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By Justin Schamotta
Staff Writer
27 November 2009
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Money News Roundup
If you only do one thing with your money this week...
Compare Balance Transfer credit cards and find out more on how to use them in our guide The Balancing Act.
Previous Money News Roundups
See our other recent Money News Roundups and other related news stories:
Money News Roundup (20 Nov 09)
A glance back at this week's personal finance news: HSBC keep quiet on fee loophole, CofE: God wants you to spend less, "FSA sees lenders as drug dealers" and suing banks will be easier.
Money News Roundup (13 Nov 09)
A glance back at this week's personal finance news: new refund rules, Brits more optimistic about economy, parents struggle without savings, credit card users slow to pay off debt, and precious plastic will be for the rich, say PwC.
Money News Roundup (06 Nov 09)
A glance back at this week's personal finance news: credit card borrowing falls to new low, consumer anger at new Halifax charges, lump sums demanded for sub-prime mortgages and new Lending Code launched.
Money News Roundup (30 Oct 09)
A glance back at this week's personal finance news: Halloween is pricey, say Egg, don't demonise banks says RBS chief, an investigation uncovers mistakes in credit records and a Virgin bank.
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HSBC launch credit and debit card in one, couple caught trying to steal credit card details, Nationwide slumps, graduate gets £2,750 in store credit, and the ruling on bank charges in this week's money news roundup.
HSBC launch credit and debit card in one
A seemingly magical card that switches between being a credit and debit card at the touch of a button has been released by HSBC.
The UK has been selected to pilot the groundbreaking combined debit and credit card that is being produced by HSBC in conjunction with Visa Europe.
The 100 HSBC and Visa staff taking part in the trial will be able to choose between the debit and credit card functions, even when making a purchase over the phone or online. If they enjoy having such a choice the card will be given the go ahead for general release.
Couple caught trying to steal credit card details
A hacker couple have been arrested after attempting to steal banking details from millions of unsuspecting internet users.
The two twenty-year-olds infected tens of thousands of computers with viruses that bypassed normal security software and allowed them to download account details, passwords, and credit card numbers.
The ZeuS or Zbot trojan viruses posed a 'sizeable threat' to the safe use of the internet said Detective Superintendent Charlie McMurdie, of the Metropolitan Police's e-crime unit.
Nationwide slump
Nationwide's profits have more than halved over the last year - falling from £322m in September 2008 to £117m for the first half of 2009.
The figures will sadden bosses at the Building society which, in its heyday, achieved an estimated 8.3 per cent share of the gross residential mortgage market.
Despite the falling profits, Nationwide remains the second largest savings provider and third largest UK mortgage provider.
Graduate gets £2,750 in store credit
A hugely indebt graduate student managed to get a massive £2,750 of store credit in two days - without even trying.
The 21-year-old, who has about £19,000 of student debt, visited 20 high street stores and asked if he could get discounts if he took out a store card.
Stores were happy to oblige, despite his earning less than £1,000 this year. The interest rates on the cards offered him ranged from 18.9% to 28.9%.
The experiment was masterminded by consumer group Which? Money. Editor, James Daley, said: The question remains whether stores should be handing out credit at all. If shops can't lend responsibly, then the Office of Fair Trading should step in to make sure they do."
Ruling on Bank Charges
The long-running battle over bank charges has reached a surprising conclusion with the Supreme Court ruling in favour of the banks.
The one million consumers hoping for a refund of charges - which can be as high as £39 - will be saddened by the result of the case, first brought by The Office of Fair Trading in July 2007.
Asked whether the ruling would mean that banks would carry on with their charges for overdrafts, Angela Knight of the British Bankers Association said: "Individuals can avoid any charge by putting their overdraft arrangements in place first." Which roughly translates as: "Yes".
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