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www.barclaycard.co.uk Friday, 8 Jan 2010, 6:17pm

Britons should look into the possibility of taking out a balance transfer credit card, according to lovemoney.com.

Britons should look into the possibility of securing a balance transfer credit card if they are struggling with their finances, it was suggested on Wednesday (January 6th).

Many households are currently weighing up their options now that the new year is well underway after accumulating excessive debt over the festive period.

Ed Bowsher, head of consumer finance at lovemoney.com, admitted that the prospect of rearranging commitments can be daunting, particularly with so many choices available.

However, he explained that securing a balance transfer credit card to shift debts – even if they are on a different card – could be a useful short-term measure to ease some pressure.

He said: “If you have got a credit card at 17 or 20 per cent, try if possible to get your consumer debt onto the lowest interest rate as possible. Read more…

If you’re looking for interest free credit cards, and have a strong credit rating, you should have no problem finding an offer that appeals to you. In fact, as of this writing Discover has a several 0% APR offers available including their line of Discover More cards.

Of course when we speak of interest free credit we are talking about an introductory period. No bank or financial institution can afford to offer credit indefinitely at 0%. They would be out of business in no time at all.

The best way to go about comparing interest-free credit cards is by doing a search on the Internet. That should guide you to a quality comparison website that allows you to quickly, easily and conveniently find the types of offers you are looking for.

The finer sites will have categories devoted specifically to credit card types. For instance, one category will be specifically for business credit cards, while another will be for low interest credit cards, and another would be for rewards cards.

These are the very best types of sites because they allow you to do side-by-side comparisons of similar offers. A

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While most conventional commentators have noticed the seeming decline of the credit card industry, Financial Facts argues that the market is still strong, but fighting for its life more than ever before.

Over the last quarter, UK card-spending has improved. According to the the Payments Council, there was a 6.9% increase in card-usage despite only a 4.3% rise in the value of these purchases. Limited specifically to credit cards, the value of purchases dropped by 0.7% but the amount of sales increased by 2.5% – suggesting that while families are cutting costs, there is still a heavy reliance on card-based spending.

In America, the battle for credit-card supremacy has been waging for a long time, with competition at an all-time high. According to Mintel Comperemedia, the amount of promotional mail sent out by these companies increased to 180 million letters in October, an increase of 34% from the previous month. Andrew Davidson, of Mintel, comments: “it’s all about being the No. 1 card in the wallet. The battle will intensify because you will only use one or two cards with the fee. You are not going to have four or five cards.”

Along with an increased marketing push, especially present in companies like Chase and American Express, other companies have focused more heavily on providing additional enticements in the form of bonus offers. MBNA has brought out a slew of credit card deals, offering airmiles, charity donations and sports teams affiliation in an attempt to woo new customers.

Despite this, many people are still struggling to find credit cards, as banks are becoming increasingly selective about the recipients of these offers. With the recent recession, few are willing to take risks and will automatically target the wealthy, knowing that they are guaranteed to pay back any loaned money. However, as there are only so many consumers that fit within this bracket, it would seem a guarantee that the card companies will be forced to appeal to the less economically gifted in a matter of months. Which may not be good news for the Christmas season, but with savvy shopping, it should still be a happy holiday season.

About Writer:

I’d like to remain as a guest blogger from financialfacts.org. where we don’t promote get rich quick schemes, but encourage people to join in and help each other with all methods of saving money to stop the rich getting richer!

While virtual credit cards have been around for several years, many people are unfamiliar with them. Also known as a substitute credit card, a virtual credit card allows the user to generate a new number for each online transaction. Doing so makes it much more difficult for anyone to steal the number and use it without your permission, simply because each newly generated number is intended for a single use only.

To establish a virtual card, you must first submit an application to a provider that offers this type of program. If your credit card application is accepted, you are assigned a credit limit and given instructions to download software that allows you to generate the new number for each purchase. The software automatically ties the purchase back to your main account so that all of your purchases still appear on one easy-to-read monthly statement.

The single greatest advantage to virtual cards is the level of consumer protection they offer.

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A recent report shows that companies that grant credit cards are still seeing high rates of delinquencies, which indicates the credit market could continue to be strained in the near future.

According to the Dow Jones Newswire, many of the major issuers of credit cards saw delinquencies increase during October. For example, Capital One Financial Corp. reported that the number of accounts at least 30 days late increased from 5.38 to 5.72 percent from September to October.

Discover Financial Services Inc. also posted an increase in delinquencies on credit carddebt tied to bonds, according to the report. Accounts that were behind by at least a month were at 5.72 percent in October after coming in at 5.57 in September.

Unlike its competitors, American Express Co. reported that delinquency rates did not change from September to October and rest at 4.1 percent.

As more consumers find it difficult to pay off their cards, lenders have worked to try and tighten their standards for issuing credit. Read more…