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Scotsman
4 hours ago
- Business
- Scotsman
The costs of this little-known credit card mistake
Many Brits don't realise that this simple credit card mistake can lead to hidden fees and hurt their credit scoresc 💳 Sign up to the weekly Cost Of Living newsletter. Saving tips, deals and money hacks. Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Millions of Brits risk damaging their credit scores by using credit cards like debit cards Withdrawing cash on credit cards can incur hefty fees of up to 5% per transaction Frequent cash withdrawals may lead to loss of perks, such as payment plan options from providers like Amex Lenders see cash withdrawals as a warning sign of financial trouble, harming loan or mortgage chances Experts advise using credit cards only for large purchases, not everyday spending or cash withdrawals Millions of Brits could be unknowingly damaging their credit scores and racking up steep fees simply by using their credit cards like debit cards, a top payments expert has warned. Richard Carter, founder of Lopay – the UK's highest-rated, lowest-cost payment app – says withdrawing cash on a credit card is one of the most damaging mistakes people make with their finances. Advertisement Hide Ad Advertisement Hide Ad 'Every cash withdrawal makes the next payment that little bit harder,' he said. 'There's a time and place to use a credit card – and a cash machine is not one of them.' His 'rule for life'? Simple: 'Never use a credit card for cash. End of.' With more than 58 million credit cards in circulation across the UK, that's more than one for every adult – and Carter believes too many people are putting their financial future at risk by using them carelessly. (Photo: DANIEL LEAL/AFP via Getty Images) | AFP via Getty Images Here's why swiping for cash is such a costly mistake Hefty fees: Withdrawing cash on a credit card often comes with charges of up to 5%, meaning a quick £200 ATM withdrawal could cost you an extra £10. Withdrawing cash on a credit card often comes with charges of up to 5%, meaning a quick £200 ATM withdrawal could cost you an extra £10. Damaged credit scores: Lenders view cash withdrawals as a red flag, suggesting you may be struggling financially – and this can harm your chances of getting a mortgage or loan. Lenders view cash withdrawals as a red flag, suggesting you may be struggling financially – and this can harm your chances of getting a mortgage or loan. Loss of perks: Some providers, like American Express, may cut off benefits such as their 'PlanIt' payment plans if they detect frequent cash withdrawals. Advertisement Hide Ad Advertisement Hide Ad Instead, Carter recommends using credit cards only for large purchases on goods or services, and avoiding day-to-day spending where possible. 'A credit card can be a brilliant tool – there are perks, rewards, and protections,' he said. 'But treat it with care. Used wrong, it can bring chaos to your finances.' Are you struggling to make ends meet as costs continue to rise? You can now send your stories to us online via YourWorld at It's free to use and, once checked, your story will appear on our website and, space allowing, in our newspapers.
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Scotsman
4 hours ago
- Business
- Scotsman
Dramatic discount chain overhaul could see 200 stores close
The chain faces a major shake-up as tough trading forces radical cuts and a potential change of ownership 🛒 Sign up to the weekly Cost Of Living newsletter. Saving tips, deals and money hacks. Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Up to 200 Poundland stores are set to close under a sweeping rescue plan Hundreds more sites face rent cuts of up to 50% in a court-backed restructure The overhaul comes as Poundland's owner Pepco seeks a sale of the chain Distressed investors Hilco and Gordon Brothers are reportedly in the running A new owner could inject £70m–£100m to stabilise the struggling retailer Hundreds of stores could shut down as part of a dramatic turnaround plan designed to rescue a struggling discount chain and pave the way for a sale. Between 150 and 200 Poundland stores are reportedly earmarked for immediate closure, with up to 500 more facing steep rent cuts of up to 50% as part of a court-backed restructuring scheme, according to The Telegraph. Advertisement Hide Ad Advertisement Hide Ad The chain currently runs more than 800 shops across the UK and employs around 16,000 people. The overhaul, spearheaded by managing director Barry Williams, comes as Poundland's owner Pepco tries to offload the business following a steep drop in sales. () | Getty Images The retailer was put up for sale in March, and the auction has now narrowed to distressed investors Hilco and Gordon Brothers. Any new owner would inherit a radical cost-cutting plan designed to stabilise the company, with reports suggesting a cash injection of between £70m and £100m is on the table. Advertisement Hide Ad Advertisement Hide Ad Last month, Pepco slashed its full-year profit forecast for Poundland after 'highly challenging' trading conditions saw sales fall 6.5% to £830.8m in the six months to March 31. Its projected underlying earnings (EBITDA) now sit between £0m and £16.8m — a sharp downgrade from earlier guidance of up to £59m. A Pepco Group spokesperson said: 'The focus of the group and advisers is currently on a potential sale of Poundland. This is an ongoing process and no final decisions have been taken.' Advertisement Hide Ad Advertisement Hide Ad Are you struggling to make ends meet as costs continue to rise? You can now send your stories to us online via YourWorld at It's free to use and, once checked, your story will appear on our website and, space allowing, in our newspapers.
