Originally marketed to the Great British public as "Your flexible friend" and as "Taking the waiting out of wanting". A credit card is definitely an essential part of modern day living, but is also something that needs to be handled with a degree of financial restraint.
There are two basic types of credit card user. A Full Payer, who pays every month, uses the card as a convenience, often earns airmiles or rewards or cashback, and rinses the full value out of the little piece of plastic.
Or an Extended Credit Taker, who can’t pay the full amount off in one go, and needs time to repay. With interest rates at around 18%, credit cards can be an expensive way of borrowing, but if you are clever you can use 0% balance transfer deals to make sure that most of your repayments are used to repay the borrowing rather than just pay the interest. Just remember to keep that balance transfer card solely for that purpose and not for further spending.
Always make sure you have at least two cards and that you review the interest rates payable regularly. Chances are that the cards in your wallet were obtained when your credit rating may not have been so good, and are therefore not the cheapest you are entitled to have.
If you know your credit rating, select it by hovering your mouse over the panel to the right and clicking on the appropriate rating. If you don’t know your credit rating, click the button to calculate it for free. This will match up your rating with lender appetite to give you the best chance of success with your application.