UK Credit Card: Still A Booming Consumer Lending Business

2007-03-08 10:33:40

( Financial )



Almost everyone has a uk credit card. Some people even have more than one in their wallets.

These days, it is easy to get the plastic card. As long as you are an employed adult, you are eligible for a credit card. The number of uk credit card companies has also increased such that they have become more aggressive in marketing their cards. You can even apply online and application approval is fast.

And even if you have a bad credit history, you can still find providers that are interested in getting your business. This is how competitive the market has become.

Because of uk credit card’s popularity among users, credit card lending now accounts for a significant share of consumer loans. UK credit card lending is a form of unsecured loans uk as you don’t need to put up any collateral when charging against your card.

The size of the uk credit card business has attracted a lot of credit card issuers and providers like banks, building societies, credit unions, other organizations and even stores. One key player is mbna co uk.

Mbna co uk is one of the more aggressive players. With its arrival, competition in the credit card industry has further heated up. On the plus side, this has benefited consumers as interest rates on credit cards have significantly gone down and more value-added features have been introduced.

Mbna co uk offers several benefits aside from having one of the lowest interest rates in the industry. It charges zero percent interest rate for balance transfers for up to several months upon opening. On top of these are other value-added features such as no annual fee, guaranteed no liability for the card owner in case your card has been fraudulently used to purchase on the net, ability to manage your account online and round-the-clock customer service assistance.

With the benefits offered by mbna co uk, other credit card providers have similarly come up with offers meant to compete with those of mbna uk credit cards. One large credit card provider offers the longest introductory offer for balance transfer at zero percent interest rate. At the same time, it is offering other benefits such as no annual fee and an annual percentage rate (APR) that is even lower than those of peers, online fraud guarantee, extended warranties, etc.

The bottom line is this: As long as companies compete with one another, consumers get to benefit. But don’t be carried away. Despite better benefits and features, credit card is still a form of debt. Assess first yourself to see whether you have the discipline to maintain a card. Other wise, you may end up being bankrupt.


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