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When it comes to borrowing money from someone, reputation may be just as important as interest rates according to research by Motley Fool.
For instance, research suggested that 80% of customers regard brand and reputation as the primary factors when selecting a new credit card. They also reported that customers were not blinded by introductory offers, with eight out of ten customers considering APR being more important that zero percent deals.
Although Barlaycard was voted the best credit card provider - only 20% of people were happy with their current provider. The credit card marketplace is swamped with hundreds of products, from mainstream established providers through to Football Club and other fan-based offerings, many of which are managed by the same back-end companies.
The number of interest rate and balance transfer offers is also huge, making it easy for people to be enticed into deals that eventually expire leaving cards on unattractive rates. Motley Fool also criticised the credit card industry for threatening to introduce low-usage fees, effectively scaring people into using their cards.
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