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Credit Cards - a UK guide
Credit Cards
A 3 Step Guide to Credit Cards
Credit cards are a convenient method of obtaining credit. They are
available from all major lenders and provide flexibility for the consumer.
Some basic facts about credit cards are set out below.
Standard - Visa and MasterCard are two of the common credit cards
available.
Platinum and Gold cards - these are usually available for people
with higher levels of income, and have benefits attached to them.
Charity and Affinity Cards - these operate in the same way as standard
credit cards but a small percentage of what you spend is donated to the
charity to which the card is connected.
Loyalty Cards - These cards tend to offer incentives such as cash
bonuses, AIR MILES, points and other discounts.
Credit cards are international and can be used all over the world,
wherever you see the logo on your card. Credit cards can provide you with
instant access to cash, (for which there is usually a fee payable). Goods
can be purchased quickly and easily, in person, over the phone, or
on-line! Some companies offer insurance on your purchases, and can protect
your goods in the event of loss or theft. They can also provide you with
travel insurance.
Credit cards tend to be expensive and are hard to control. It is
advisable to keep your receipts of purchases made. Mistakes do happen and
you should cross check your receipts with your monthly statement. Any
discrepancies should be reported immediately to the company. Other forms
of borrowing can prove cheaper, e.g. a personal loan or extension of your
existing mortgage. These options should be considered before applying for
a credit card. Purchases made abroad may not appear on your statement for
a few months and it is therefore difficult to determine whether or not
they have been debited to your account.
Credit cards attract annual fees and interest charges. Interest rates
tend to be high and vary between companies. Some companies provide
interest free periods. Other companies have penalty payments for late or
returned payments or if you exceed your credit limit.
Most credit card companies insist on you repaying the minimum
repayment. This can be found on your monthly statement. Alternatively,
they request that you repay a percentage of the outstanding balance, for
example, 3-5%.
In deciding which card is the best for you, you will need to assess how
you use the card. For example, if you use the card for convenience
shopping and would want to repay the full balance at the end of the month,
then cards that offer a long interest free period with no annual fee could
prove more appropriate. If you use the card for ongoing borrowing, and
intend to pay off the minimum amount every month, then a shorter interest
free period with lower rates might suit you better. If you travel
frequently, it may be worth considering a card, which allows you to pay
your bills via direct debit.
Application forms are usually completed and submitted to the credit
card Company or you can apply online direct to credit card providers from
this page. A decision on whether or not you are acceptable is given
within a couple of days (some online applications give an instant
decision!). Credit card companies use Credit reference
agencies in determining your application. Credit reference agencies
provide a detailed analysis of your own financial position. In particular
any county court judgements, electoral roll details and previous credit
searches made against you. If you are refused a credit card, or wish to
make enquiries concerning your own credit file, you can apply to the
credit reference agency for your record. They will charge a small fee.
Details of how to apply will be provided by the credit card Company.
click
here to compare over 300 credit cards online
Step 3 - How Am I Protected against credit card fraud etc?
As discussed above, some companies offer 100 days protection against
goods purchased. This can include damage, loss or theft but you should see
what each company offers. It is advisable to memorise your Personal
Identification Number (PIN). Note also, the card number, and issuers
details and keep them separate from your PIN. In the event of loss or
theft you can therefore easily contact the credit card company to
"Stop" your card. Protection is also offered from the company,
by registering your card with them. An annual fee is payable. In the event
of loss or theft, the company sorts matters out for you, providing you
with a replacement card. Some companies also offer insurance against loss,
theft or misuse of your card.
If Things Go Wrong - trouble making credit card payments
If you are unable to meet your monthly repayments and are struggling
to repay your outstanding balance, you should immediately contact the
credit card company. The earlier you approach them, the more sympathetic
they will be to your situation. Alternatively, seek advice from an
alternative credit card company, which provides lower rates and fees. If
you are in need of desperate help, you should contact one of the voluntary
organisations for assistance.
