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How to prepare finances to cope with price rises
Derin Clark

Derin Clark

Online Reporter
Published: 14/10/2021

In just two weeks’ time Chancellor Rishi Sunak will unveil the autumn budget, which could see more tax increases for UK consumers.

Already households are facing rising inflation and increasing energy prices, with income tax payments set to increase in the spring and suggestions that council tax will also be increased. This means even those who were fortunate enough to not have to rely on savings, go into debt or take repayment holidays over the past 18 months will likely have to revaluate their finances to prepare for the price rises. Here we look at how consumers can prepare their personal finances for the next 12 months.

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Contactless payment to increase to £100 next week

On Friday 15 October contactless payments will increase to £100 from the current limit of £45. Contactless payments have more than tripled in the space of 18 months, with shoppers having a limit of just £30 in March 2020, which increased to £45 in April 2020.

The roll-out of the new £100 limit will begin on 15 October, however it may take some retailers longer to update all their payment terminals. Commenting on the increase, David Postings, chief executive at UK Finance, said: “Contactless payment has proved very popular with consumers and an increasing number of transactions are being made using contactless technology. The increase in the limit to £100 will allow people to pay for higher value transactions like their weekly shop or filling up their car with fuel. The payments industry has worked hard to put in place the infrastructure to enable retailers to update their payments systems so they can start to offer their customers this new higher limit.”

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Best savings, mortgage and credit card deals 23.09.21

Every week we highlight some of the best personal finance deals currently available. These deals are selected based on their competitive rates and features that benefit consumers. We’ll include a selection of market leaders as well as new products entering the market.

This is only a selection of the financial products available, those looking for a new savings, mortgage, loan or credit card deal should use our charts to compare the best deals.

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How to secure the most competitive credit card deal as cost of borrowing reaches record high

The cost of borrowing on credit cards has increased to a record high of 26.0% APR, but interest-free deals have become more competitive, making it vital that borrowers hunt around to ensure they get the best credit card deal.

Research, due to be published in the Moneyfacts UK Unsecured Lending Trends Treasury Report, found that in September the average purchase APR (including fees) increased month-on-month from 25.9% to 26.0%, meanwhile last year the average APR stood at 25.2%.

A combination of factors has resulted in the record rise in average APR as Rachel Springall, finance expert at Moneyfacts.co.uk, explained: “A selection of low-rate credit cards worsened, some higher-than-average rate cards were launched, and other lower-than-average rate cards were withdrawn. In June, NatWest, RBS and Ulster Bank increased their 9.9% APR purchase rates to 12.9% and TSB increased its own from 7.9% APR to 9.9% APR. As it stands, there are only now cards available from Lloyds Banking Group, Tesco Bank and TSB that charge a purchase rate of 9.9% APR within the entire credit cards market.”

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2022 Current Accounts and Credit Cards Star Ratings revealed

Consumers looking for a new current account or credit card will be able to see what finance experts agree are the best deals with the announcement of the Moneyfacts 2022 personal current accounts and personal credit cards star ratings.

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Best savings, mortgage and credit card deals 02.09.21

2nd September 2021

Every week we highlight some of the best personal finance deals currently available. These deals are selected based on their competitive rates and features that benefit consumers

Every week we highlight some of the best personal finance deals currently available

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Choose the right card to reduce travel costs

23rd August 2021

Holidaymakers looking to travel abroad this year will likely have had a far more stressful, and expensive, trip than normal

Holidaymakers looking to travel abroad this year will likely have had a far more stressful, and expensive, trip than normal

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Best savings, mortgage and credit card deals – 19.08.21

19th August 2021

Every week we highlight some of the best personal finance deals currently available. These deals are selected based on their competitive rates and features that benefit consumers

Every week we highlight some of the best personal finance deals currently available. These deals are selected based on their competitive rates and features that benefit consumers

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How to clear your summer holiday debt

13th August 2021

After a difficult 18 months many have been taking advantage of the easing of lockdown rules to enjoy the summer holidays

After a difficult 18 months many have been taking advantage of the easing of lockdown rules to enjoy the summer holidays

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Most Popular Credit Card News

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How to prepare finances to cope with price rises

14th October 2021

In just two weeks’ time Chancellor Rishi Sunak will unveil the autumn budget, which could see more tax increases for UK consumers

In just two weeks’ time Chancellor Rishi Sunak will unveil the autumn budget, which could see more tax increases for UK consumers

Read More
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Best savings, mortgage and credit card deals 23.09.21

23rd September 2021

The best savings, mortgage and credit card deals on 23.9.21

The best savings, mortgage and credit card deals on 23.9.21

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Contactless payment to increase to £100 next week

5th October 2021

On Friday 15 October contactless payments will increase to £100 from the current limit of £45. Contactless payments have more than tripled in the space of 18 months

On Friday 15 October contactless payments will increase to £100 from the current limit of £45. Contactless payments have more than tripled in the space of 18 months

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2022 Current Accounts and Credit Cards Star Ratings revealed

8th September 2021

Consumers looking for a new current account or credit card will be able to see what finance experts agree are the best deals with the announcement of the Moneyfacts 2022 personal current accounts and personal credit cards star ratings

Consumers looking for a new current account or credit card will be able to see what finance experts agree

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