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By Mark Lewin
Staff Writer
Friday, 28 August 2009
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Money News Roundup
If you only do one thing with your money this week...
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American Express Platinum Cashback card: 5% in the first three months, then 0.5%
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Previous Money News Roundups
See our other recent Money News Roundups and other related news stories:
Money News Roundup (21 Aug 09)
A glance back at this week's personal finance news, teenage Visa cards, disappearing reward schemes, Barclaycard's new debt help scheme and recession family eating habit.
Money News Roundup (14 Aug 09)
A glance back at this week's personal finance news, tories consider 20% VAT, HSBC and Barclays increase charges and why a last minute holiday might not be a good idea.
Money News Roundup (07 Aug 09)
A glance back at this week's personal finance news CAB report record numbers of debt cases, savers receive £21 bn in compensation, Barclaycard slash borrowing and recession-proof white shirts.
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Recession luxuries remain a must and the cockney bank machine that dispenses 'sausage and mash' in this week's money news roundup.
Man Charged Over Largest Ever Credit Card Fraud
MIAMI resident, Albert Gonzalez, 28, has been arrested for the USA's largest ever credit card fraud, involving the theft of more than 130 million card numbers.
He and two conspirators have been accused of hacking into the computer networks of major retail chains and finance companies to steal the data.
Gonzalez has been charged with conspiracy to engage in wire fraud and, if accused, he faces up to 20 years in prison. He is already due to go on trial in New York next month charged with breaking into the computer network of a US restaurant chain. Next year he also faces trial for the theft of an extra 40 million credit cards.
It's the Recession, So Treat Yourself!
DESPITE the urge to tighten the purse strings during these troubled times, it seems there are two luxuries we are not prepared to live without: shoes and chocolate!
Sales in the retail sector are generally depressed, but grocers and shoe shops bucked the trend in July according to latest figures from the CBI. And Cadbury's UK sales rose by 12% in the first half of the year, as sweet-tooths bought extra bars of chocolate to stave off economy anxiety.
This echoes spending behaviour in previous recessions, say some sociologists. Replacing large purchases with smaller, more regular treats seems to be our coping strategy.
Amex Slashes Cashback
KNOWN for its generous cashback scheme, the American Express Platinum Cashback card has cut its top rate of 1.5%.
The card pays 5 per cent in the first three months up to a maximum spend. The rate of cashback then drops: 0.5 per cent is paid on the next £3,500, 1 per cent on spending between £3,500 and £7,500, and 1.25 per cent above £7,000.
However, its top rate of 1.5% for purchases over £10,000 is no longer available.
Even so, if you clear your balance in full every month, the American Express Platinum Cashback card is still the best cashback card on the market.
More Fivers in Cashpoints
FIVERS are in short supply, according to the Bank of England and HSBC has been stocking up their cash machines with £5 notes in an attempt to boost their numbers.
There are approximately £1.3bn worth of fivers currently in circulation and this number has been increasing steadily. However, because they are used so often, a £5 note only stays in circulation for a year, after which it is often too damaged to use, unlike a £50 note which usually lasts over five years.
However, the general public and cash businesses like cab drivers have been pressurising the Bank of England for more. HSBC has been involved in a pilot scheme where 100 of its 3,000 UK machines now stock extra fivers at similar levels to a decade ago.
Get Yer Milk and Honey 'Ere
ATM operator Bank Machine has added cockney rhyming slang to several bank machines in the East London area.
Customers will be asked enter their 'Huckleberry Finn' (PIN) and then how much 'sausage and mash' (cash) they want. If they want ten pounds, they'll need to ask for a 'Speckled Hen' and then will be told to wait while the machine contacts their 'rattle and tank' (bank).
Ron Delnevo, managing director of Bank Machine, said: "We wanted to introduce something fun and of local interest to our London machines.".
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