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Credit card lending 'at a high'

Credit card lending increased this month by £0.1 billion, according to statistics released today.

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27 April 2009

Credit card lending 'at a high' ”

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The number of purchases on credit cards was also up by 1.6 per cent from last year, the statistics from the British Bankers' Association (BBA) reveal.

Growth in personal loans and overdrafts has continued to be negative this year, reflecting a net contraction, says the report.

According to the BBA, there were 66.6 million cards in issue at the end of February. This related to 56.2 million accounts.

The statistics also showed that the number of mortgages approved for house buying was down this month.

The BBA's statistics director, David Dooks, said: "Lending to households continues to grow as banks make funds available for people who meet their lending criteria, but consumer confidence is fragile and unlikely to change demand markedly in the near-term."

On Thursday President Obama met executives from 14 credit card issuers to come up with regulations to benefit credit card holders.

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Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9^%
16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
	Virgin Credit Card
	20 months	3 months	16.8^%
16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
	Barclaycard Platinum with BT
	22 months	3 months	17.5^%
17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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