been used, you can ask for the agency name and address. Write to them requesting any details held on you. Remember that you can apply for more than one card – however for credit rating reasons it is not advisable to apply for more than five cards within a 6-month period.
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Are there any credit card traps?
With credit cards it’s very easy to borrow without realising how much, until you receive your monthly statement. So, try to keep track of your spending. Credit cards can be a costly form of borrowing so look out for other loans, such as personal loans, that might better suit your needs. Always keep your receipts and check them against your statement. If you do not recognise an item on your statement, contact the provider immediately. Note that if you use your card overseas, sometimes it takes longer for items to appear on your statement.
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How is my credit limit determined?
Your credit limit is determined by a combination of things, including your credit history, income and amount of debt. These conditions are also used to determine what type of card you may be offered. For example, some standard cards have credit limits of up to 3,000. Gold and platinum cards may offer extended credit limits to customers with well established and very favourable credit histories. Customers without a credit history or with blemished credit histories tend to be offered secured cards or unsecured standard cards with lower credit limits. Once a cardholder’s credit history is established or improved, cards with higher credit limits can be obtained.
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How am I judged when applying for a credit card?
Judgement criteria can vary from one card provider to another. However, your income and your credit history are the two main criteria. Many card providers rely on data from credit reporting agencies.
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How do I check my credit rating?
First of all, you need to understand how the system works. Remember that you do not have a right to credit, and before giving you credit, lenders such as banks and loan companies want to check that you are an acceptable risk. To help them do this, they check with firms called credit reference agencies (CRAs) to get details about you and your credit record.
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Does applying for a credit card affect my credit status?
Yes. Every time you apply for a credit card, an inquiry is made as to your credit status. This inquiry is noted with the respective credit agency. Although these inquiries will remain on the report for approximately one year, providers will be primarily concerned with the number of inquiries over the last 6 months. Providers do become concerned if there are more than 10 inquiries during that time. They interpret this as an indication that you are badly in need of credit, and thereby consider you high risk. As a result, they will be less likely to grant you the credit card you are applying for. It is therefore important that you do not apply for an excessive amount of credit cards unless absolutely necessary.
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Why do providers put so much importance on a good credit history?
When issuing you with a credit card, providers give you credit. They take this risk based on your ability to repay that money. Your credit history shows how you have repaid loans in the past. This is taken as an indication of how you will repay loans in the future. If you have a good credit history you are considered low risk. A good credit history can help you get more than credit card privileges. It can also help get loans for those bigger life purchases such as a car or a house. A good credit history speaks well for you. A poor credit history can be improved over time and people have opportunities to make that happen.
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I’ve had credit problems. Can I still qualify for a credit card?
If you are trying to re-establish credit, it is likely that you will be issued with a ‘secured’ card, which means that your credit agreement may have to be guaranteed or “secured” with a cash deposit up front. This deposit guarantees you will repay money borrowed using your credit card. The limit on the card is usually the same as the guaranteed deposit.

Otherwise, you may be issued an ‘unsecured’ card – where no money guarantee is required. However, the card charges may be higher because you are considered a higher risk. Once a good credit history has been established you will qualify for more credit card privileges.
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How much do they cost?
The cost can vary, depending on whether the card provider charges an annual fee, the interest rate charged for borrowing, the interest-free period offered, etc. Additional charges can include those for cash withdrawals, late/returned payments, and exceeding your credit limit.
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How are interest charges calculated?
How interest is calculated is important and decides how much you’re charged on your unpaid account balances. There are 3 ways to decide what your unpaid account balances are:
Average Daily Balance (ADB)
Adjusted Balance (AB)
Previous Balance (PB)
The ADB is each day’s balance added up for the month and divided by the number of days in a billing cycle. This is the most common way to calculate your balance and proves the most costly to you. If you don’t pay your bill in full, the interest is charged from the day a charge is billed to your account.

The AB is the balance that remains after adjusting for payments and credits posted during the billing cycle. This is the least costly method to you.

