More rejected credit cards

In the wake of the credit crunch, banks have rejected an estimated 3.24m new credit card applications over the last 6 months, or 18,000 per day.

It is thought that Barclaycard, the biggest credit card company, is rejecting up to half of all those applying for a credit card it strives to protect its exposure to bad payers. Whilst other credit card providers are reducing spending limits and increasing interest rates and charges.

The report, by MoneyExpert.com, found that 7% of adults have experienced a credit card rejection in the last 6 months. Being rejected by one company can also make it harder to ger money from other companies as this can be recorded on your credit file.