Credit Cards: How To Use Them

Credit cards can be a very quick way of getting into even more debt if you do not know how to use them properly. UK debt is now at an all time high and, excluding mortgages, Credit Cards are one of the main contributors.

It's a lot easier to get a credit card than it is to get a mortgage or a loan. So it makes sense that more people own a credit card. With interest rates that are quite high in relation to loans and mortgages you can see why the debt can get out of hand.

In order to get the best value for money out of your credit card you need to be disciplined in the way you manage your debt.

Make sure you make the payments every month:

If you cannot pay off the whole amount every month make sure you pay at least more than the minimum required. This will help you pay more of the capital off every month. Make sure you take advantage of the interest free periods in this case.

Don't abuse your credit limit:

A credit limit does not mean free money. Credit Card companies are happy to raise your limit if they see you pay off your card regularly. Don't be tempted to use this money it just puts you further in debt and will take you longer to clear it. Credit Card companies know that most people will not be able to resist spending more and you are just helping the big card companies to make more money.

Check your statements every month:

This is a small but important point. Credit Card companies are not perfect and often errors are made on your statements. Make sure all items on your statements are goods and services you have purchased. If you do notice an error contact your credit card straight away. Keep an eye on the interest rate you are charged. If you are on an interest free period make sure you are still not being charged interest.

Know your rights:

Many people do not know their rights when it comes to using their credit cards. Did you know that if you buy goods or services and these are not delivered or are not to the standard advertised then the Credit Card is liable. If you order a sofa and the furniture store goes under and you do not receive your sofa then the Credit Card company has to reimburse you the amount spent. A little tip: If you are paying for an item and it is to be delivered at a future date, always use your credit card as it will be a form of insurance if there is a problem. You can always pay the amount off when the goods arrive if you had planned to pay cash.

For more information on your rights visit:
http://www.dti.gov.uk/ccp/topics1/consumer_finance.htm

Grant Marwick is a freelance writer and owner of http://www.only-credit-cards.co.uk where you will find advice and more articles on Low interest Credit Cards and advice on Bad Credit

---

Is Your Credit Score Being Held Against You?

Credit Scores That HurtIs your credit score being held against... Read More

Will Inquiries Lower Your Credit Score?

What are inquiries?When you apply for credit the creditor or... Read More

How To Get Out Of Credit Card Debt

If you're like the average person, let me warn you... Read More

First Major Regulatory and Legislative Victory of 2005 for Creditors and Consumers

Under the Fair Debt Collection Practices Act, collectors are not... Read More

Which Credit Card?

Bewildered by the sheer variety of debit cards and credit... Read More

What is Credit Counselling?

Ever wondered what is Credit Counselling? There are occasions when... Read More

How To Boost Your Credit Score

Years ago your credit score was a big secret, known... Read More

The Hitchhiker?s Guide To Insanity

A new sickness is plaguing the UK called Denial. Denial... Read More

Consumer Credit Reports

A consumer credit report is a factual record of an... Read More

Credit and Banking Money Saving Services

The first rule when applying for banking and credit services... Read More

Credit Repair Kit Sound To Good To Be True? It Is.

A lot of people have bad credit. It is unfortunate... Read More

All Is Fair In Love, War, and, Your Credit Report - At Least It Should Be! Understanding the FCRA

Fact: Over 150 million Americans have credit report with the... Read More

How A Prepaid Debit Card Can Help You Rebuild Your Credit

Consumers today are up to their eyeballs in debt. And... Read More

All You Wanted to Know of Bad Credit

Martin Henderson is in a fix these days. Because of... Read More

Manage Your Credit Wisely

Getting your first credit card is a big deal and... Read More

Choosing a Credit Counseling Company

If you have considered credit counseling as an option to... Read More

Credit Repair Services vs. Do-It-Yourself Credit Repair

Millions of Americans suffer because of bad credit these days,... Read More

How Creditors Measure Your Credit Rating

Creditors will measure your credit rating based on the following... Read More

Cash Back vs. Rewards Credit Cards

Ah, the sweet rewards of using credit!Not only do you... Read More

Start Building Credit Fast!

There are a couple of reasons for this. You can... Read More

Fun with Credit Cards

For those of us who know how to use them... Read More

Shoppers Beware - Tis The Season

It's the number one complaint from consumers and it only... Read More

Protect Yourself Against Identity Theft

Identity theft is when someone uses, without permission, your personal... Read More

Practical Suggestions for Protecting Yourself From Identity Theft

It's no surprise that thousands of Americans are victimized by... Read More

Ten Steps To Building A Good Credit History

Are you thinking of buying a house? Do you want... Read More

Credit Card Disclosure Table ? Do You Understand It All?

In addition to the APR (annual percentage rate) and the... Read More

A No-Brainer Way Of Getting Credit And Credit Cards

What Is Your Credit Rating Now?If you have any charge... Read More

How To Save Money On Credit Cards

Some credit cards offer a cash advance option. But how... Read More

SuperCharged Secret 2, Credit Card Utopia

INTEREST BEWARE, THERE'S SAFETY IN NUMBERS!Note: The following is part... Read More

Errors on Your Credit Report: What You Should Do

There are times when you may be turned down for... Read More

Getting Your Credit Report and Understanding Whats On It

If you intend to apply for a loan, you need... Read More

Annual Credit Report and Free Annual Credit Report

Getting an annual credit report review has been the advice... Read More

How Your Credit Rating Affects You, and How to Check It

You might not know it, but every time you take... Read More