Average credit card spend has fallen four per cent over the past 12 months, according to new analysis of customer spend data by Santander Credit Cards. The data reveals that while the total number of transactions made per regular card user has increased by one per cent over that time period, the value of transactions per card user has decreased.
The majority of the retail sector has seen decreases in the value of spend, resulting in an average reduction of 5 per cent per card user over the year. Sports and toy spending has been worst hit, with a massive 24 per cent reduction in the value of card spend per user over this period and clothes stores with a 6 per cent decrease.
Customer card spend on holidays also has decreased, with the amount spent on travel agencies down 13 per cent year on year, airlines down 9 per cent and hotels down 4 per cent.
By contrast, people are still spending on little luxuries like eating out – restaurants and bars have seen a 4 per cent increase in value of spend per user. Mail order is also defying the downturn with the biggest increase in card expenditure of all, showing a 22 per cent uplift in the number of transactions per card user and an 8 per cent increase in the value of spend in this sector.
Callum Gibson, Managing Director at Santander Cards, commented: “During times of austerity, youd expect cut-backs to hit non-essential items like holidays and clothes, and our customer data supports this. How
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Credit card debts have almost become a part of everyday life of most Americans. This is due to the uncontrolled spending habits that most people exert. What adds to the trouble is that there are a number of credit card companies that are giving credit cards without too many conditions. Thus most people have at least 4 to 5 credit cards which they use to their heart’s content while making purchases most of which they wouldn’t even need. The bill, therefore keeps mounting up and very obviously you don’t have the financial competence to return it all back within the billing cycle. Thus interest rates start getting charged and you debt amount keeps on increasing. As a Read more…
One of the most important reasons to read your credit card billing statement is so you can quickly spot any unauthorized charges. The longer it takes to recognize and report unauthorized credit card charges, the less likely it is that your credit card issuer will remove the charges from your statement. If you report these charges quickly, i.e. in less than 60 days, your liability is legally reduced to $50 or less. However, if you wait longer than that, you may end up liable for the charges.Make sure you know the right way to handle unauthorized credit card charges.
The only foolproof way to avoid unauthorized charges is to not have a credit card.
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Verizon Wireless has announced plans to implement a charge for customers who choose to pay wireless bills via debit or credit card over the internet using Verizon bill pay or phone.
The new $2 “convenience charge” instituted by the nation’s largest wireless company will go into effect on Jan. 15.
Verizon Wireless Credit Card Fee
According to Verizon Wireless, the new convenience charge is meant to address an issue that the wireless provider has with costs incurred during single bill payment options.
When a customer makes a one-time payment, rather than allowing for a recurring billing option, the company says it suffers greater losses. In a s
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Diners at some of New York’s most popular restaurants had their credit card details stolen by waiters working for gangs who targetted American Express black cards then spent millions of dollars on luxury clothes and vintage wine, it is alleged. 
By Jon Swaine, Washington
10:42PM GMT 20 Nov 2011
The cards of wealthy customers at Smith and Wollensky’s, Capital Grille and Wolfgang’s steakhouses were allegedly “skimmed” and used to buy Rolex watches, Jimmy Choo shoes and Chanel handbags.
Almost 30 people have been charged with crimes including racketeering, conspiracy and grand larceny, after the alleged fraud ring was broken by police in Manhattan.
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A recent research project carried out by Discover Card shows that the majority of American consumers will be expecting to add a few dollars – equal to the cost of a box of chocolates or a fancy bath product – to their budget this Christmas.
The estimated budget for the average household is $748 this year, a small increase on last years budget of $730.
The study polled 500 men and 500 women about the plans they had made for holiday shopping. The study also showed that despite plans to spend more money this year, most consumers are hoping to stretch their budget further by employing discount websites such as LivingSocial or Groupon.
Over half of the respondents were also planning to make the most of Black Friday and Cyber Monday sales and were keen to find online retailers with free shipping.
The survey also highlighted a growing amount of consumer awareness in regard to credit card rewards and cash back programs. One
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1. Fund Your Emergency Savings If youre fortunate enough to not have any credit card or other high-interest debt, put yourself in a stronger position to stay that way by putting your refund check into your emergency savings account. This special savings account will allow you to
cover any expenses in case of an emergency, such as being laid off from work or faced with unexpected medical bills. Instead of borrowing money from credit card companies at high rates or paying interest and penalties on a loan from your 401(k), a well-funded emergency savings account will put you in a position to lend yourself the money for free without jeopardizing your credit score or your retirement. Most people need the equivalent of at least three months salary in an emergency fund to feel comfortable.
2. Read more…
To celebrate the launch of Avios, American Express British Airways Classic Card is introducing a range of special offers for both new and existing customers over the next month.
From the 17th November, 2011 until February 29th, 2012, new customers who take out the American Express British Airways Classic Card, will receive 9,000 bonus Avios when they spend £1,000 in the first three months of Cardmembership – enough for a zone one return flight including destinations such as Paris, Nice & Berlin.
Existing Cardmembers will also benefit from the launch of Avios. F
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Your credit report includes information about your financial habits, like what credit or loan accounts you have, how much you owe, and if you’ve been paying on time. Your creditors report the information directly to credit bureaus – the companies who create and maintain your credit report. If the creditor says you were late on a payment, the late payment goes straight to your credit report, no questions asked. Since credit bureaus don’t automatically check to make sure the information is right, checking for accuracy is up to you.
Your credit report information needs to correct because your future credit applications depend on it. When you make applications for credit cards and loans, your credit report is checked. Incorrect information could get your application denied.
How to make sure your information’s right?
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