Press release


Monday 12 November 2012

• A quarter of people have more than five credit agreements
• More than a third of people couldn’t identify what influences their credit rating
• People over 50 have the most credit, more than £10,000 on average
• Under 50s are most likely to worry about their credit rating

Research by Saga Platinum credit card shows that one in four adults (24%) have five or more credit agreements but on average more than a third of people (34%) couldn’t identify what factors might harm their credit rating*.
On average the over 50s have just over £10,000 of credit available on credit cards, store cards, overdrafts, catalogue accounts and purchase agreements, while people under 50 have on average around £7,000.

Eight out of ten adults knew that missing payments or exceeding the maximum credit limit could harm their credit rating, but interestingly only a third of adults knew that having numerous cards, which could mean having a lot of credit available, could stop them from getting credit in the future. While only one in ten knew that leaving unused accounts open could adversely affect their credit rating.

However, the over 50s are slightly more savvy than the under 50s when it comes to knowing what affects their credit rating**, which could be why only 15% of over 50s are worried about their credit rating compared to over two fifths (44%) of people under 50.

Roger Ramsden, chief executive, Saga Services commented: “Using credit wisely and managing your credit history is key if you want to benefit from the best deals. It is important that people understand the long term implications of having lots of cards. Concentrating on shopping around for those that offer a good rate at home and abroad will pay dividends, and closing accounts that you no longer want to use can help protect your credit rating as well as protect you against fraud.”



Notes to Editors:
• *Populus interviewed 2,035 adults online between 21st and 23rd September 2012. 964 respondents were over 50. Populus is a member of the British Polling Council and abides by its rules.
• **On average 37% of people under 50 couldn’t identify what affects their credit rating compared to 31% of people over 50.

  Under 50s  Over 50s 
Number of people who couldn't identify any factors
that affect their credit rating 
14%  9% 
Average number of people who incorrectly identified
what affects their credit rating 
37%  31% 

   Under 50s Over 50s 
Number of people with no credit agreements  16%  9% 
Number of people with five or more credit agreements  24%  26% 

Saga Platinum credit card
• Policyholders must be aged 50 or over   
• Saga Visa Card offers 11.9% APR (annual percentage rate)   
• 0% Foreign Currency Fees are applied to transactions worldwide*
• 0% on Purchases for the first 9 months*
• 0% on Balance Transfers for the first 9 months (3% fees applies)*

Representative Example: If you had a credit limit on your card of £1,200, you used your full limit to make a single card purchase immediately after receiving your card and you repaid in equal monthly payments over 12 months at an interest rate of 11.3% variable, (Representative 11.9% APR variable), the total amount you will pay back is £1,274.69.

*Introductory Rate charged for the first 9 months on purchases and Balance Transfers from the date the account is opened. At the end of this period the Introductory Rate reverts to the Standard Interest Rate applicable to the product at the time. A Balance Transfer fee of 3% applies.