moneynet in the press

Money Market – December 2005

CARD HOLDERS LET DOWN BY CONSUMER BILL

Richard Brown, managing director of Moneynet, suggests: “Our advice would be to take out a 0% card for your balance transfers and a separate 0% purchase card for your purchases. Once you have done this, never mix the two during the introductory period. That is the only way to ensure that your repayments are allocated fairly and that both your purchases and balance transfers benefit fully form the introductory rate. Card holders should also remember to repay the debt before the introductory period ends or transfer to another 0% card.”

Great Yarmouth Mercury – 18th December 2005

CREDIT CARD CHEQUES WARNING

According to Moneynet, too many people are adopting the buy now, pay later philosophy with credit cards and credit card cheques.

Chief executive Richard Brown said: “We have always advised customers to avoid credit card cheques like the plague. Many people have no idea that these cheques carry extra charges and do not work like the credit cards. It’s unethical and irresponsible.”

He warned anyone who may be financially stretched and may be tempted by supposed unbeatable offers. He said “At Christmas when finances are at breaking point, these unsolicited cheques can be very seductive. It’s tempting to take up what looks like a handy lifeline just to get through to the next pay day – but the hangover that comes with them is very costly.”

The Herald (Glasgow) – 17th December 2005

WHEN CREDIT PUSHES THE LIMIT

“We have always advised consumers to avoid credit card cheques like the plague,” said Richard Brown, chief executive of Moneynet. “There are several traps involved. Firstly, the amount spent is charged at a higher rate of interest than when making purchases using the credit card itself. Added to this is a handling fee of as much as 2%, plus there is no interest free period as with ordinary credit card spending. Sign your name on one of these cheques and you could find yourself paying as much as a massive £35 extra. There are many cheaper ways of borrowing than this.”

The Herald – Glasgow – 10th December 2005

DOING ALL YOUR SHOPPING ONLINE? BEST NOT BUY RETAIL SHARES, THEN

CLICK, CLUNK EVERY TRIP – Shoppers should be extra vigilant when buying Christmas gifts online this season, warns financial data comparison site Moneynet.co.uk.
Use sites you know and can trust.
Before using your credit card, check for a locked padlock or unbroken key symbol in the bottom right-hand corner of the window. The URL for the site will also be prefixed by ‘https’ instead of ‘http’ once you are in a secure area.
Check bank statements regularly.
Shred your bank statements and credit card statements.
Print off copies of your orders to refer to in case of a dispute.
“Remember that nothing is 100% safe,” says Moneynet. “Always stay alert for anything that seems out of the ordinary, and if in any doubt, don’t proceed.”