The Royal Bank of Scotland (RBS) has restricted all new credit card applications to existing customers in an attempt to reduce risky lending .
According to UK Payments Administration research, 17.8 million credit card payments were missed last year and uSwitch.com believes the bank is protecting itself from creating bad debt .
Louise Bond, personal finance expert at the website, said that while the move is sensible in the current climate, consumers may now be cut off from good deals on credit cards such as the bank's 15-month zero per cent option.
"However, for RBS current account customers that have a less than perfect credit history, this could be a much needed glimmer of hope to get the next best deal," she added.
Those looking for a zero per cent credit card may be glad to know that Sainsbury's Finance has boosted its introductory period from three to ten months and dropped the typical APR thereafter to 15.9 per cent.
| credit card news |
|---|
| Late credit card payments growing - Wed, 21 Jul 2010 |
| Halifax credit card may not be right for everyone - Fri, 09 Jul 2010 |
| Credit card provider reveals parents hit by summer holiday premiums - Mon, 05 Jul 2010 |
| More News |
Simplyhealth Dental Plan
Affordable cover from only £7.50 per month. Join now and get first month FREE
Income Protection Insurance
Get an instant quote with the award winning company
Amex Cash Back
Credit Card
Credit Card
Get 5% cash back on purchases with Amex
RBS blocks new customer credit card applications
Wed, 07 Oct 2009
Recommended links
Best credit cards on the marketCompare current credit card deals
0 per cent APR credit cards
Reclaim unfair credit card charges
Compare 0 Per Cent Balance Transfer Credit Cards
Compare current accounts
Abbey launches new credit card
New guidelines provide credit card applicants with more information
MBNA launches new credit card
Halifax launches new credit card offer
news content
Search
