The research was carried out by the comparison website confused.com, which released its findings based on the research recently. The data shows that over 33 million credit cards have been hit with late payment fees of £12 in the last twelve months, which collectively equates to £150 million in late payment fees.

Two thousand cardholders were polled as part of the research, and out of these 25 percent said that they had been hit with a late payment charge in the past year. Another 8.5 percent said that they had been hit with several late payment charges in the same period. The research also revealed that 57.5 percent of cardholders had not set up a direct debit to ensure that their credit card repayments were made on time.

Officials have said that the fees associated with late payments on credit cards can quickly mount up, with credit card companies charging around £12 per late payment. A spokesperson for Confused.com, Alex Higgs, said that in the current financial climate the millions of pounds being wasted on late payments fees could be better used elsewhere.

Mr Higgs said: “Collectively we are wasting millions of pounds each year on charges, money which would be better spent elsewhere in these tough financial times.” He added: “Many credit card holders who miss minimum payments are likely to lose out on attractive introductory deals or low interest rate offers, meaning more money is wasted as they are reverted onto higher rate deals.”

Late credit card payment costing consumers millions is a post from: The Thrifty Scot

The deal has been struck between the Olympic Games and Visa, and as part of the deal those looking to purchase tickets for the Olympic Games by plastic card will have to pay by Visa credit or debit card. The restrictions form part of a sponsorship deal between Visa and the Olympic Games, and could mean that some people will find it more difficult to buy their tickets.

In addition to consumers being restricted to using a Visa card to buy their tickets for the games themselves there will also be restriction on making cash withdrawals and purchases with cards within the venue, which will also be restricted to Visa cards. There will be cash machines that take other cards at entry points but only Visa cards can be used within the venue itself.

Some have expressed anger over the fact that only Visa cards can be used to make purchases or buy tickets with cards, with consumer watchdog Which? claiming that this discriminates against those with Mastercards, American Express cards, and others that do not have Visa cards.

Officials from Which said: “We think it’s outrageous that some UK sports fans should be discriminated against in this way. We want the London 2012 organising committee to take steps to ensure there’s a level playing field and that UK consumers have equal access to the games, whether or not they are Visa cardholders. If it doesn’t we’ll call on the government to step in.”

Consumers will need Visa card for 2012 Olympics is a post from: The Thrifty Scot

For many people the past couple of years have meant having to rely increasingly on credit cards, and this has resulted in many people accruing significant debts on their credit cards. The base rate falling to its lowest level in the history of the Bank of England, which spans over three centuries, and the subsequent drop in mortgage repayments will have therefore come as a blessing to the many homeowners that have been struggling with their credit card debts, giving them some extra financial breathing space.

Officials believe that many of the more prudent homeowners in the UK will have used the savings that they made on their mortgage repayments to try and clear high interest debts such as credit cards, which will have relieved them of an extra financial burden and may have saved them a fortune in terms of the interest that they may otherwise have paid.

Whilst some may have been tempted to put the extra money that they saved on their mortgage repayments into savings many have realised that the returns on savings are so low at present they are better off using the money to clear high interest debts such as credit cards.

One financial expert said: “Those prudent borrowers who have made savings on their mortgages I think generally have either paid off their expensive debts, [this often] being their credit card or personal loan.”

Low base rate has helped credit card borrowers is a post from: The Thrifty Scot

The interest rates that credit card companies charge on cash withdrawals and transactions are significantly higher than the standard rate of interest. Many consumers are already aware that it will cost them more to take out cash on their credit cards, and therefore avoid doing this. However, they often fail to realise that there are other transactions that are classed as cash transactions, and therefore incur the same higher rate of interest.

There are a number of transactions that consumers may make using their credit cards without realising that they are cash transactions, and this includes gambling with a credit card, buying postal orders, gift vouchers, and travel money with their credit cards, and making electronic money transfers using their credit card. All of these can result in higher rates of interest being charged.

Cardholders are therefore being advised to ensure that they familiarise themselves with the transactions that their credit card provider classes as cash transactions, as otherwise they could be hit with huge interest charges without realising it.

One financial industry expert said: “Credit card users have to be careful how and where they use their card. The vast majority of consumers are aware that withdrawing cash on a credit card can be a costly exercise and should be avoided. However, many people do not understand where else their provider will treat purchases as cash withdrawals and can be fooled into making a pricey mistake.”

Credit card users warned over cash transactions is a post from: The Thrifty Scot

However, according to one recent report the level of credit card spending is set to fall over the course of this year in the UK, with figures predicting a fall of 2.7 percent compared to the previous twelve months. The information was released by Datamonitor, and suggested that spending on credit cards for this year would total £110.59 billion.

Whilst the company predicted that credit card spending would fall this year compared to last year it also went on to indicate that credit card spending would increase once again in 2011. During 2011 it is thought that credit card spending will increase once again, reaching levels of around £113.37 billion. At its peak credit card spending reached £121.4 billion in 2008.

There were also a number of other findings in the report, including figures showing that last year the number of credit cards that were issued fell by 10 percent. There was also a decline in the value of the average transaction, which fell to £62 and could fall to below £61over the course of this year.

Gilles Ubaghs, a financial services analyst at Datamonitor, said: “This decline in transaction values is problematic for card issuers, but is not as severe as was initially feared at the beginning of 2009.”

In a separate report an analyst from the company Defaqto stated recently that new credit card laws that had been brought in were likely to benefit credit card customers in the UK.

Expected fall in credit card spending this year is a post from: The Thrifty Scot

A report has now been released by the credit reference agency Experian, claiming that the level of identity fraud in the UK is set to increase over the course of this year as a result of organised criminals targeting wealthier consumers.

