|By PR Newswire||
|December 3, 2012 07:00 AM EST|
CHESTER, England, December 3, 2012 /PRNewswire/ --
- Brits have been with their credit card provider for six years on average
- Apathy reigns as over one in five can't be bothered switching to a better deal
The New Year is fast approaching, with many Brits gearing up to make financial resolutions for 2013. Research by MoneySupermarket* has found credit card users have remained loyal to their card provider for a whopping six years on average.
The research by the UK's number one comparison site also reveals only nine per cent of credit card users plan to switch cards in the next six months, while a staggering 66 per cent stated it was unlikely they would to change to another provider. The longer a credit card user has held their card, the less likely they will switch; on average, for those who have had a card for 10-15 years, only 4 per cent are likely to switch in six months' time, compared to 26 per cent of those who have had their current credit card for only a year.
Kevin Mountford, head of banking at MoneySupermarket.com, said: "Apathy certainly reigns with many credit card holders who are happy to languish on high interest rates with their existing provider. As a result, the tempting offers which will have initially swayed people to that credit card are likely to have changed or expired over time. Bank of England figures show the average credit card rate in the market is 17.32 per cent, up from 15.7 per cent in November 2006 so anyone holding a credit card for a longer period of time is certainly paying over the odds and are failing to take advantage of some of the best deals currently available in the market."
The research also revealed the main reasons why people have stayed loyal to their credit card provider. Over one in five of those staying loyal to their provider (22 per cent) said they hadn't thought about switching, while a further 16 per cent simply can't be bothered to switch. A quarter (26 per cent) maintain the reason for sticking with their current provider is down to good customer service, and a further 18 per cent do so because they trust their current provider more than others.
A recent MoneySupermarket poll found one in ten consumers*** plan to put Christmas spend on their credit or store card this year, something which could prove to be very costly if they haven't switched providers for a number of years. Switching your credit card could help you save a packet simply by searching for the most competitive deal. For example, for someone who has a £2,000 balance sitting on a card paying an average rate of 17.32 per cent**, switching to a market leading zero per cent balance transfer credit card with Barclaycard for 24 months could save them a substantial £423 in interest. For those who use their card for regular purchases, and don't pay the card balance off in full every month, switching to a zero per cent purchase card may be beneficial. For card users who pay their balance off in full every month, then a reward or cashback card may be more suitable such as the market leading American Express Platinum Cashback card which pays 5 per cent cashback for the first 3 months and 1.25 per cent thereafter.
Kevin Mountford continued: "While it's welcome news that people identify good customer service and trust as important factors for where they place their custom, staying loyal can prove a costly false economy. Loyalty doesn't always pay, and although consumers may not wish to switch credit cards on a regular basis, they should review their card from time to time to assess whether it still suits their needs and financial situation; otherwise they will fail to get the best value."
MoneySupermarket has a SmartSearch credit profiling tool to help those looking for the best credit card deals for their circumstances. The tool matches the customer's credit profile against the card they are most likely to be accepted for, but doesn't leave a footprint on their credit file.
Notes to Editors
*Opinium Research carried out an online survey of 2048 UK adults aged 18+ from 16th to 19th November 2012. Results have been weighted to nationally representative data.
12,736,239 million do not plan to change their current credit card provider in the next six months
**Bank of England average credit card rate at 29/11/12
*** According to MoneySupermarket webpoll 2012
How will you cover the cost of Christmas this year?
- I'll dip into savings - 23.7%
- I'll use my disposable income - 38.1%
- I'll use my credit card/store card - 10.5%
- I'll have to use my overdraft - 3.2%
- I have been saving up all year via a savings scheme - 9.7%
- I'll borrow money from friends and/or family - 1.6%
- Unsure or don't know - 4.6%
- I don't celebrate Christmas - 8.5%
Total votes: 2,910
Voting Ended: 06/11/2012
MoneySupermarket.com compares (at 30th Oct 2012)
- 129 car insurance brands and 100 home insurance brands
- 10 broadband providers and 18 energy providers
- 30 unsecured loan and 5 secured loan providers
- 62 mortgage lenders and 29 credit card providers
- 66 savings providers and 37 current account providers.
- Over 950,000 mobile phone deals
We help our customers to save money on all of their household bills by providing a free, easy to use online service so they can compare a wide range of products in one place and find the product most suited to their needs. Our size means we are able to offer our customers exclusive, market-leading deals, including some they can't even get direct from providers.
By having considerable volumes of informed customers actively looking for products and ready to purchase, we offer our providers an efficient and cost effective customer acquisition solution across all of our channels. This enables our providers to target their marketing spend in an effective and completely measurable way.
Our revenue comes predominantly from fees paid to us by product providers when a customer clicks through to their website and actually applies for or purchases a product. It is a success based marketing fee.
Our customer commitment
- We make it easy to find the brands you expect to see
- We strive to ensure a product cannot be found cheaper by going direct
- We let you remain in control of your personal data
- We are independent and impartial
- We make it easy to switch and save
- We strive to always show the most competitive product available
The Internet of Things (IoT) is making everything it touches smarter – smart devices, smart cars and smart cities. And lucky us, we’re just beginning to reap the benefits as we work toward a networked society. However, this technology-driven innovation is impacting more than just individuals. The IoT has an environmental impact as well, which brings us to the theme of this month’s #IoTuesday Twitter chat. The ability to remove inefficiencies through connected objects is driving change throughout every sector, including waste management. BigBelly Solar, located just outside of Boston, is trans...
