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Prepare Properly Before Applying for a Credit Card – Experian

Jack — Fri, 11 Dec 2009 16:28:41 +0000

MSN reports that according to Experian, there are still plenty of choices for credit cards, despite the recession. Consumers looking for a new credit card should prepare properly before applying.

Users should decide if they are looking for reward points, a zero per cent balance transfer or perhaps no interest on spending, Experian stated. They also said this is important because those who apply for a card that does not fit their profile are likely to be rejected.

Experian also said:

“There’s no point applying for a platinum high-earners card if you’re an impoverished student.”

They also warned customers not to make multiple card applications, as every time a lender checks a credit report it leaves a footprint. “If they see a lot of these, they may think you’re desperate or even planning a fraud, so ask for a quote if you want to know what interest you’ll pay or what your spending limit might be.”

The Finance & Lending Association earlier this week warned consumers to keep on top of their credit card spending over Christmas.

Credit Card Fraud Common – With Fraud Often Peaking Around Christmas

Alex — Thu, 10 Dec 2009 17:29:49 +0000

According to new figures almost one-third of consumers have been a victim of fraud after losing or having their credit card stolen. The average amount fraudulently take is £623, according to card protection service CPP, which emphasizes the importance of credit card security.

According to the report, credit card fraud tends to peak around the Christmas holiday period, meaning consumers should specifically be on their guard during the month of December.

Card fraud expert at CPP, Sarah Blaney warned consumers to be vigilant. “If you are only going to use maybe one or two cards to buy your presents with then that’s all you need to take with you. Don’t carry your card in your pocket. Make sure it is safely tucked away in your purse or wallet.” Ms. Blaney also advised shoppers to check all of their receipts against bank statements to make sure that no money has been stolen.

The UK’s Fraud Prevention Service, CIFAS, recently reported that 68,000 people had become victims of credit card impersonation during the first ten months of 2009.