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Good credit card rates 'unobtainable'

The majority of UK consumers are unlikely to be successful in their application for an attractive credit card deal, it has been revealed.

Financial website thisismoney.co.uk has reported that one in two applicants are now rejected, while two out of three were accepted in 2004 and 2005.

A third of those who fail to fulfil the criteria for the introductory rate are instead offered a worse deal.

Sandra Quinn of the UK Cards Association, which represents lenders and the payments industry, claimed credit is harder to obtain following the recession.

She told the news provider: "Lenders are being more choosy and looking more carefully at all aspects of an applicant's credit history. We are a long way from the time when credit was shoved at you from all directions."

In 2009, the number of cards in circulation fell by around ten per cent as credit card providers reduced rates and spending decreased.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt ADNFCR-2776-ID-800046323-ADNFCR



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