Scotsman
6 hours ago
- Business
- Scotsman
The costs of this little-known credit card mistake
Many Brits don't realise that this simple credit card mistake can lead to hidden fees and hurt their credit scoresc 💳 Sign up to the weekly Cost Of Living newsletter. Saving tips, deals and money hacks. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Millions of Brits risk damaging their credit scores by using credit cards like debit cards Withdrawing cash on credit cards can incur hefty fees of up to 5% per transaction Frequent cash withdrawals may lead to loss of perks, such as payment plan options from providers like Amex Lenders see cash withdrawals as a warning sign of financial trouble, harming loan or mortgage chances Experts advise using credit cards only for large purchases, not everyday spending or cash withdrawals Millions of Brits could be unknowingly damaging their credit scores and racking up steep fees simply by using their credit cards like debit cards, a top payments expert has warned. Richard Carter, founder of Lopay – the UK's highest-rated, lowest-cost payment app – says withdrawing cash on a credit card is one of the most damaging mistakes people make with their finances. Advertisement Hide Ad Advertisement Hide Ad 'Every cash withdrawal makes the next payment that little bit harder,' he said. 'There's a time and place to use a credit card – and a cash machine is not one of them.' His 'rule for life'? Simple: 'Never use a credit card for cash. End of.' With more than 58 million credit cards in circulation across the UK, that's more than one for every adult – and Carter believes too many people are putting their financial future at risk by using them carelessly. (Photo: DANIEL LEAL/AFP via Getty Images) | AFP via Getty Images Here's why swiping for cash is such a costly mistake Hefty fees: Withdrawing cash on a credit card often comes with charges of up to 5%, meaning a quick £200 ATM withdrawal could cost you an extra £10. Withdrawing cash on a credit card often comes with charges of up to 5%, meaning a quick £200 ATM withdrawal could cost you an extra £10. Damaged credit scores: Lenders view cash withdrawals as a red flag, suggesting you may be struggling financially – and this can harm your chances of getting a mortgage or loan. Lenders view cash withdrawals as a red flag, suggesting you may be struggling financially – and this can harm your chances of getting a mortgage or loan. Loss of perks: Some providers, like American Express, may cut off benefits such as their 'PlanIt' payment plans if they detect frequent cash withdrawals. Advertisement Hide Ad Advertisement Hide Ad Instead, Carter recommends using credit cards only for large purchases on goods or services, and avoiding day-to-day spending where possible. 'A credit card can be a brilliant tool – there are perks, rewards, and protections,' he said. 'But treat it with care. Used wrong, it can bring chaos to your finances.'
