1 in 7 people have stopped using one or more of their cards
1 in 20 have increased the credit limit on their main card
1 in 5 people use the same PIN for all of their cards
For information on the Saga Visa Card call 0800 096 4081 or visit saga.co.uk
At the end of 2004 Britons had over 140 million* credit and debit cards, but according to research from Saga Visa Card, Britons love-in with the plastic in their wallet may be waning.
Research from Saga Visa Card reveals that people are adopting different strategies to cope with the new range of PIN numbers they have to use. 1 in 7 people say they have stopped using one or more of their cards - this figure rises to 1 in 5 (20%) among the 45-54 age group. To compensate for having fewer cards, 1 in 20 people have increased their credit limit on their main card. Whilst 1 in 5 of those with multiple cards say they use the same PIN number more than once.
Saga Visa Card invested a great deal of time ensuring that customers were fully informed and supported during the change to Chip & PIN and calls to our helpline were few and far between. Indeed, Saga Visa Card has not seen any sign of decline in the number of people applying for the card and remains one of the top choices for those looking to travel abroad.
Although using plastic is still a popular and convenient way to pay for most people, Chip & Pin has arrested the decline in using cash and cheques. 36% of those under 24 said that they used cash and cheques more frequently - a figure that drops to 30% for those 55-64.
Andrew Goodsell, chief executive, Saga, comments: "The trend of downsizing the plastic in our wallets makes it important to carry the right cards. My advice is to check the charges - especially if you plan to use your cards on holiday."
Saga Visa Card customers benefit from commission-free purchases within the EU** compared with a typical commission charge of 2.75% applied by others on overseas transactions. This meant a saving to our customers of 1.2m on overseas spending in the last year alone. In addition, we have a fairer order of payment so that transactions subject to our standard rate of interest are paid off first, rather than the purchases made on the lower balance transfer rate.
Other features of the Saga Visa Card include a low balance transfer rate of 3.9% p.a. for six months, reverting to the prevailing rate at the time, Typical 14.9%APR (variable) thereafter. Internet fraud guarantee and free 100-day purchase protection for any goods costing between 30 and 500 against theft, accidental damage and loss (subject to certain exclusions).
To find out more about the Saga Visa Card call 0800 096 4081
or visit saga.co.uk
** Up to only 1% commission charge is made for purchases outside of the E.U. There will be a handling charge of 1.5% of any cash advance which will be debited to the account, subject to a minimum of 1.50. Please note, withdrawals abroad are subject to the same handling charge as cash withdrawals in the UK. Optional card protection and payment protection insurance are also available. 500 minimum credit limit. Minimum monthly payment is 3% of the amount shown as outstanding on your monthly statement or 5, whichever is greater, which must be paid by the payment due date.
Research conducted over the telephone by the British Market Research Bureau (BMRB) on behalf of Saga Visa Card amongst 2,002 adults aged 16 living in Great Britain from 24th - 27th March 2005.
The Saga Visa Card is offered subject to status and to UK residents only with a permanent UK address.
Principal cardholders must be aged 50 or over.
The Saga Visa Card is issued by Liverpool Victoria Banking Services Limited. (LVBS) Registered in England No.432080. Registered Office: County Gates, Bournemouth, BH1 2NF. LVBS is authorised and regulated by the Financial Services Authority for deposit taking, and is a member of the Finance and Leasing Association. The ultimate holding company of LVBS is Liverpool Victoria Friendly Society Limited.
For further press information please contact the Saga Press Office on: 01303 771529.