Card providers make significant policy changes
By UK CreditCards.com
On October 5, Sainsbury's Finance announced it will be offering customers "respite" by making significant changes to its credit card deals.
The provider will now be extending its 0% period on purchases for new customers to 10 months, from the current level of three months.
APRs for the average customer are to be reduced from 16.9% to 15.9%.
Stuart McKeggie, head of Sainsbury's Credit Cards, pointed out that both of these moves went against current trends within the sector as a whole.
"We are … hopefully offering borrowers a bit of respite in what is still a tough economic climate for many people," he added.
Meanwhile, Royal Bank of Scotland has announced that it will no longer be offering credit card deals to customers if they do not already have an account with the bank.
Credit card providers in general have increasingly focussed on customers' risk profiles due to the financial crisis and economic downturn.
The Bank of England said recently that credit conditions in the UK were likely to remain tight throughout the rest of the year.
Published: 7 October 2009
- Men, women and money -- who wins the battle of the sexes? – Who has more financial savvy -- men or women? The answer is varied and complex ...
- 'Clear Your Clutter Day' creator says decluttering can improve your finances, well being – Decluttering is a great way to get organised and stay on top of your finances, but it can also have mental health benefits ...
- Financial housekeeping: 7 things to check off your list – It's important to do basic housekeeping with your accounts to be sure you aren't a fraud victim and that you're not overpaying ...