UK: COMPETITION SHAKES UP CREDIT CARD MARKET

Article Abstract:

Although it was US credit card providers such as Capital One and MBNA entering the UK credit card market a few years ago which drove down prices, it is currently the UK providers who are offering the best deals. Tesco currently offers a 4.9% rate with Egg at 4.7% and Nationwide's most recent offering is 3.5%. However, the downside is that most of these levy high charges for not paying on time and surpassing limits. Most US credit card providers plan to stay in the UK market with People's Bank claiming it will offer new and improved deals in due course. US providers claimed 25% of the market which was valued at GB[pound] 70bn in 1999.

Market information - general, Bank fees

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UK: RECORD CREDIT CARD FRAUD

Article Abstract:

Credit card fraud in the UK increased to a record GB[pound] 189mn in 1999, compared with GB[pound] 54mn previously, according to a report undertaken on behalf of the Home Office. Credit card fraudsters are said to be benefiting primarily from counterfeiting, with an 88% rise reported to GB[pound] 50mn. The indications are that certain waiters in Eastern European, Chinese and Italian are copying credit card details of customers and giving them to organised crime gangs, thus contributing to the growth in fraudulent activity.

Legal issues & crime, Cases

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Plastic cards with a sting in their tail

Article Abstract:

There are now more than 1,300 different credit card deals available in the UK. The market is very competitive, and substantial savings can be made by switching to a card with a low interest rate. However, it is important to be cautious about introductory offers.

Credit cards, Advertising

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