crazy rewards

There's a dodgy situation developing in the commercial market. While more and more people are being rejected for credit applications, it seems that those who are successful are applying between 4 and 8 times. But does this affect your credit rating?

For years, we have been advised that the more failed applications which appear on your file, the less chance of being successful in the future. Even though those who are making multiple applications are middle class income-wise, they seem surprised if they are refused, and deciding to do quick fire applications. As the credit agencies have said, it is the number of searches over a period of time which rings the alarm bells, not necessarily the fact they were rejected, so be careful.

If you are looking for a new credit card, it may be worth taking a look at the Barclaycard Platinum card, which also offers 6 months gadget insurance if you apply before the 30 September 2008.

What you get:

• £500 cover for gadgets & £500 cover for personal possessions
• £350 mobile phone insurance & £2000 airtime abuse cover (£500 PAYG)
• Claim up to 3 times per year
• Items must be under 3 years old at the date of registration
  
• £25 excess per claim
• Theft from commercial vehicle, convertible or soft top is not covered

What you get with the card:

• 0% interest on balance tranfers for 14 months from opening your account (2.9% handling fee)
• 0% interest on purchases for 3 months from opening your account
• 14.9% APR typical (variable)
• Identity Protection Service
• Fraud Protection
• Purchase Delivery Protection
• Online account management
• Emergency cash advance and credit card replacement service

Royal Bank of Scotland have reported pre-tax losses of £691million during the first half of 2008. This has been seen as the second biggest loss in UK banking history.

They say they were hit by £5.9bn write-downs after the credit crunch cut the value of many of its mortgages and assets.

The company's shares adeed 2.7% to 239.25pence in London

The price of oil has dropped to $118 a barrel amid signs of rising supplies and slowing demand.

The British based investment firm, Alliance Trust believe that the price of a barrel of oil will fall to the $100 mark by the end of the month.