Well known UK financial services company CIS has been looking at the state of the credit card market and seeing how we as a nation use them.
One of the first things that came to light in the CIS survey was the amount of money spent on the busiest day of the week, namely Saturday. The average Brit will spend over GBP500,000 over the course of their lifetime on that one day alone. Looking at situations when credit cards are used it is the usual suspects of clothes and shoes that top the list, closely followed by social activities like dining out and visiting bars.
The person responsible for credit cards at CIS felt that the findings were very representative of how we live our lives. After a hard week at work Saturday is the day to let our hair down and live a little.
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Football supporters are being advised by the Abbey National that credit cards that are affiliated to clubs could cost consumers more than regular cards.
Taking the recent Manchester United versus Chelsea Champions League final as an example, Abbey National found that supporters heading for the match would face foreign exchange fees of between 2.75 and 3 percent on a football club affiliated credit card. The Abbey National credit card charges no fee for foreign exchanges, as well as no fees for balance transfers or cash advances either.
As the Managing Director of Abbey National credit cards said, It can be nice to have a credit card that is associated with your favourite football club, but there are costs associated with them that other cards do not charge.
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An American Express survey has shown that identity theft is more of a worry to people now than many physical attacks.
Over half the people surveyed by American Express worry that they will have their identity used by someone else, with the biggest increase being amongst the 18 to 24 year olds, with the concern up by 8 percent compared with last year. Costing over GBP1.3 billion each year identity theft is a very real crime and as our use of chip and pin cards, the internet and technology increases so do the chances of our personal data being taken.
In reality the risk is relatively low, growing lower still if simple precautions are taken. American Express advise internet users not to provide their details to any sites they do not trust, to shred their documents before disposing of them and to make sure their computers are password protected, and not with either birthday or mothers maiden name, which are by far the most common ones used.
