Big changes are now afoot in the credit card industry and these changes are aimed at making the industries practices more transparent and the consumer more informed. This is also a good time – just after Xmas – for making a credit card comparison and seeing where you can start paying a lot less money. The best way to do this right now is to opt for the balance transfer route – but bear in mind you don’t want to simply ’start over again’ – you want to be paying less than before and to achieve this you need to take a look at and compare the 0% balance transfer credit cards that are on offer right now.

The best deal so far – and has been for quite a while now – is the Virgin Credit Card and to date this deal has outlasted all the other 0% balance transfer offers, which means it is not a ‘first in first served’ kind of deal in that it has been on offer now for 16 months. Often consumers will be so desperate to wipe the slate clean and take their balance elsewhere they will overlook the high interest rate they are being charged – it will simply take longer to pay off and be more expensive in the long run. The Virgin deal looks set to last for a while yet and I’d say plenty of new years consumers have already signed up with them and taken advantage of the 0% interest deal. And remember – aim to pay off the balance, pay MORE than the minimum each month.

This is a very good deal for UK customers who want another card for shopping, online and otherwise. There’s no charges if you use it within the UK. This is ideal with Xmas coming up.

Surely in this day and age electronic transfers can be done in half that time!

First I had to verify my bank account – done; then I had to verify my phone number – done; then I had to verify my address – done. So I fill out the online application and wham - still not accepted!

I am being declined because I am not on the local electoral roll which is used to verify you, not everyone is who have not lived here all their lives and who are not British citizens. So for now I have given up, paypal can keep their bloody debit card.

I like my money there when I want it so I have applied for Paypal’s debit card – it has a chip and Visa symbol so you can use it online. I’m a bit nervous about the clause stating if the underwriting bank, RBS, goes under the card and any funds in it will be lost, but right now I am confident that RBS will be solvent for a while yet.

Actually, I intend to load the card with funds only when I need them so I wont have it sitting topped up with too much for too long a period of time.

I do a lot of online shopping so it will serve it’s purpose and I can get at my cash as soon as it hits my paypal account. I would recommend it to people who do paid blogging – the application only takes five minutes.

To this purpose, NBS is regulated under the Building Societies Act of 1986 as amended at the end of 2003, as well as by the Financial Services Authority (FSA). Under the terms of this Act a company can only be called a Building Society if “its purpose or principal purpose is that of making loans which are secured by residential property and are funded substantially by its members”. This Act goes on further and specifies that at least 50% of the funds raised by a Building Society must be raised from deposits from the members. In this respect, the Building Societies are much more conservative than Banks and are therefore far less risky.

Some casualties of the recent turmoil such as Northern Rock, Alliance & Leicester and Bradford & Bingley were formerly Building Societies that ‘de-mutualised’ and became Banks. This means they became companies listed on the London Stock Exchange with shareholders seeking the maximization of profits rather than Building Societies like NBS that re-invest any profits made and exist for the benefit of members. These Banks were no longer restricted by the terms of the Building Society Act and could lend far more aggressively. Newcastle Building Society does not fall into this category and carries excellent credit ratings from all the major agencies.

When your money is loaded on to your FairFX prepaid card the funds are deposited at NBS. Your funds are held in a ‘client money’ account at NBS. This is a totally segregated account which is governed by strict FSA rules regarding Client Assets. NBS cannot use this money for extending loans or for any purpose and it is ‘ring-fenced’ in the same way as money is protected in a solicitor’s client account. Therefore, in the unlikely event of NBS running into financial difficulties, the money would be protected.

FairFX itself is currently privately funded and has no bank borrowings of any nature. As such, it is in a very sound financial position. The outlook for FairFX customers is extremely positive with more growing numbers of customers using the FairFX Currency Card to get market leading exchange rates.

I was reading yesterday that a UK finance minister was predicting that ‘the worst is yet to come – biggest financial crisis in history ahead!’

Don’t you get fed up with all this doom and gloom…? fortunately this time round it is the big boys in the finance industry who are feeling the effects of the credit crunch – those high flying bankers who make zillions a year by dealing in our money.

Meanwhile us little people are still experiencing the same problems we always have. In our house we have taken a good look at our spending habits lately and with Xmas coming decided that some credit cards were worth keeping and others weren’t.

Despite the fact that several lenders have slashed our credit limit (even though the balance was cleared each month) we have been looking at certain fee free credit cards which are on offer at the moment. I think when your bank rewards your responsible spending habits by slashing your credit limit it is time to start shopping around elsewhere!

Scenario: you are out for a bit of retail therapy, you are short on cash but really would love to have that new dress you saw Lily Allen wearing in that magazine. And the shoes…and that handbag. You are in the right store but just cannot make your money stretch that far.

The salesgirl senses this and suggests that you ” Fill in an application for their store card – it only takes five minutes and you can start spending straight away! “.

So you do. But the trouble is that particular store card will not be the only one in your wallet. You have several cards for several stores and the balance is straining the limit on each of them. And you just don’t want to think about the interest they are charging you for only paying the minimum balance each month…

Get real girls. Those charge cards make a fortune from the extremely high interest they apply to you; they cost far more than any good credit card ever will so why not wise up and have the courage to open up all those monthly statements that you have been ignoring?

You cannot hide them on top of the fridge forever you know…

Time to think consolidation. Get all your outstanding balances together, find a credit card that not only offers low interest rates but rewards and bonuses for responsible use, and transfer your store card balances onto one of those cards. You will pay alot less interest and get a better deal all round.

And you wont feel guilty next time you just have to have what Lily’s wearing…

There’s a myriad of pre-paid debit cards out there right now and by far one of the best of the bunch, in my opinion, is the FairFX Card . I’ve just applied for one myself because you can transfer cash from your bank account straight into it and there’s the plus that you also have the MasterCard facility there as well.

I have no interest in clocking up anymore credit cards so this offers me extremely low charges; £1 per cash withdrawal (no charges at all for purchases which really appeals to me) and  only 1% to convert my money to euros/USdollars.  Top your card up twice every three years – make a habit of using it so you have to – and your top up will be free otherwise they charge you £6 a go and you can do this via your debit card or bank account.

At just 1% for a currency exchange you really cannot get a better deal than that. Start charging it up for your next holiday if you like but I will be making regular use of mine. It’s nice to have a piece of plastic to use with the added knowledge that you aren’t clocking up any debt. 

Rising fuel costs are suffocating those businesses right now so it probably helps to find options where a gas purchase card can actually save fleet managers some money on their fuel costs. Being able to save even 5 per cent in this regard can mean all the difference between make or break. And it is getting to that stage for many business owners right now.

Is it any wonder…?

Then to add to this many banks are raising interest rates and slashing credit limits on cardholder’s accounts. For those who maintain a poor credit score the outlook is increasingly bleak, but for those who have managed to hold onto their good credit score the choices are still great for finding a better deal from credit providers.

Maintaining your credit score is very important right now, even if it means making sacrifices in other areas to ensure you stay up to date with your repayments and clear those balances each month. Credit providers will be happy to do business with you, and even reward you with special deals, just so long as you hang on in there.