The PB is the outstanding balance at the end of the previous month. This is less costly to you than the ADB but more costly than the AB.
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What does ‘grace’ or ‘interest free’ period mean?
This is the number of days of interest-free credit. You are not charged interest on your account balance for a specific number of days. The number of days can vary from about 2
0 to 56.
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How should I pay the bill?
You can pay your bill in many ways – by direct debit, for example. Be careful, though, as there may be a charge for some methods. Your payment might also be delayed for some reason which can result in charges if it’s late. As a general rule, you should try and pay your bill in full and by the monthly due date.
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Must I pay the full bill each month?
No, you do not have to pay the full bill, but the majority of card providers will require a minimum payment of approximately 3-5% of the outstanding balance on your account. The less you pay off your bill, the more interest you will be charged. If you do not wish to pay unnecessary interest charges, pay your bill in full and on time every month.
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How can I make sure I never miss paying my bill on time?
Set up a direct debit to ensure that the monthly payment is made automatically. It is worth considering this payment option because if you miss the deadline, the interest may be backdated to the date of purchase.
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What will happen if I can’t afford to pay the outstanding balance?
Contact the provider to discuss your predicament. They may recommend an alternative solution as it is in their interest to have the problem solved. Alternatively, you could discuss this with a voluntary organisation that provides free advice and may help you manage your debts.
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What is a balance transfer?
If you already have a credit card and you apply for a new one, you can transfer your existing balance on the previous card to the new one. The new credit card provider will assume the outstanding debt that you owe on the previous card by paying off the credit card provider and then billing you for it.
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What is Payment Protection?
Payment Protection is insurance that will protect you in the event you are unable to make payments under qualified circumstances.
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What is an affinity card?
An affinity card is a credit card that is linked to a particular charity. When a card is issued to you, a donation is made to the affiliated charity, and a small percentage will be donated for every transaction made on the card.
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What is a secured card?
Secured cards require you to make a cash deposit up front. The limit on the card is usually related to the amount of the bank deposit. The bank has the right to take money from your deposit if you do not pay your credit card bill.
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What is a guaranteed card?
A guaranteed card is the same as a secured card.
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What is an unsecured card?
You probably won’t hear this term often because it is the norm. A normal credit card is unsecured. The card provider cannot take specific assets of yours in the event you do not pay your bill. Your card provider would have to sue you to collect the debt.
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What is a debit card?
The amount you spend using a debit card is immediately deducted from your current account. Your banking institution issues you with a debit card. Debit cards offer less protection than credit cards in the event of a billing dispute. In addition, if your debit card is stolen, it is possible that your debit card account could be emptied.
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Is a credit card the same as a charge card?
No. Like a credit card, a charge card allows you to charge a purchase and pay for it later. But, a credit card offers a revolving line of credit. This means you don’t have to pay off the total loan – as long as you make a minimum monthly payment. With a charge card, however, everything you spend on the card must be paid in full each month. Charge cards often incur an annual fee because you don’t pay interest on purchases. But, they tend to offer very competitive reward programmes in exchange for the higher fee. An example of a charge card is American Express or Diner’s Club.
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Do all cards offer travel rewards?
No. Only a travel card offers the opportunity to accumulate travel points for purchases made with a card. If you want a card that offers travel rewards, you should apply for a card that is associated with an airline or travel program you’re interested in.

A travel card usually has an annual fee, which can pay for itself if you earn enough travel rewards. Make sure you use the card for purchases that make good sense, and not just to earn travel benefits.
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I thought ATM cards had PIN numbers. Why do credit cards have them?
A PIN is a numerical password that goes with your credit card. If you have a PIN, you can get a cash advance at an ATM displaying the symbol of the credit card network your card is with. You can also get a cash advance in another country and in the local currency.
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Where can I withdraw money using my credit card?
Once you have a PIN number, you can use your credit card to withdraw money at most cash machines in hundreds of countries around the world. Your credit card network will be identified on the cash machines that accept your card.
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Can I get cash on my credit card?
Yes. For this service you pay a cash handling fee and there’s no interest-free period.
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Why am I charged more interest when I use my credit card to get cash?
Credit card networks don’t always charge higher interest rates on cash advances. In fact, most don’t. They do charge a cash handling fee, which is usually a minimum charge of £2.00 or 1.5% of the cash amount you withdraw. Interest charges on cash advances, however, accrue from the moment you withdraw the cash. When using your card normally, interest is often charged only if you fail to pay off your full account balance on time.
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Are credit cards cheap to use when abroad?
Credit cards generally work out cheaper to use abroad than changing to foreign currency or using travellers cheques.
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How can I be sure that I make the right choice?
Our unique selection process, guides you through the decision-making process and provides credit cards to match your requirements. For example, you will be asked for your preferences relative to different credit card features, such as APR, Payment Brand and Reward Programmes. You will then evaluate a series of hypothetical products and make trade-offs between different card features. After comparing these features, you will be presented with a list of ten suitable credit cards, based on your preferences.

