PRN: Credit Card Users! Be Credit Savvy and Check for the Best Deals

Be Credit Savvy and Check for the Best Deals [02-April-2012] CHESTER, England, April 2, 2012 /PRNewswire/ -- Use annual credit card statement to shop around for the best offer for your needs 40 per cent of Brits seek a card with a good balance transfer offer A worrying one in ten just use the credit card offered by their bank With the newly introduced annual credit card statements starting to hit doormats, the UK's number one comparison site, MoneySupermarket is challenging credit card holders to take advantage and ensure they are using a card most suited to their circumstances and spending habits.

Persone Paul Lawler, Kevin Mountford, April
Luoghi Inghilterra, Regno Unito, Chester, Wé
Argomenti internet, software, reti

02/apr/2012 12.11.23 PR Newswire Turismo Contatta l'autore

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Credit Card Users! Be Credit Savvy and Check for the Best Deals

 
[02-April-2012]
 

CHESTER, England, April 2, 2012 /PRNewswire/ --

  • Use annual credit card statement to shop around for the best offer for your needs
  • 40 per cent of Brits seek a card with a good balance transfer offer
  • A worrying one in ten just use the credit card offered by their bank

With the newly introduced annual credit card statements starting to hit doormats, the UK's number one comparison site, MoneySupermarket is challenging credit card holders to take advantage and ensure they are using a card most suited to their circumstances and spending habits. The annual credit card statements, announced this week, will highlight spending over the past twelve months, the amount repaid and any interest and fees charged during this period. In addition, the card statement also shows transactions by type, giving consumers greater insight into their spending habits.

With two-thirds of credit cards in the market bearing interest* UK consumers should check they aren't paying over the odds and if necessary switch to a card which is more suitable. For example, for someone who has a £2,000 balance sitting on a card paying an average rate of 17.31 per cent**, switching to a market leading zero per cent  balance transfer credit card with Barclaycard for 22 months could save them a substantial £465.05. For those who use their card for regular purchases, and don't pay the card balance off in full every month, switching to a zero per cent purchase card may be beneficial. For card users who pay their balance off in full every month, then a reward or cashback card may be more suitable such as the market leading American Express Platinum Cashback card which pays 5 per cent cashback for the first 3 months and up to 2.5 per cent there! after.

MoneySupermarket polled its users on what they look for when shopping for a credit card***. Two fifths (40 per cent) said they seek a card with a good balance transfer offer, followed by nearly a quarter (23 per cent) who are after a long zero per cent period on new purchases. However, only seven per cent said a competitive APR was the most important thing they look for, and a worrying ten per cent just use the card they were given by their bank without checking if it's the right one for their needs.

Kevin Mountford, head of banking at MoneySupermarket.com said: "The introduction of annual credit card statements is a welcome move for consumers, with it giving them the opportunity to have a holistic view of their spending and repayment habits over the previous twelve months. Understanding how you spend on your card gives you the perfect opportunity to switch to a card that suits your needs, so you can make the most of your finances and ensure you're not paying over the odds."

MoneySupermarket has a SmartSearch credit profiling tool to help those looking for the best credit card deals for their circumstances. The tool matches the customer's credit profile against the card they are most likely to be accepted for, but doesn't leave a footprint on their credit file.

Notes to Editors:

* Source: (BBA- credit card market statement, 1st March 2012)

** Bank of England Average Credit Card Data Analysis, Feb 2012

*** MoneySupermarket poll

What's the most important thing you look for when choosing a credit card?

A competitive APR (7.3%)

A long 0% period on new purchases (22.8%)

A good balance transfer offer (39.7%)

Rewards points or Cashback (13%)

Cheap for foreign use (6.1)

None of the avove, I just use the card my bank offered (10.5%)

I don't have a credit card (0.6%)

MoneySupermarket.com's customer commitment

  • No other site compares more prices or products
  • We are independent so only find the best deals for you   
  • The price you see is the price you pay - you don't need to go direct and you won't get a better deal doing so   
  • Your details are safe with us and we won't sell them to anybody

MoneySupermarket.com compares (at 28th February 2012)

  • 97 car insurance providers and 80 home insurance providers
  • 11 broadband providers and 18 energy providers   
  • 35 unsecured loan and 5 secured loan providers
  • 63 mortgage lenders and 29 credit card providers
  • 67 savings providers and 37 current account providers.
  • Over 1,300,000 mobile phone deals

We promise to be clear and impartial

  • All the products in our full search results tables are displayed in a completely unbiased manner.
  • We don't add fees or commissions on to the prices we compare.
  • There may be times when another site compares more companies than us on a particular product, perhaps because of market changes or technical issues. You'll be able to see this and know we are working hard to fix it.

We promise to be trustworthy

  • We never use your data to make unwanted sales calls or send you spam.
  • We never pass your personal information to third parties unless you give us permission to do so.
  • Even if you choose to receive additional information from us, you can opt out at any time. 
  • We promise to be supportive.
  • You can use our community forum to get information and help from other customers.

If you need further help or support, you can contact our sales advisors or customer services agents.

For further information please contact:
Paul Lawler
PR Manager Financial Services
+44(0)1244-370371
+44(0)787-237-9545
paul.lawler@moneysupermarket.com

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