The Best Credit Card Deals Compared
Credit cards have revolutionised the way we spend our money - online and on the high street. Anyone with a credit record can apply for one, and successful applications are made on the basis that a cardholder must pay the balance of their purchases at the end of the month, or, alternatively, let the balance accumulate with interest. They differ from charge cards in the way that a charge card requires the full balance amount to be paid for at the end of each month. There is typically a minimum amount that the credit card holder has to pay off every 30 days, and many of these services are issued by credit companies and banks.
There are many different types of cards, so it's important to do your research and find out what the best one is for you. Some different types of credit cards include reward cards, 0% interest cards and charity cards. They can be very advantageous to consumers if used correctly, especially as many credit cards offer rewards, points or even cashback every time you use the card. As long as you pay off the balance on time, you can even make money from them.
Aside from the rewards you get for using your card, there are also money-saving and security advantages to applying for one. If you travel frequently, it's worth noting that when you use your card abroad, it is much cheaper than getting cash from an ATM machine. Also, if you purchase goods that are faulty, using a credit card to make purchases protects you from losing money. Having a credit card is also one way that you can prove your financial responsibility and credit rating. This means that your financial options will be broader, so that you improve the chance of being offered a loan, mortgage or another card with better rewards and lower interest.
Credit cards also prove extremely useful when an unexpected event or emergency arises, such as an accident, a cancelled flight or if you're ever stuck somewhere with no cash. It is also a lot safer to have the option of not dealing in physical money. If you lose £100 in cash, you will not be protected like you are when you misplace a credit card. Thanks to the Consumer Credit Act of 1974, you are also protected against fraudulent purchases in a way that a debit card can't.