Many years ago, the idea of connectivity, "or different products or services from a single source and are growing in popularity. Telecommunication market, many people, home phone, digital TV and broadband services in one place because it is cheaper, while the energy market, Dual -fuel, customers will receive discounts in return, the electricity and gas from the same supplier.
This trend makes its mark on the market Personal Finance - Many manufacturers offer special prices, savings, loans and credit cards to customers and RBS Group recently announced measurements of the credit limit of people who already have a checking account.
But this is the beginning of major changes in the market or fashion, and what does it mean for customers? We talked about the personal finance expert uSwitch Louise Bond for more information.
Q. Why banks are only to existing products, customers?
Louise Bond - "The banks can take action to book the best rates and products to existing customers because it reduces the risk remains a difficult and uncertain economic climate.
"Only loans for customers who already have relations with the media that the Bank has a wealth of information about a person before granting the loan. Bank, your checking account with the desire to learn more about the state of its economy, characterized by the review credit card rates can easily be detected or not well suited to learn to be maintained.
"In addition, many banks and in terms that show the right to leave. This means that they pay for credit card debt, with the bank account. So, if you credit card loans drive directly into your bank account, the banks can not restore minimized their money will be paid. "
P. I "It is a good or bad for customers?
Louise Bond - "One of the negative impact of change for customers is that it limits the freedom of choice of products. If we are on the market balance transfer credit cards, the highest point looking for a Virgin 0% 16 months, is open to almost all but three consecutive best cards are the only loyal customers.
"In addition, some customers do not want to move the new account to deal with credit card or loan, more affordable property. There are many people who go to different suppliers, the optimal current account, loans and credit cards, and it is regrettable that some of the best products and deals are open.
"In addition, there are clear advantages. For those who have little credit history, and it is difficult to obtain loans elsewhere, a great asset - a bank can be seen for example in the file depends on the credit rating of the borrower, they are much more likely to recognize the many. In a sense this can be regarded as almost back old bank account that his bank was known individual loan applications and evaluated on the basis of this.
"There are those who praise it believes appropriate precautionary measures to ensure that the loan is innocent and that era that might get too easy to credit.
Q. Do you think that the other market leaders in this direction?
Louise Bond - "RBS provider have a credit card before we do it, not that this is the last.
"The tendency, the best prices for existing customers is not only a feature of the credit card market - What is happening in the area of personal loans. The average interest rate personal loans to existing customers in April and is now 7.94%, while new customers Average loans for the purchase record can expect to beat 8.08% - 0.14% more *.
"More and more banks are to direct customers to try, a cousin or a packaged current accounts, where can you see things like low-interest loans and mortgages from savings and insurance products for free or reduced price in exchange for the payment of a monthly payment from your account .
"Some banks publicly announced that at the moment, I am not going to go this route, it is difficult to say whether this trend has been isolated or significant changes in the market in response to the credit crisis recession.
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* 10/07/2009 USwitch.com market analysis:
The average interest rate table for existing customers of Best Buy is now 7.94%.
average interest rate table Best Buy for new customers is 8.08%.
8.08% - 7.94% = 0.14%.
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