Credit cards can provide an excellent means of borrowing over the short term, especially with low introductory rates, but owning a credit card requires the resources and discipline to pay off the outstanding balance.

Due to the large selection of cards available, the market has become highly competitive and subsequently there are some very attractive deals available, such an introductory rate of 0% interest on purchases and balance transfers.

There are almost 50 million credit cards in use in the UK, allowing their owners to purchase goods and services from over 700,000 outlets nationwide and over 15 million outlets worldwide.

Only a few decades ago there were just two credit card providers; Barclaycard and Access. However, there is now an overwhelming choice of approximately 60 providers supplying around 1500 differently branded cards.


But Beware..

Credit cards can be expensive and difficult to control. It is advisable to keep all of your receipts as mistakes do happen and you should cross check them with your monthly statement. Report any discrepancies immediately to the credit card company.

Other forms of borrowing can prove cheaper, e.g. a personal loan or extension of your existing mortgage. These options should be considered before applying for a credit card. Purchases made abroad may not appear on your statement for a few months and it is therefore difficult to determine whether or not they have been debited to your account.




Click here for our selected list of companies who can offer credit cards.