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Credit Card Profitability

Guys, Great article in today's FT page 4 about the Credit Card Companies profits down by 43% - but watch out there out to gleam back as much as poss from us on other charges! Please read.

Comments

  • tom188
    tom188 Posts: 2,330 Forumite
    yes expect them to start charging everyone now that they have had to stop penalising bad payers.
  • FiatDino
    FiatDino Posts: 124 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Will make sure I read it ... it's so sad how the great stooze-fest now seems to have come to an end ... just glad I had a last splurge 6 months ago, but now the final curtain seems to be coming down on a great wheeze. Oh well ... back to scouring the internet for other schemes ....
  • Paul_Herring
    Paul_Herring Posts: 7,482 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Here it is for those that don't buy the FT: http://www.ft.com/cms/s/58c83c84-0414-11dc-a931-000b5df10621.html
    FT wrote:
    Britain has lost its position as one of the world's most profitable credit card markets, and is now in the bottom third after earnings fell 43 per cent last year.

    A study from Lafferty Group, a research company, shows rising bad debts and increased regulation have slashed profits made from UK credit cards from £2.03bn in 2005 to £1.16bn last year. Profits are expected to fall further to £1bn this year.

    ...

    In recent months, credit card issuers have been trying to claw back lost profits by pushing up annual percentage rates, cutting back on loyalty schemes or even charging for duplicate statements.
    Last week, Morgan Stanley announced it was to charge some credit card customers a £20 annual fee, sparking fears that annual charges on credit cards would return.



    Well at least stoozers aren't being blamed :)
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
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