.jpeg%3Fwidth%3D1200%26auto%3Dwebp%26quality%3D75%26crop%3D3%3A2%2Csmart%26trim%3D&w=3840&q=100)
Scotsman
8 hours ago
- Business
- Scotsman
Dramatic discount chain overhaul could see 200 stores close
The chain faces a major shake-up as tough trading forces radical cuts and a potential change of ownership 🛒 Sign up to the weekly Cost Of Living newsletter. Saving tips, deals and money hacks. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Up to 200 Poundland stores are set to close under a sweeping rescue plan Hundreds more sites face rent cuts of up to 50% in a court-backed restructure The overhaul comes as Poundland's owner Pepco seeks a sale of the chain Distressed investors Hilco and Gordon Brothers are reportedly in the running A new owner could inject £70m–£100m to stabilise the struggling retailer Hundreds of stores could shut down as part of a dramatic turnaround plan designed to rescue a struggling discount chain and pave the way for a sale. Between 150 and 200 Poundland stores are reportedly earmarked for immediate closure, with up to 500 more facing steep rent cuts of up to 50% as part of a court-backed restructuring scheme, according to The Telegraph. Advertisement Hide Ad Advertisement Hide Ad The chain currently runs more than 800 shops across the UK and employs around 16,000 people. The overhaul, spearheaded by managing director Barry Williams, comes as Poundland's owner Pepco tries to offload the business following a steep drop in sales. () | Getty Images The retailer was put up for sale in March, and the auction has now narrowed to distressed investors Hilco and Gordon Brothers. Any new owner would inherit a radical cost-cutting plan designed to stabilise the company, with reports suggesting a cash injection of between £70m and £100m is on the table. Advertisement Hide Ad Advertisement Hide Ad Last month, Pepco slashed its full-year profit forecast for Poundland after 'highly challenging' trading conditions saw sales fall 6.5% to £830.8m in the six months to March 31. Its projected underlying earnings (EBITDA) now sit between £0m and £16.8m — a sharp downgrade from earlier guidance of up to £59m. A Pepco Group spokesperson said: 'The focus of the group and advisers is currently on a potential sale of Poundland. This is an ongoing process and no final decisions have been taken.' Advertisement Hide Ad Advertisement Hide Ad
Scotsman
8 hours ago
- Scotsman
Full list of iPhones that WhatsApp has stopped working on
WhatsApp has stopped working on many iPhone models this month 😱 Sign up to the weekly Cost Of Living newsletter. Saving tips, deals and money hacks. Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... WhatsApp has stopped working on certain iPhones. Old handsets can no longer use the messaging app. But is your phone one of the models impacted? Thousands of iPhone users can no longer use WhatsApp as it has stopped working on older models. It is a blow to many and may mean you need to fork out for a new handset. Android users were hit by this change earlier in the year - but it has now arrived to Apple customers. The mega popular messaging app now only works on phones with iOS 15.1 or later. Advertisement Hide Ad Advertisement Hide Ad But which iPhone devices can no longer use WhatsApp? Here's all you need to know: Why is WhatsApp no longer working on some phones? WhatsApp app on an older iPhone model |The messaging giant has been rolling out changes to its compatibility in recent months and years. It means that older devices are being left behind - as WhatsApp tailors its service for more modern handsets. Metro reports that WhatsApp's owner Meta says the changes are part of regular updates to make sure it stays secure and functional while keeping up with newer models of phones. If you haven't upgraded your device in a while it might be time. Advertisement Hide Ad Advertisement Hide Ad Full list of iPhones that WhatsApp no longer works with If your iPhone is not compatible with iOS 15.1 or later you might have noticed that WhatsApp has stopped working on it. Meta rolled out the change on May 5. It includes iPhone 5, iPhone 6 and iPhone 6 Plus. Older models than those devices, which date back as far as 2012, are also no longer compatible with WhatsApp. You can check which iOS system you have by going to the settings, clicking through to general and then about. Once in this option you can find the option called version and that will tell you what operating system your phone carries. Have you got a story you want to share with our readers? You can now send it to us online via YourWorld at . It's free to use and, once checked, your story will appear on our website and, space allowing, in our newspapers.
