Piggybank News

June 25, 2011

Why you shouldn’t be loyal when it comes to your credit card

Filed under: Hot tips — nspresources @ 2:16 pm
Tags: , , ,

The average APR now stands at 18.8%, the highest level since 1998, and some 7 million cardholders have seen their typical APR increase in the last 12 months according to research by Moneyfacts.

Despite lenders claiming that the majority of rate increases reflect changes in the overall risk, there are numerous reports of consumers with near-perfect credit ratings suffering significant interest rate increases.

However, one good thing to come out of the credit crunch is that consumers are now much more likely to switch providers and get themselves a better deal elsewhere – shrugging off  misguided loyalty to their current provider that might have existed before.

(Piggy says “It’s easy to get lazy with credit cards and forget that it is a competitive business where a bit of shopping around can yeild significant savings.  With most card providers having fairly strict acceptance criteria at the moment, it’s important to pick your applications carefully.  Keeping an eye on your credit rating can help)

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