Oct. 21, 2014 12:00 AM EDT Reads: 1,136
SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.
Oct. 20, 2014 11:45 PM EDT Reads: 988
Predicted by Gartner to add $1.9 trillion to the global economy by 2020, the Internet of Everything (IoE) is based on the idea that devices, systems and services will connect in simple, transparent ways, enabling seamless interactions among devices across brands and sectors. As this vision unfolds, it is clear that no single company can accomplish the level of interoperability required to support the horizontal aspects of the IoE. The AllSeen Alliance, announced in December 2013, was formed with the goal to advance IoE adoption and innovation in the connected home, healthcare, education, aut...
Oct. 20, 2014 11:15 PM EDT Reads: 1,494
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, a...
Oct. 20, 2014 09:45 PM EDT Reads: 1,034
SUNNYVALE, Calif., Oct. 20, 2014 /PRNewswire/ -- Spansion Inc. (NYSE: CODE), a global leader in embedded systems, today added 96 new products to the Spansion® FM4 Family of flexible microcontrollers (MCUs). Based on the ARM® Cortex®-M4F core, the new MCUs boast a 200 MHz operating frequency and support a diverse set of on-chip peripherals for enhanced human machine interfaces (HMIs) and machine-to-machine (M2M) communications. The rich set of periphera...
Oct. 20, 2014 09:30 PM EDT Reads: 824
The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked for their ability to explore the economic strategies that utility/cloud computing provides. Whether public, private, or in a hybrid form, clo...
Oct. 20, 2014 07:00 PM EDT Reads: 1,823
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
Oct. 20, 2014 03:45 PM EDT Reads: 1,554
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
Oct. 20, 2014 02:00 PM EDT Reads: 1,539
Be Among the First 100 to Attend & Receive a Smart Beacon. The Physical Web is an open web project within the Chrome team at Google. Scott Jenson leads a team that is working to leverage the scalability and openness of the web to talk to smart devices. The Physical Web uses bluetooth low energy beacons to broadcast an URL wirelessly using an open protocol. Nearby devices can find all URLs in the room, rank them and let the user pick one from a list. Each device is, in effect, a gateway to a web page. This unlocks entirely new use cases so devices can offer tiny bits of information or simple i...
Oct. 20, 2014 02:00 PM EDT Reads: 1,723
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
Oct. 20, 2014 12:00 PM EDT Reads: 1,806
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, will address the big issues involving these technologies and, more important, the results they will achieve. How important are public, private, and hybrid cloud to the enterprise? How does one define Big Data? And how is the IoT tying all this together?
Oct. 20, 2014 12:00 PM EDT Reads: 1,561
TechCrunch reported that "Berlin-based relayr, maker of the WunderBar, an Internet of Things (IoT) hardware dev kit which resembles a chunky chocolate bar, has closed a $2.3 million seed round, from unnamed U.S. and Switzerland-based investors. The startup had previously raised a €250,000 friend and family round, and had been on track to close a €500,000 seed earlier this year — but received a higher funding offer from a different set of investors, which is the $2.3M round it’s reporting."
Oct. 20, 2014 09:00 AM EDT Reads: 1,497
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, data security and privacy.
Oct. 19, 2014 10:00 PM EDT Reads: 1,459
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital busines...
Oct. 19, 2014 09:00 PM EDT Reads: 1,702
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water, are pursuing SmartGrid initiatives that represent one of the more mature examples of SAE. We have s...
Oct. 19, 2014 07:30 PM EDT Reads: 1,376
The Internet of Things needs an entirely new security model, or does it? Can we save some old and tested controls for the latest emerging and different technology environments? In his session at Internet of @ThingsExpo, Davi Ottenheimer, EMC Senior Director of Trust, will review hands-on lessons with IoT devices and reveal privacy options and a new risk balance you might not expect.
Oct. 19, 2014 11:00 AM EDT Reads: 1,862
IoT is still a vague buzzword for many people. In his session at Internet of @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, will discuss the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. The presentation will also discuss how IoT is perceived by investors and how venture capitalist access this space. Other topics to discuss are barriers to success, what is new, what is old, and what the future may hold.
Oct. 19, 2014 11:00 AM EDT Reads: 1,662
Swiss innovators dizmo Inc. launches its ground-breaking software, which turns any digital surface into an immersive platform. The dizmo platform seamlessly connects digital and physical objects in the home and at the workplace. Dizmo breaks down traditional boundaries between device, operating systems, apps and software, transforming the way users work, play and live. It supports orchestration and collaboration in an unparalleled way enabling any data to instantaneously be accessed on any surface, anywhere and made interactive. Dizmo brings fantasies as seen in Sci-fi movies such as Iro...
Oct. 18, 2014 10:00 PM EDT Reads: 1,817
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other mach...
Oct. 18, 2014 05:00 PM EDT Reads: 1,889
This Internet of Nouns trend is still in the early stages and many of our already connected gadgets do provide human benefits over the typical infotainment. Internet of Things or IoT. You know, where everyday objects have software, chips, and sensors to capture data and report back. Household items like refrigerators, toilets and thermostats along with clothing, cars and soon, the entire home will be connected. Many of these devices provide actionable data - or just fun entertainment - so people can make decisions about whatever is being monitored. It can also help save lives.
Oct. 18, 2014 03:30 PM EDT Reads: 1,626