Is a credit card suitable for you? Ensure you do your research before you take the plunge

18 February 2014 - Which Way To Pay

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Which Credit Card is suitable for me? Credit Card FAQs

Borrowing money on your credit card is one of the most flexible and popular ways to borrow money these days. However, with such a variety of credit cards available, it is crucial that you do your research properly and ensure you know what you are signing up for.

Below we have tried to answer some of the most common credit card questions so you know what you are applying for.

What actually is a credit card?

A credit card allows you to borrow money from a lender, like a bank or building society, spreading the cost of a purchase, earning points and receiving extra protection when you spend. Watch out though, the benefits of credit cards can come at a high cost watch out for high interest rates and late payment charges.

What should I be aware of?

It is important to remember that a credit card is essentially just that credit. When you spend on your credit card you are borrowing money. If this money you are spending is at a high interest rate you could soon see your debt spiralling out of control. If your debt gets out of control you could find yourself with a financial burden.

How credit cards work?

If you apply for a credit card you apply to borrow money from the card issuer. To ensure that you will make repayments successfully, the card issuer will look at your credit report to see how risky you are, before they accept your application. Depending on your credit score you could be refused credit.

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