Credit card options
There are three main factors that you are likely to
Rates And Fees
Credit cards attract annual fees and interest charges. Interest
rates tend to be high and vary between companies. Some companies
provide interest free periods. Other companies have penalty
payments for late or returned payments or if you exceed
your credit limit.
Repayment Options
Most credit card companies insist on you repaying the minimum
repayment. This can be found on your monthly statement.
Alternatively, they request that you repay a percentage
of the outstanding balance, for example, 3-5%.
Perks
Any perks that are offered with the credit card, which can
include discounts, free gifts, cashback on purchases and
even simply the prestige of owning a certain card.
Deciding Which Card
In deciding which card is the best for you, you will need
to assess how you use the card.
For example, if you use the card for convenience shopping
and would want to repay the full balance at the end of the
month, then cards that offer a long interest free period
with no annual fee could prove more appropriate. If you
use the card for ongoing borrowing, and intend to pay off
the minimum amount every month, then a shorter interest
free period with lower rates might suit you better. If you
travel frequently, it may be worth considering a card, which
allows you to pay your bills via direct debit.
