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Tesco Bank customers who have been granted credit card payment holiday

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Tesco Bank customers who have been granted credit card payment holidays on the back of the covid-19 crisis have been told they have defaulted on payments and their score could be harmed.

The customers who were granted the three-month payment freeze received a warning from credit agencies despite prior reassurances from the city watchdog that they “will not have their credit file affected”.

Almost a million credit card payment holidays have been granted in the UK, after the Financial Conduct Authority announced 90-day payment holidays for households who have been significantly impacted by the Covid-19 crisis in April.

A blooper to be corrected

Tesco bank has acknowledged that there has been a few cases “where a missed payment had been registered [with credit agencies] before the payment break has been processed.”

It’s not clear exactly how many customers have been affected, but Tesco Bank said that it would “retrospectively fix the credit file” and remove the marks for missed payments.

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“If a customer has successfully applied for a payment break, we will ensure there is no impact on their credit file.”

The fallout of bad credit

Normally, taking a payment break is registered on a customer’s credit file and can affect their future capacity to borrow. The blemish will typically lower their credit score and remain on their file for up to six years.

The credit score is used by lenders to decide whether to lend an applicant money, how much to lend, and how much interest to charge.

The damage done by covid-19

Overall, some 1.6million people have taken a credit break on things like personal loans, mortgages and car finance agreements in the past nine weeks, according to banking trade body UK Finance.

Meanwhile, retail sales and business activity have contracted at record pace, while benefits claims and fiscal deficit continue to rise.

The Bank of England has warned that 1.5million jobs could be lost as the UK faces worst its worst ever recession.

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Jackson receives financial reporting award

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JACKSON, Mich. (WILX) – The City of Jackson is getting international recognition for its transparency in financial reporting.

The Government Finance Officers Association of the United States and Canada (GFOA) awarded the Certificate of Achievement for Excellence in Financial Reporting to Jackson for its Comprehensive Annual Financial Report (CAFR) for the fiscal year ending June 30, 2019.

The CAFR was judged by an impartial panel to meet the high standards of the program. Standards include demonstrating a constructive “spirit of full disclosure” to clearly communicate the financial story of the City and encourage users and groups to read the CAFR. The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting.

“This is great for the City as a whole because it improves our bond rating,” said City Manager Jonathan Greene. “We believe this award will help our residents understand the work we do to make the City’s finances transparent and easy to understand.”

Bond Ratings are letter grades assigned to bonds that indicates good or bad credit for an entity like the City of Jackson. By having a strong bond rating cities are granted opportunities to pay back interest at lower rates.

The CAFR can be viewed HERE.

Copyright 2020 WILX. All rights reserved.

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Letter: Vote for Kiesha Preston | Letters

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The residents of Roanoke, Virginia, need to get out of the box of voting based on party affiliation. It’s time to vote for the best candidate to do the job.

Kiesha Preston is running as an independent and is the best choice for Roanoke City Council. When she was only three years old, she was troubled because a local Kroger store removed the kiddie carts. She asked me how to get them back so she could shop beside me. I told her to go to the manager and she did. She stated her case, and a few weeks later those kiddie carts were back in the store.

Kiesha also has presented a bill to Congress that was approved. The Virginia Domestic Violence Victims Protection Act prevents domestic violence victims from not being able to rent an apartment because of bad credit as a result of their abuser ruining their credit.

These are but two examples of Kiesha’s tenacity and getting results. We need people on council who have no agenda and are truly willing to work for the least of us.

Kiesha is not intimidated by those in power and will hold her own to help those who cannot help themselves. This is why she is the right person to get the job done.

Please do not be discouraged because you are tired of the same old same old where parties are concerned. You have another choice so please vote for Kiesha Preston. She has been working tirelessly on behalf of the people without being elected to an official office. Just imagine what she can do once she is officially on City Council.

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This One Credit Card Will Get You the Most Cash Back Right Now

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Let’s admit it, choosing the right credit card can be a stressful process. There are so many variables to consider—from annuals fees to credit score requirement—not to mention the various rewards and benefits each card offers, and how those align with your lifestyle and spending habits. Then there are those hidden fees and interest rates you have to reckon with. In other words, it takes a lot of work to make a truly informed decision when it comes to choosing a credit card that’s right for you. Perhaps a good cash back program is high on your credit card priority list because, well, who doesn’t like some extra money in their pocket?

To help you decide on the credit card that is going to get you the most cash back, the experts at personal finance site WalletHub compared more than 1,500 current credit card offers. From that large pool, they narrowed down the field to the cards that offer cash back rewards, comparing those offers based on initial bonuses, rewards earnings rates, annual fees, and more. From that analysis, here are the best credit cards that will get you the most cash back right now. And for more money matters, check out This Is the State Where Your Money Is Worth the Least.

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Alliant Cashback Visa Signature Credit Card

Best for: Cash back on all purchases

Cash-back rate: 2.5 percent

Annual fee: $0.00 for the first year; $99.00 after that

What kind of credit you need to get one: Excellent

Learn more about the Alliant Cashback Visa Signature credit card here.

If you are worried about having buyer’s remorse after choosing a credit card, put that into perspective by checking out What You’re More Likely to Regret Than Anything Else You Do.

7

Discover It

Best for: People with bad credit

Cash-back rate: 1-2 percent

Annual fee: $0.00

What kind of credit you need to get one: Bad

Learn more about the Discover It credit card here.

6

U.S. Bank Cash+ Visa Signature Card

Best for: Cash bonus for good credit ($200.00)

Cash-back rate: 1-5 percent

Annual fee: $0.00

What kind of credit you need to get one: Good

Learn more about the U.S. Bank Cash+ Visa Signature Card here.

And to make sure you have money to pay off those monthly bills, avoid The Biggest Career Mistake You’ll Ever Make, According to Experts.

5

Chase Freedom Unlimited

Best for: No APR on purchases

Cash-back rate: 1.5-5 percent

Annual fee: $0.00

What kind of credit you need to get one: Good

Learn more about the Chase Freedom Unlimited credit card here.

And for more things that will help you and your family stay on the right financial track, check out The No. 1 Sign You Shouldn’t Buy That House, According to Realtors.

4

Capital One QuicksilverOne Cash Rewards Credit Card

Best for: People with limited-to-fair credit and looking for low annual fee

Cash-back rate: 1.5 percent

Annual fee: $39.00

What kind of credit you need to get one: Fair

Learn more about Capital One QuicksilverOne Cash Rewards Credit Card here.

3

Citi Double Cash Card—18 month BT offer

Best for: Flat-rate rewards

Cash-back rate: 2 percent

Annual fee: $0.00

What kind of credit you need to get one: Excellent

Learn more about the Citi Double Cash Card here.

2

Capital One Savor Cash Rewards Credit Card

Best for: Dining and entertainment

Cash-back rate: 1-4 percent

Annual fee: $95.00

What kind of credit you need to get one: Good

Learn more about the Capital One Savor Cash Rewards Credit Card here.

1

Blue Cash Preferred Card from American Express

Best for: Most cash back overall

Cash-back rate: 1-6 percent

Annual fee: $0.00 for the first year; $95.00 after that

What kind of credit you need to get one: Good

Learn more about Blue Cash Preferred Card from American Express here.

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