Banking and Credit Card Survey 2009

Posted in 'Banking' by Barry Stamp

19 February 2009

Early analysis of responses from our annual survey, opened only a week ago, make for poor reading for the Government.

47.6% - almost half of respondents so far believe that a much tougher line should be taken on bank bonuses. 53% believe that the banks are withdrawing lines of credit and making the recession much worse. Most respondents think that the banks are running rings around the Government.

More than a whopping third of all respondents have singled out a single bank or financial institution as one where they feel strongly enough never to recommend that company to anyone.

Views on the recession are also downbeat. 41.3% of respondents so far believe that the recession will last a lot longer than 12 months. 30% are actively cutting their spending now.

The recession is affecting our choice of credit cards too. In last year’s survey only 11% said that they used a specific card because of the rewards it carried. Now that has almost doubled to 19.7%. One of the best (and most popular) currently on offer is the MBNA Rewards card.

If you haven’t responded to the survey yet, please let us know what you think about your bank, your credit cards, bank bonuses and the recession. It only takes 2 minutes, and you can enter our draw to win one of 3 great must-have prizes - your choice of either a new second generation 32GB Apple New iPod Touch, or an Archos 5 250GB Internet Media Tablet, or a Compaq Mini 702EA PC Netbook.

Please give us your feedback here. This is a chance to let us know who’s great and who’s not in the financial world, and as we use the results to help guide your choice of card or bank, you’ll be either hurting or supporting your bank, as appropriate.