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By Julia Kukiewicz Staff Writer
Friday, 31 October 2008
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Money News Roundup
If you only do one thing with your money this week...
Why not compare credit cards especially tailored for those with a poor credit history or bad credit score?
These credit cards are designed for people who have had problems with credit in the past and are perfect for short-term borrowing that can actually improve your credit rating.
Credit cards such as the Capital One classic have a typical APR of around 34.9% or if you are declined for that, try the Aqua credit card or the Vanquis Visa credit card - but remember, your credit score could get worse if you don't pay them off in full and on time each month.
 Compare credit cards for poor credit history
Previous Money News Roundups
See our other recent Money News Roundups and other related news stories:
Money News Roundup (24 Oct 08)
A glance back at this week's personal finance news, including why you should compare credit cards.
Credit Cards for Bad Credit
An in-depth look at the credit cards designed specifically for people with bad credit scores or poor credit history. To make them work for you though, there are a few things you ought to know, especially if you are going to compare credit cards that offer these benefits.
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GET the lighter side of the money week in Choosemoney’s weekly roundup.
Easy Stop
NOT making Choosemoney’s favourite list this week is Argos’ Easy Shop payment card which has an interest rate of up to 222.7%.
That rate is a worst case scenario but the typical rate is little better - a mind-boggling 183.7%.
Argos’ mercenary attitude is timely: it’s coming up to Christmas and credit card rejections have gone through the roof in recent months.
Liberal Democrat shadow chancellor (and, surely, soon action movie star) Vince Cable agrees.
"It is wicked to be promoting such high interest cards and loans at Christmas, when people feel under pressure," he said.
Vincey, we agree.
Abbey Ire
ABBEY National ire hit a new high this week, the same week in which the Spanish-owned bank reported a 70% rise in new deposits.
You could explain it - as Abbey did – with the fact that consumers are looking for a safe place for their savings.
Or you could point out that the ire-inducing story of the week is, well, a bit funny.
After receiving poor service from a call centre worker Abbey customer George Bates gave him the lowest possible feedback score.
The next day he found that access to his account had been blocked, his direct debits cancelled and his identity changed to that of a Ugandan divorcee 10 years his senior.
It’s not funny, really, of course - Mr Bates was charged £60 for missing his direct debit payments and had to take time off work to resolve the problems.
He didn’t really help his cause, however, by saying things like this: "I am not happy with the service and the fact that the call centre Abbey uses is in India."
Surely not relevant, Mr Bates?
Losing your Pension Virginity
CONGRATULATIONS to Virgin Money winners of Money Roundup’s inaugural Completely Pointless Maths award.
Promoting their new pension schemes, Virgin Money pointed out that putting aside a substantial amount of money into a pension for your kids will give them more money when they get to 65.
Actually, we take that back, Virgin’s maths isn’t so pointless: pensions are important.
But since this past week (Parent’s Week, apparently) the FSA calculated the cost of bringing up a child to the age of 18 to be £150,000 you can’t blame parents for hoping that their offspring will bite the bullet and fill their own pension pot.
And Finally, if you only do one thing this week...
AND finally, if you only do one thing this week and that Argos card has got you thinking about your Christmas spending why not compare our credit cards especially tailored for those with a poor credit history.
These credit cards are designed for people who have had problems with credit in the past and are perfect for short-term borrowing that can actually improve your credit rating.
And, unlike the Argos card, they can do it without punitive rates of interest.
Credit cards such as the Capital One classic have a typical APR of around 34.9% or if you are declined for that, try the Aqua credit card or the Vanquis Visa credit card - but remember, your credit score could get worse if you don't pay them off in full and on time each month.
For longer term borrowing compare our 0% on purchases credit cards or, if you think you will be refused these cards or won’t be able to pay them back, start saving.
Compare credit cards for poor credit history
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