Barclaycard have recently cut the amount of cashback that customers earn for spending on their credit cards. The move comes about a month after the company withdrew cashback cards for new customers and stopped promoting its Freedom rewards scheme. Customers currently receive the cash equivalent of 1% for the first £200 of monthly spending and 0.5% for spending above this level. From the start of August this will reduce to 0.25% for the first £200, 0.35% for spending between £200 and £1,500 and 1% for spending over £1,500. The company have said the cuts have been made for commercial reasons and that there are no plans to axe the scheme altogether.

If this article is correct then consumers will soon have less choice when they choose a credit card. Natwest and HSBC have recently decided to offer credit cards to existing customers only. To qualify for a credit card with them you will now need to also have a current account with the bank. The move obviously cuts down on the risk to the bank but if other banks start to follow suit then it looks as though people are going to be quite restricted when choosing a credit card in the future.

According to this article credit card rates are the highest they have been for two years despite the fact that interest rates are at a historic low. According to the article a borrower now pays £26.40 more in interest on a £3,000 balance than they would have done two years ago. Although the Government has promised to clamp down on credit card companies which have failed to pass on the interest rate cuts it appears that banks are still able to charge their customers high rates and that charges continue to rise. In some ways you can see why in the current economic situation banks are reluctant to lend and with lending becoming more risky might charge a higher rate. However, that isn’t going to work in the long run if their customers simply can’t afford to pay the charges and the bank does not get their money back.

The Office of Fair Trading (OFT) has criticised credit card companies for making their products too complicated. It recommends that a comparison website is launched to make credit cards easier to compare with each other. The OFT found that 70% of customers do not shop around for a credit card and could be wasting money. An investigation was launched last April after it was found that the top 20 card issuers all have different ways of working out their interest charges. This means that cards with a low Annual Percentage Rate (APR) could be more expensive to use than those with a higher APR.

I went shopping the other day and found that nearly every store I visited offered me a store card. Whilst they advertise the fact that you would save 10% on your shopping none of the stores explained anything more about the card they were offering. Personally I know that store cards are a bad idea because they charge such extortionate interest rates which are often much higher than putting your shopping on an ordinary credit card. This article talks about store cards and claims that shoppers could actually be paying twice as much for their purchases if they put them on a store card. In some cases consumers could end up paying as much in interest as the original cost of their purchase. The article makes interesting reading but it makes it clear that store cards are a bad idea.

I tend to switch credit cards quite frequently in order to take advantage of balance transfers deals that offers 0% interest periods. I tend to look around at comparison websites in order to find the best credit cards rates and current deals. Cardguide.co.uk is quite a useful website because it allows you to compare various types of cards so if for example you are looking for a cards that offer a balance transfer you can view all of the available credit cards and the current rates side by side to see which one offers the best deal for you. It certainly makes comparing the rates a little easier.

If you are having trouble being approved for a credit card you might want to check out this website. They have a section that specialises in credit card for people with bad credit who are finding it difficult being approved for a regular card. The website is for US residents and has a credit card application online. The featured cards provide the best chance of being approved if you have a low credit score, limited credit history or even if you are looking to get you credit back on track. Although it takes seven years to remove bad credit marks from your credit history these cards can help you make a start.

This time of year always seems to be really expensive. I find that because I tend to purchase most of my Christmas presents early that it can be a really long month and I just seem to run out of money really fast. That’s where a cash advance or payday loans can help. Basically it is a short term loan that is designed to do what the name suggests and help to get you through to pay day.

This type of cash advance seems to be becoming increasingly popular in the US although I haven’t yet seen it offered in the UK. The loans are aimed at people that are in regular employment are earning at least $1,000 a month and have a valid checking account. Usually you can borrow between $100 and $1500 and the loans are also available for people with poor credit history. At the end of the loan period the lender then withdraws the loan amount and the loan fee. Some lenders also give you the option the roll over the loan until next payday but due to the nature of this type of loan being short term, I am guessing this is where the loan company makes their money in charging extra fees for this service.

A new payment card has been launched that combines an Oyster travel card with a payment card. It is called the Barclaycard OnePulse and can be used to pay for items that cost less than £10 without the need to input a pin number. It can also be used for purchases over £10 but these transactions will require a number or a signature to be authorised.

If you are looking for a new interest free credit card you might want to look at Mint. They are currently offering 0% on balance transfers until 1 October 2008, as well as 0% on purchases until 1 March 2008. They offer a credit limit of 7,500 and have no annual fee. You can also get a free additional card for a friend or partner. With a Mint card you can also take advantage of a host of additional offers through their Mint+ scheme. This includes saving money on travel and wine as well as other offers.

If you are looking for a new credit card you might want to try a mint card. They currently have 0% of balance transfers until the 1st of January 2008 as well as 0% on balance transfers until the first of August 2008. You also get 0% on purchases for the first six months. Their low rate apr credit card has a £7,500 credit limit and no annual fee. You also benefit from 24 hour MINT customer service and special offers on travel and leisure and wine through the MINT + Wine Club. You can register for a MINT card online and once you have received your card you can also manage everything to do with your account through their website including viewing your statements and making online payments.

Fees can really mount up when using your debit card abroad. It doesn't help when you think your card is free to use and then find out that you have been charged a fee after all. HSBC advertise the fact that their debit cards are free from transaction fees when used abroad. They do however, charge 2.75% on top of the exchange rate for overseas withdrawals which they say is not a fee, its simply how they calculate their exchange rate. It sounds like a fee to me.

On a day when Barclays have announced a jump of 15% in their profits for this quarter it has also been reported that they plan to impose a £20 fee on customers who don’t their credit card often enough. This move is likely to hit a lot of customers as one in every five cards used in the UK is a Barclaycard. Just another unfair charge the consumer has to bear.

It’s easy to assume when shopping with a well known company that your credit card details are kept safe. However the theft of 46 million credit card details from TK Maxx shows that even large companies may not keep your details secure. Personally when shopping online I prefer to use my Paypal account, if I am using a website for the first time, so that I don’t actually have to expose my card details. Like many people though I don’t think twice about using my credit card when shopping on the high street. It makes me wonder whether I should go back to withdrawing cash and avoid paying with my card altogether, or perhaps I am just getting paranoid about the whole thing?