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Credit card lending shows slight rise

Net credit card lending increased last month, according to new figures published this week by the Bank of England.

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31 March 2009

Credit card lending shows slight rise”

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The institution noted a rise of £200 million in February, compared to the previous month.

Meanwhile, consumer credit slumped by the same margin as its annual growth rate continued to drop to 3.4%.

More broadly, the rise in total net lending to people in February (£1.3 billion) was higher than the January increase, but below the previous six-month average.

In other borrowing news, February saw Nationwide Building Society hailed the most responsible credit card lender following a string of initiatives including simplified credit card marketing literature and website tips on how best to manage plastic payments.

It was the second consecutive year Nationwide triumphed in this category at the Card Awards and followed on the heels of its successful Trust Us, Trust You campaign, launched in 2008.

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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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