The report claims that out of all identity fraud carried out last year a massive 72 percent of it was carried out in the latter part of the year. The data also showed that those most at risk from the fraud during this period were company directors and business owners.

Compared with 2008 the level of identity fraud last year increased by around 20 percent according to Experian, and the hotspot area for this type of fraud was London.

Other high risk areas included Manchester, Cardiff, and Salford. Experian said that there was also an increase in the number of people committing fraud for their own benefit, such as those committing fraud in order to be able to get finance. It is thought that this type of fraud will continue to increase as a result of restriction on lending and possible increases in unemployment.

An official from Experian stated: “Attempted fraud is on the increase and the nature of the threat is changing. Organised criminal fraudsters are moving into the mass-market, looking beyond those with obvious wealth towards lower-value but more vulnerable targets. At the same time, financial stress brought about by the recession is driving increasing numbers of people to commit fraud to maintain their lifestyles.”

Identity fraud will accelerate this year is a post from: The Thrifty Scot

In addition to this more and more of us are now shopping online, and this involves putting in credit or debit card details in order to pay for purchases. Whilst this has provided us with convenience and ease it has also increased the risk of fraud.

In fact, with fraudsters becoming more sophisticated, and with credit card fraudsters tending to target the Internet more and more, online credit card fraud has become a big concern.

With this in mind it has recently been announced by the government that a specialist team is being set up to handle online credit card fraud, with the aim of making it safer for consumers to make credit card transactions online.

The measure was proposed by the government after research carried out by the Office of Fair Trading showed that online credit card fraud was costing £3.5 billion a year in the UK. Over the next three years the government will invest £4.3 million in order to try and combat this type of fraud and make the Internet safer for those that use their credit cards online.

The OFT said that the measure could make consumers more confident about making credit card transactions online, stating: “Online consumer protection is a key priority for the OFT. The enforcement team will be looking at the activities of a wide range of commercial websites and taking action in cases where consumers’ rights are being abused.”

Online credit card fraud to be handled by specialist team is a post from: The Thrifty Scot

Over the past couple of years credit card providers have come under fire because of the rate of interest that they have been charging consumers, and over the past year in particular average interest rates on credit cards have come under close scrutiny because of the base rate being at an all time low of just 0.5 percent.

The high levels of interest being charged on credit cards means that the gap between the base interest rate and the average credit card rate has been getting wide, and some credit card firms are continuing to increase their rates bringing the average rate to its highest level of over a decade.

This is something that could financially cripple some borrowers, and officials are urging those with credit cards to take action in order to keep their credit card rates down.

For those that do not pay off their credit card in full each month the interest rate charged on the card is a very important issue, and consumers are advised to do whatever they can to reduce the amount of interest that they pay on their borrowing.

This includes looking at alternative cards and providers in order to find a card that offers a better rate of interest on borrowing or looking for an interest free balance transfer card onto which the existing high interest card balances can be transferred.

Another alternative for cardholders with high interest cards is to transfer the balance onto a life of balance transfer card with a low rate of interest or to consider consolidating credit card debts with a low rate consolidation loan.

Consumers advised to take action to keep card rates down is a post from: The Thrifty Scot

Many people are unable to get debit cards and credit cards in the UK based on their credit, and this is another group that could benefit from the convenience and ease of having a prepaid card.

With a prepaid card consumers can enjoy the convenience of having a plastic payments card, which includes not having to carry cash around, being able to make purchases over the phone and online, and being able to make speedy and convenient transactions when making purchases.

However, unlike a credit card the consumer will not have to worry about getting into debt, as the cardholder has to put money on the card before using it in the same way as with a prepaid mobile phone. This means that the user will not be spending money that he or she cannot afford to spend, and there is no risk of getting into debt.

The Debt Advice Foundation recently spoke about prepaid cards, stating that they could prove to be an effective way of helping consumers to avoid spiralling credit card debt without compromising on the convenience of being able to make card payments. Many people that use regular credit cards end up getting into huge amounts of debt, with many making only the minimum repayment on their credit card debt.

An official from the Debt Advice Foundation stated: “Basically the customer gets all of the advantages of using a credit card, for example being able to pay for goods over the telephone or not needing to carry cash but without the risk or temptation of spending more money than they have.”

Prepaid credit card ideal for those that want to avoid debt is a post from: The Thrifty Scot

However, there are also those that are able to clear their credit card balance in full each month, thus incurring no interest on their borrowing. With the spending and repayments habits of credit card users varying so much industry officials are now urging consumers to ensure that they are using the right credit card for their needs.

When it comes to credit cards using the wrong card can prove very costly for the consumer, which is why officials believe that it is so important for users to ensure that they assess their spending and repayment habits and then choose a credit card accordingly.

For instance, those that do tend to repay their balance in full each month will not incur any interest, so rather than looking for a credit card with a low interest rate they should look at credit cards that offer rewards for spending, such as air miles, cash back, vouchers, and loyalty points.

On the other hand those that tend to spread out the repayment of their balance should focus on the rate of interest charged on the credit card, as otherwise they could end up paying over the odds on their credit card spending. With many credit card providers having hiked up their rates it has become especially important for these people to make sure that they look for a low rate card.

One industry official highlighted the importance of getting the right card, stating: “Whether you’re planning to spend more on your credit card this year, or you simply want to get rid of your credit card debt, it’s really important to make sure you’re using the right credit card.”

Consumers urged to ensure they are using the right credit card is a post from: The Thrifty Scot