POUND NOTES

More people will be successful in a search for a credit card

CREDIT CARD PRE-APPROVAL RATES ARE ON THE RISE

CREDIT card pre-approval rates have doubled in the last month, according to insight from credit firm Experian.

Half of people searching for a credit card through Experian’s price comparison service will now be shown a card they are pre-approved for, meaning their application should be successful.

The pandemic led many lenders to re-evaluate their offers and tighten lending and affordability criteria. As a result, the number of people that saw a pre-approved card fell to one in four in July.

However, in the weeks since many business sectors in the UK have re-opened and more people have returned to work, and this has meant several card firms have reintroduced products to the credit market.

A NATION OF SAVERS?

WE have gone into money saving mode as 3.5 million of us worry about paying our bills, research reveals.

A third of people have experienced a drop in their income due to Covid-19 with one in 10 worried about losing their job.

Similar numbers have concerns for their financial futures.

Faced with economic uncertainty almost three quarters of people are trying to find ways to cut monthly outgoings, by an average £95.

Popular tactics include finding ways to buy the same products for less and making the most of loyalty schemes, cashback offers and discounts, according to comparison site GoCompare.

SAVINGS RATES ON THE UP

ALDERMORE Bank has raised rates on some of its savings accounts. Its one-year fixed-rate account is up from 0.75% to 1%, its two-year is up from 0.85% to 1.25%, and its three-year is up from 1.2% to 1.3%.

Meanwhile Ford Money has lifted the rate on its one-year saver from 0.75% to 0.9%, its two-year saver from 0.85% to 1% and three-year saver from 0.95% to 1.2%.