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By Julia Kukiewicz Staff Writer
Friday, 24 October 2008
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Money News Roundup
If you only do one thing with your money this week...
Why don't you compare credit cards that offer retail rewards.
This Christmas, when you’re going to be spending more than usual, is the perfect time to take advantage of these credit cards.
Compare credit cards offering retail rewards and discover the GM credit card which will give you money off a new car or get reward points with the Nectar and Tesco credit cards.
 Compare credit cards offering rewards
Previous Money News Roundups
See our other recent Money News Roundups and other related news stories:
Money News Roundup (17 Oct 08)
Julia Kukiewicz rounds up the week's most ignored money news, including a good reason why you should compare credit cards offering cash back.
7 Things you must remember when you compare credit cards
Don't compare credit cards until you have read this definitive guide to credit card comparison.
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ALL the money news you missed while you were…y’know, contemplating the recession.
118 11… Wait
Considering that rates of identity theft and fraud are rising and there are numerous warnings that it’s going to get even worse it’s hard to find the right adjective for 118 118’s decision to ring customers and offer them cash. Naïve? Stupid?
The enquiry/joke service planned to give away £118 to callers picked at random but many refused to give their details so that 118188 could post them their cheque.
89 of the 288 winners selected refused to believe that the competition wasn’t a scam.
Or to put it more worryingly 199 people gave out their details to an unsolicited call – just what identity theft experts advise never to do.
18-34? There’s some bad news
According to a report released this week by the Chartered Insurance Institute and thinktank Reform (no, me neither) 18-34 year olds will be hardest hit by the recession.
People aged between the (oddly specific) ages of 18 and 34 will be hardest hit by the UK's slide into recession, the researchers claimed.
But it is the logic behind this conclusion that is really intriguing – the report claims that it is irresponsibility, which leads to owning the wrong financial products, that leave this group particularly vulnerable rather than age-specific money worries, such as getting on the property ladder, per se.
That means, with the right information, 18-34s can escape unscathed – right?
Well yes, but the report is still pretty pessimistic about that.
They named around half of the age group IPODS (Insecure, Pressurised, Over-taxed and Debt-ridden), found that almost a third had no savings at all and warned that the generation would be poverty-stricken in old age.
The Effect of Less Spending
Brits have been responding to the gloomy economic climate with a sensible cut back in spending that has resulted in another cacophony of wails.
The first drop in food spending for 22 years and another drop on the high street has most retailers down in the mouth: at least the pawnbrokers are doing alright.
The effects of our drop in spending have even started to effect production lines across the world.
This week, the makers of black cabs and a Chinese steel maker were just two who went into the red.
And Finally, if you only do one thing this week...
AND finally, if you only do one thing this financial week then look forward to saving when you do have to spend with a retail reward credit card.
Like the cash back credit cards we looked at last week the golden rule with these credit cards is to use them for all of your purchases and never carry your balance over the interest-free period.
That way you get all the rewards without paying a thing extra.
This means that Christmas, when you’re going to be spending more than usual, is the perfect time to take advantage of these deals.
Compare credit cards offering retail rewards and discover the GM credit card which will give you money off a new car or get reward points with the Nectar and Tesco credit cards.
Compare credit cards offering rewards
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