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By Justin Schamotta
Staff Writer
16 October 2009
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Money News Roundup
If you only do one thing with your money this week...Compare customer-only credit cards
Natwest Credit Cards
Royal Bank of Scotland Credit Cards
HSBC Credit Cards
Previous Money News Roundups
See our other recent Money News Roundups and other related news stories:
Money News Roundup (9th Oct 09)
A glance back at this week's personal finance news households hoard their savings, the black market in credit card details, an extra £3000 for over 50s' Isas and card holders closer to compensation for PPI mis-selling.
Money News Roundup (2nd Oct 09)
A glance back at this week's personal finance news prime Minister loses patience with banks, secret power price hikes exposed, freshers face up to decades of debt and credit card companies invert order of payments.
Money News Roundup (11th Sep 09)
A glance back at this week's personal finance news HSBC starts a mortgage fight, the FSA clamps down on bankers' bonuses and are balance transfer deals becoming a thing of the past?
Money News Roundup (4th Sep 09)
A glance back at this week's personal finance news Amex announce fine for occasional card users, cheaper loans are still hard to find but the mortgage approval rate is rising.
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Natwest and HSBC restrict credit card applications, freshers hit by late arrival of loans, credit card fraud falls by 23% and Barclaycard's website goes offline again in this week's money news roundup.
Natwest and HSBC Restrict Credit Card Applications
NATWEST and its parent company Royal Bank of Scotland are refusing credit card applications from people who are not current account customers.
The move, which took effect October 1st, follows a similar decision taken last year by HSBC. It is the latest example of British banks going against the will of the Treasury and refusing to lend money to anyone but the safest customers.
Those who want to apply for a NatWest/RBS credit card must have a current account with one of the banks. Having a mortgage or savings account from the group will not be enough.
Both HSBC and NatWest/RBS are in the top five of the biggest credit card lenders, with a significant share of the 66.1 million cards outstanding in Britain.
1000s of Students Still Waiting on Loans
Up to 175,000 students are still waiting for their loans and grants a week after university courses started.
According to data released under the Freedom of Information Act, Just over one in six of the record one million students who applied for funding this year have yet to receive their grants and loans.
First year undergraduates have been worst hit - 28% of their applications for grants and loans have yet to be dealt with. This year is the first time that freshers have applied directly to the Student Loans Company (SLC), which is responsible for administering student loans.
Universities said they were being forced to make "emergency payouts" to students unable to make ends meet and to stop some dropping out of courses.
Barclaycard Website Down... Again
Barclaycard seemingly celebrated the anniversary of it's UK website going down for two days in 2008 by letting the site go down again at the same time this year.
Online customers were instructed to contact the credit card company's call centres which, somewhat mysteriously, would advise "on alternative ways to access our online servicing system".
Credit Card Fraud Falls by 23%
The amount of money being lost through card fraud fell by 23% as criminals changed their strategies and prevention measures began to take effect, according to figures published by Financial Fraud Action UK (FFAUK).
The data show a drop from £304m in the first half of last year to £233m in the first half of this year. Experts believe fraudsters may have turned to targeting foreign-issued cards.
Phone, internet and mail order fraud levels all dropped for the first time, but online banking fraud losses rose to £39m, up 55% on the first half of 2008.
"Although it's difficult to prove, we think that one of the reasons for this dip in card losses may simply be as a result of fraudsters realising that they can prosper more by targeting foreign-issued cards," said Katy Worobec, head of Fraud Control.
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