Row 1
Name 4 Big Banks
Barclays, Lloyds Bank, Halifax, HSBC, Santander, Amex, NatWest, Capital One, RBS, Klarna
Who is our market?
Underserved/ Sub Prime
what is our late payment fee?
12 Pounds
what is our overlimit fee?
12 Pounds
What is our grace period on Interest
56 Days
why do we advise customers to keep 10% of their credit limit in available credit?
to stop the account from going overlimit once interest is applied on the statement date.
Full word for CRA
Credit Reference Agency
what is the two steps in the customer journey?
Advertisement and Application
what is a credit limit?
the maximum amount you can spend on your credit card
what does your minimum monthly payment consist of?
Percentage of the balance plus interest
Give the 3 main CRA's
Experian
Transunion
Equifax
what is interest, and how is it usually presented (what symbol)
It is a monetary charge for the privilege of borrowing money presented as a percentage
what is a money transfer?
transferring money from credit card to debit card
what is a balance transfer?
Transfer of money from one credit card to another
True or False: you will find your Income on your Credit report
False
name 3 nations in Great Britain
Scotland, Wales, England
what is APR?
Annual Percentage rate, cost of borrowing over a year on a credit card or loan plus any interest and charges
in which city is the cost of living the highest in the UK?
London
what are the 2 types of overdrafts?
Arranged and Unarranged
what is base rates?
The Rate of interest charged by to banks by the Reserve Bank of England
after 4 months
what is Credit?
the ability to borrow money or access goods or services with the understanding that you will pay later
Give 5 reasons why people take out credit?
To spread the cost of big purchase
To improve my credit score
To earn cashback and rewards
To access money I don't have upfront
For emergencies
To get protection on purchases
To help manage debts For travelling overseas
what is credit score?
Numerical indication of how well the customer is managing their finances and how well they've managed it in the past.
what is a credit report?
Info on a customer's financial behavior in the last 6 years, it gives a summary of all credit they've had and how they manage their finances.