Credit Card News UK

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Monday, December 19, 2005

Chip & Pin - A Successful Year?

Chip & Pin technology was introduced in January of this year (2005) on credit cards in the UK.

So what is Chip & Pin?
Most people who own a credit card would be well used to using this when paying for goods with a credit card. Most outlets now have a PIN machine which you use to key in your PIN number. This replaces the use of a signature. Many debit cards still need to incorporate this technology onto the card.

How successful is Chip & Pin?
Well the technology will have contributed towards cutting credit card fraud by 29% this year. This equates to around £36 million pounds in the first quarter of 2005. Of course this does not include fraud over the internet, as chip & pin is not currently possible if the card holder isn't present. However most credit cards have protection against internet fraud now. Be sure to check accounts often, as you could easily miss any problems. Your first indication may be that the issuer gives you a call asking about why you have spent £4000 suddenly! This happened to a friend of mine recently, somehow even his mothers maiden name got changed, so fraud still occurs, and there is much to do to combat it.

PIN Security.
PIN numbers are sent out in tamper-proof envelopes, but it is still a good idea to change this number once you receive it. It is also a good idea to not use the same number for each card. Of course having all these numbers to remember may be quite difficult! Click here to read a method to help you remember these numbers.

Things to consider.
Try not to get your cash cards or credit card mixed up when withdrawing money. As you will now know your credit card pin number, you will be able to use it to get cash. However this is not recommended at all due to the costs involved! This happened to a family member recently, as her cards look quite similar. She was a bit shocked at the amount of interest she got charged - which in some cases is more than 20%.

Future of Fraud prevention?
There is talk of having card readers for entering your pin on the PC, but this doesn't seem feasible to me. I would think the PIN would probably be entered along with your card details on the website, if this is possible. Software exists that can call the card user if any unusual activity occurs on their account. This may be more widespread in the next year.

After fourteenth February 2006 (I <3 PIN Valentines Day) the PIN must be used to pay for anything with a chip & pin card, or you will not be able to use this card. If you do not know your pin number contact your bank immediately!

Wednesday, December 14, 2005

Top Credit Card Tips

The Card Wise Site is designed to help you make the choice of what credit card is right for you. If you are going to be using the card a lot and not paying it off the balance each month, it is best to shop around and get the best APR percentage rate. The Best Cashback page shows details on credit cards which offer things like cashback and other equivalent rewards for spending. These sort of rewards are usually given to customers with a good credit rating, and would suit someone who spends a lot on their card but pays it off in full each month. Some cards offer 0% on balance transfers for 6 months, so if you are a 'card-tart' then check out the credit cards with the best balance transfer offers! To compare all the cards with all their features, check out the in-depth credit card comparison page which should give you all the information you need.

Monday, December 12, 2005

Best Credit Card For Frequent Travellers

The credit card I would recommend for the frequent traveller/flyer is the Morgan Stanley Buy & Fly Mastercard. This card has one main benefit. Everytime you make a purchase with this credit card you earn travel points which can be used for travel offers and holiday deals. There are many leading travel companies taking part in the scheme, including Thomson, Pontins, P&O Ferries, American Airlines and Air Canada. To obtain a free flight with this card would cost much less than other credit cards reward schemes. WIth this card you earn points for each £10 spent. You must then use these points within 3 years.

Click here to find out more about the perfect credit card for a frequent flyer.

Other Features:

  • A competitive Purchase rate of 0% p.a. fixed for your first six months.

  • 0% Balance transfers for 6 months.

  • Typical APR 15.9%

  • Online fraud guarantee, so you're not responsible for any unauthorised Purchases.

  • No annual fee.

  • Online Account Management. View your statements, pay
    your Card bill and transfer balances, anytime, anywhere.

There are also lots of offers tied in with this credt card such as travel insurance deals.

Friday, December 09, 2005

Googles News & Fraud Protection

On the right of this page, Over there ->, you will find the latest credit card news stories courtesy of Google News. You will find the links point to the most up to the minute credit card news stories from all over the web.

With Internet sales becoming more commonplace, even more so at Christmas time, having a credit card with online fraud protection is vital. Most modern credit cards now have this feature, such as American Express Blue. If your current card does not have this essential piece of mind, maybe it is time to switch? You should never email your credit card details, as this is not secure. Always make sure the website you are using uses encryption, which is usually be shown with a small gold padlock in the browser window. If in any doubt, you can always phone up or shop somewhere else! You should be especially careful of bank scams, where you recieve an email which looks like its from the bank, asking for your details. Your bank will never ask for your details in this manner, so be wary.

Office Christmas Party

Tonight is the Christmas Office Party. I have never seen so much booze arrive as I did this morning.

HOHO HO, Merry Christmas!

Thursday, December 08, 2005

UK Last Posting Dates 2005

Wednesday 14th December 2005 - Standard Parcels

Saturday 17th December 2005 - 2nd Class Post

Tuesday 20th December 2005 - 1st Class Post

Thursday 22nd December 2005 - Special Delivery

Wednesday, December 07, 2005

Nectar Card Application

I applied for the American Express Nectar Card myself the other day. Hopefully I should hear back this week about this. It is a very busy time this time of year for credit card companies, aswell as after the new year. Now is a good time to use a card with either good cashback, or 0% on purchases for 6months. If you have built up a large bill you cannot pay off in full, consider getting the best card with 0% on balance transfers. However you might need a good credit rating to obtain this in some cases. I decided obtaining the Amex Nectar was a good idea for me personally as I have been collecting points purchasing Christmas presents. To obtain these points you simply login to the nectar website and click through to your chosen online stores. Previously most of my Nectar points have arrived from my mobile phone bill with Vodafone each month.

Friday, December 02, 2005

American Express Nectar Card

Following on from when Barclaycard pulled out of the nectar reward scheme, American Express have now produced a credit card that offers nectar points on purchases. This could be quite useful as you can 'double up' by visiting online retailers through the nectar portal, then purchasing with the Nectar Am-Ex.