Business
SHOPPING AROUND…
for credit deals by Joe Devine
N
ew research from HSBC suggests that nearly a fi fth of consumers will be relying on credit cards to cover Christmas expenses
this year. For those resorting to credit use it’s vital to know exactly what you’re signing up for. There’s a raft of deals offering 0% on purchases with typical durations of between twelve to fi fteen months. Be sure you can pay your debt off within the allotted period because once this expires the APR will shoot up to somewhere between 15-19%. MoneySupermarket estimate that someone who spends £500 this Christmas on a credit card with an APR of 18.12%, and makes the minimum repayment each month would still be paying the debt off in 2023, paying almost
FOR THOSE RESORTING TO CREDIT USE IT’S VITAL TO KNOW EXACTLY WHAT YOU’RE SIGNING UP FOR
the entire initial balance back again in interest over the course of that period. So be sure, and be smart with your choices.
The cards offering the best value to the consumer this Christmas are the Marks and Spencer’s Credit
Card and the Tesco Clubcard Credit Card. Both offer interest free periods of fi fteen months, followed by a representative APR of 15.9% and 16.9% respectively, which is, unfortunately, the best you’re going to get. So, again, be certain you can clear the balance in time before you sign up. Both cards offer the chance to earn store loyalty card points so it really depends where you tend to shop more. The Tesco card also offers 0% on balance transfers for nine months subject to a fee of 2.9%, which is handy if you’re making interest payments on another card and want to use the remaining balance on that to pay for Christmas gifts. Just beware a potential scramble to pay it off as that big APR rate comes staggering into view.
If needs must then be sure
to apply as soon as possible. Once you’ve been accepted it can take between two to three weeks to receive your card, pin and other details, so if you leave it too late you run the risk of actually missing out on Christmas shopping with your new credit card.
Business News
Canary Wharf-based Barclays, J.P. Morgan, HSBC, Thomson Reuters, Citigroup, Morgan Stanley, Clifford Chance, Credit Suisse join Canary Wharf Group have pledged support for Tower Hamlets’ bid to become the UK’s next city as part of Her Majesty the Queen’s Diamond Jubilee celebrations in 2012. The news that giants of the business world are behind the
Tower Hamlets bid comes shortly after the City of London Corporation declared its backing, with Alderman Michael Bear, Lord Mayor of London, saying: The City of London Corporation is delighted to support your excellent bid We share a long and proud history in contributing to the economic success, social development and fortitude in adversity of London. Howard Dawber from Canary Wharf Group plc said: These companies employ hundreds of thousands of people in the UK and around the world. Tower Hamlets is the economic powerhouse for London and the UK. The area will have a hugely important role to play in driving economic growth and providing jobs in the next few years. Tower Hamlets, which includes the famous Canary Wharf shopping and business district, provides over 204,000 jobs, or 5% of total London employment. Just under half of these jobs are in Canary Wharf, with the working population projected to double by 2025.
One in four Canary Wharf workers lives in a local East London Borough, with close to 10,000 living in the immediate surroundings of Tower Hamlets. The numbers of local residents employed at Canary Wharf are rising every year, thanks to employment and skills schemes run by Tower Hamlets Council, Canary Wharf Group and a number of Canary Wharf based businesses.
The Marketing Chec klist – Are You Doing This… by John Hayes Chamber Marketing Director
The point of this simple checklist is to help businesses identify how prepared they are to market their company. It’s not enough to just work hard on your marketing; you need to ensure you are working hard doing the correct things for what you want to achieve!
This is marketing... 1. The way your staff and you answer the phone 2. The voicemail message on every person in your business 3. Your reception desk 4. Your website 5. Your logo
16 l
www.meridian-magazine.co.uk
6. Your Business Card and Stationery
...the list is endless, but if you want a full list go to
www.jchcom.com
You’ve got to start thinking about what you are communicating (or not) when your customers experience your company, at any level whatsoever.
What messages are you sending, what brand story are you telling and how are you educating your customers? You should never assume people know exactly what you do.
Do you add extra value to encourage people to make their fi rst purchase?
How could you show gratitude when they’ve been great customers?
Do you contact old customers and offer them a new service?
If you can work out a way you can add real value and be different from the competition you will set your business apart from everyone else.
At the South East London Chamber of Commerce we are constantly helping businesses grow, can we help you?
Call NOW 020 8317 3365 or
www.selondonchamber.org
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