Some general guidelines: If you pay your bill in full each month, then a card with a long interest free period and no annual fee may well be the best choice. For ongoing borrowing, a card with lower interest charges and shorter interest free time may be more suitable. If you go abroad or travel frequently, then consider cards with automated bill payment methods such as direct debit. Ensure that what is on offer meets your needs – a benefit is only a benefit if you make use of it.
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Are credit cards safe?
Yes. Credit cards are a safe, convenient way to buy things in stores, over the telephone or on the Internet with a reputable merchant. And, if your card is ever lost or stolen, a phone call to the card provider cancels the card and has it replaced. Once you report the loss, you will not be held responsible for any unauthorised charges. Remember, for your protection, always:

Sign and activa
te a new credit card immediately
Save your credit card sales slip to check against your monthly statements
See that you get your card back after every purchase and carry it in the same secure place
Tear up the sales slips if and when you throw them away
Check your billing statement for accuracy each month
Check the Terms and Conditions of any cards you apply for.
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Is it safe to give out my credit card number when buying goods or services by phone or on the Internet?
Make sure that your reputable online retailer like Wise Money uses a “Secure Socket Layer” or SSL that encrypts your personal details Most retailers and service providers are genuine and allow purchases to be made safely and securely. Problems may arise if an unauthorised person accesses your name, card number and card expiry date. They could use these details to carry out a transaction over the phone or on the Internet.

To limit access to these details you should use a telephone land line when ordering by phone. Business conducted using cordless or cellular phones is easier to intercept.

As a security measure, most card providers check that your purchases are delivered to your billing address. If an unusually high number of purchases are being carried out using your card, the card may be deactivated or you may be contacted.

The credit card details you give over the phone are not enough to enable an unauthorised person to make a counterfeit card. The card itself must be presented to buy in shops, restaurants etc. and to get a cash advance from an ATM.
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Do I get proper consumer protection if I use a credit card?
Credit card providers are responsible, along with the supplier of goods or services you purchase, for problems with certain goods paid for by credit card. This applies if the cash price of the item is between £100 and £30,000 and if the total credit value is less than £25,000. If you use your credit card when buying items in this range you can benefit from this consumer protection. If someone you purchase from fails to compensate you, you can claim against your card provider.
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If I have a problem with my credit card whom should I contact?
In all cases you should contact your credit card provider. If your card is lost or stolen, telephone the provider immediately. If you have a billing query, you should contact your card provider. It is your right to dispute a purchase or service which appears on your bill and which you did not make. If you wish to renew your card, you should contact your card provider. It only takes a few days to order a new card over the telephone and to receive it by post.
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What if I lose my card?
Telephone the provider immediately. They will ‘stop’ the card and issue a replacement. So it’s important to keep a note of the telephone number and card number separate from the card. Don’t, under any circumstances, keep a note of the PIN (personal identification number) with the card or anywhere else. Memorise it. You can register your cards with a card protection company for a fee and with one call, they will deal with the cancellation and replacement on your behalf. Some providers also offer insurance against loss and misuse.
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How do I know where to find your website again?
It’s easy to get lost on the Web. To avoid Web disorientation, make frequent use of your browser’s bookmarking feature. This feature allows you to mark the website you are navigating so you can access it again at a later date without having to memorise it’s location.

To bookmark a web page in Netscape browser, simply select Bookmarks from the menu bar at the top of the page and click on the ‘Add Bookmark’ option. This will save the location of the site you are navigating. To access this website at a later date, select Bookmarks from the menu bar and browse through your list of bookmarked sites to select the appropriate one. Once selected you will automatically be navigated to that page.

To bookmark a web page in Internet Explorer, simply select Favourites from the menu bar at the top of the page and click on the ‘Add to Favourites’ option. This will save the location of the site you are navigating. To access this website at a later date, select Favourites from the menu bar and browse through your list of bookmarked sites to select the appropriate one. Once selected you will automatically be navigated to that page.
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What is a cookie?
A cookie is a piece of information sent to your PC when you access a website. It stores information about you that should save you time when filling in forms. For more information please go to the Cookie Central
site at http://www.cookiecentral.com for more information.
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