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Credit Card

Era of Credit Cards

Plastic money has been the most preferred mode of payment in many countries. In UK more and more people prefer to carry credit cards instead of cash and make all their payments with credit cards. Every year in UK alone transactions worth billion of dollars are carried out through the use of credit cards. There are so many companies that issue credit cards in countries worldwide. Some of the most famous companies that issue credit cards in the UK are VISA, American Express, HSBC, and Citibank. The companies may issue different credit cards which have different features. Hence people can choose from a range of options.

Homework before choosing a credit card

When you would like to choose a credit card, you should first try to find out the features of the different credit cards. Pay important attention to details like subscription fees, APRs, interest to be paid, any other costs to be incurred for the credit card, the total credit limit and any other benefits that may come attached with different credit cards. You can also compare the credit card features and the costs. You should ask the salespersons regarding your rights after you own a credit card. For example you have a right to check your credit card transactions and credit balance at any point of time. The company may charge you a small fee for its services. The first step in buying your credit card is to decide how you will use your credit card. For what purpose you will use your credit card is also a very important question that you must ask yourself. In case you will always pay your monthly bill in full and are not interested in additional services like frequent flier miles, then a credit card that has no annual fee and a long grace period will be perfect for you. In case you carry over a balance from month to month, then you might be interested in getting a credit card with a lower interest rate. In case you expect your credit card to get you cash advances then you should go for a card that carries a lower APR and lower fees on the cash advances. There might be some cards that carry a higher APR for cash advances than for purchases.

What is APR?

So what exactly does APR mean? The APR is the interest rate that you will pay if you carry over a balance or take out a cash advance to transfer a balance from one card to another. One card may have several APRs. The grace period refers to the number of days within which you will have to clear your dues for a period. For example it might be a policy of a credit card companies to pay your dues in 25 days grace period. If you are not able to pay your dues within 25 days then you will have to pay your dues at a higher interest rate. The due date of paying the bill is mentioned on the credit card bill.



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February 25, 2012
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February 24, 2012
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February 23, 2012
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