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CarInsuranceDirectory -
find out here about how to get the best deal on your car insurance UK. |
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Help and guidance |
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UK Credit Card Tips |
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- Remember that credit cards can be an expensive way of borrowing money.
It is of vital importance to use them with prudence, and pay off as much of your
bill as you can each month, to cut down on your overall charges.
- If you are not intending on paying off your balance every month
then APR will be the most important factor that will help you to decide which
card is right for you. Every card issuer is legally obliged to disclose the APR
on a product to a customer.
- Not many credit cards today charge an annual fee. It is easy to
find a card that doesn't charge one, so it may be in your interest to go for one
of these.
- Beware of introductory interest rates. These can be charged on either
balance transfers, purchases, or both. If the introductory offer applies only
to balance transfers then the balance transferred from your previous account will
accrue favourable interest rates while any purchases you make will be charged
at a higher rate. Try and find a card which offers a good rate on both balance
transfers and purchases.
- Loyalty schemes often sound very tempting but it can sometimes be
quite difficult to reap the rewards you are promised without using your credit
card copiously. When presented with an offer think about it logically and decide
whether the benefits offered are likely to help you all that much.
- Watch out for interest rates that are expressed as monthly figures.
They appear to be a great deal until you remember that you need to multiply that
figure by twelve in order to obtain the true APR.
- Try to use other methods of cash withdrawal if you can other than
using your credit card. It is far more economical to withdraw cash from a normal
current account.
- Try and make use of the interest-free period wherever you can. Also
referred to as the 'grace period', this is the length of time your issuer will
allow you to pay off your purchases without charging you interest. Be sure of
exactly how many days your interest-free period is- it can save you valuable money.
- One useful benefit that many credit cards are offering today is
free insurance on items bought that cost over a certain amount. Some cards also
offer you free travel insurance, which can be a very useful perk.
- Be sure to check your credit card statements every month to make
sure that you have not been charged for anything you shouldn't have. Also keep
a check on the interest rate that you are being charged.
- Fraud is growing every day. Try and keep your cards in a safe place
at all times. Do not disclose your PIN to anyone and do not have it recorded anywhere
near your credit cards. Check your monthly statements thoroughly to keep tabs
on any missing money. If you are victim of a theft then be sure to report it immediately.
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