Types of Credit Card

There are many types of credit cards on offer so make sure you are aware of the choices available and choose the right one for you.

Consider how you will use the card and which features are more important to you.  For example, if you are looking to transfer your existing balance from one credit card provider to another, you would be looking for a lower rate of interest.  Keep in mind that some providers also offer balance transfer cards with no interest.

You will also find a variation in the length of the interest free period so make sure you read the small print and compare offers.

Here are the types of credit cards you are likely to find:
  • Reward Cards
  • 0% Credit Cards
  • Balance Transfer 
  • Cash Back credit cards
  • Business credit cards

Consumer Protection

When you buy something online or from a seller you are unsure of, the added protection you get from using your credit card can be invaluable.

All purchases between £100 and £30,000 are fully protected.  So if you are not satisfied with the goods because they are faulty or they just don’t arrive and you can’t get your money back from the supplier; or someone uses your card fraudulently, you can claim your money back from your credit card provider.

Credit Card Security

 

Never keep your PIN number with your card.  Not only could you lose money if your card falls into the wrong hands but your card provider could refuse to reimburse you. A very costly mistake to make.

 

ATM’s are useful machines but take care when using your credit card as you could be charged for the privilege. 

 

Whilst credit cards are accepted all around the world, check your card small print to see how much you will be charged for using it abroad. If you are a frequent traveller, you may want to look out for card providers who offer cards with cheaper rates when using them abroad.

 

Finally if you can’t afford to repay in full amount, make sure you at least pay the minimum payment and be aware of the interest that you are being charged.  In short don’t buy anything you can’t afford to pay for!



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