Barclaycard is acknowledged as being the most powerful credit card brand in the UK according to an independent study of the market.
The survey, carried out by the ACG, looked at the number of people having a card, how often it was used, customer thoughts on quality and how the brand is perceived. Having taken all these factors into consideration Barclaycard came out on top, thanks to it being the best known credit card in the country and also the second most used.
A spokesman for ACG, commenting on the results, said that Barclaycard would stand out strongly in the current economic climate since consumers look to the best known names in times of difficulty, feeling that there is less to worry about with a credit card brand they know and trust.
Having a credit card can be a great way to help manage your finances, so long as consumers use the credit card in the correct way. Credit card holders can take advantage of using their card to help protect them when making purchases and budgeting. So long as they have enough money in their bank account to pay off their monthly credit card balance every month, they can help budget your money.It also gives protection to purchasers when using their credit card under the Consumer Credit Act which can be a great advantage.So long as consumers don’t use their credit cards as a source for money if they do not have the money in their bank account to pay off their monthly balance, they can be a great way to manage your money. But if you are not able to pay off your balance every month you could run into debt problems, and you don’t want that. Make sure you can pay off your monthly credit card bill every month. See our credit cards comparison table for the latest offers. Plus, reading our guides and tips pages can offer consumers more detailed information and money saving hints.
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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