More Things You Need to Know About UK Credit Cards!

If you’ve already had several UK credit cards over the years, you might feel pretty well versed in them. But things are always changing, so it never hurts to brush up on the basics. On the other hand, if you’re just trying to get your credit life off the ground as a UK resident, then this guide may have much more meaning for you. The truth is that you will have to really amok sure that you have things taken care of in the grand scheme of life. This means that you nee dot enter the world of credit with an open mind, and make sure that you have enough information at all times. Just signing your name at the dotted lien and using a credit card can get you in a lot of trouble.

The first thing that you need to think about is the overall interest rate that you’re going to be paying. Keep in mind that many credit cards have multiple interest rates depending on what the money is derived from. There is an interest rate for balance transfers, one for new purchases, and one for cash advances. Knowing which interest rate applies to what is very important. Another thing that you will need to address is what amount of your payment goes to what “pool” of borrowed funds first. You might use a cash advance and then purchase new things, not realizing that you will have to make sure that you focus on the highest interest balance first. Every credit card is going to address this in a different fashion, so don’t feel like one size fits all here. That’s why it’s so critical that you look at the terms and conditions before you eve use the card.

Your due date also matters. There should be a grace period involved where if you pay before a certain time, there is no interest applied to the account. This is something that a lot of people don’t think about, but it’s a good way to make sure that all of your credit cards are truly interest free cards. But a lot of people don’t have the discipline to do this — will you be different? There’s only one way to find out, of course.

Think carefully about what type of credit card you get. Rewards credit cards are nice, but they have separate terms and conditions that may be in a different brochure. Be sure that you read all of the terms including the rewards boundaries. You may not be spending enough on your credit cards to really rack up any real rewards — but the promise of reward is often what gets people to sign up in the first place!

These are just a few things to think about when you start thinking about UK credit cards! Good luck finding your first one!

Developing Good Habits With UK Credit Cards

If you are thinking about any of the many UK credit cards available, you definitely have plenty of things to ponder. Indeed, credit is really what you make it. We often say that a lot around here, but it’s definitely true. No matter who you are, you can probably get something out of the credit card experience. However, you just have to be careful about what you’re trying to get. It’s tempting to think that all you really have to do is dive into credit and not think about what happens but is that really the case? Not at all. You will definitely want to make sure that you think about all of your options when it comes to credit, just so that you’re not left behind when the dust clears and the smoke settles. That’s just the best way to go if you ask us.

Now, credit is something you can plan for. If you don’t have any credit yet, you might want to focus on a student credit card in the UK. Those are usually the easiest to get for young people because you aren’t expected to have credit. Of course, if you really can go out of your way to get a little more money in, you will be ahead of the competition. You will be in a position where you really can get a lot done, but it’s going to be up to you to make sure that you do anything with it.

We like to use credit for emergencies and purchases where it makes sense to finance them over time. Getting new appliances for your flat is a good thing. However, you will still want to make sure that you watch your payments. If you fall behind, you’re only going to pay more in interest and have to pay fees. That’s not a good thing at all. It’s wiser to really make sure that you have your ducks in a row, so to speak in all that you do with credit.

You might not qualify for the best interest rates. You’re going to have to prove yourself at every turn, and that can be hard to deal with. It can be hard to step back and know that yes, you will need to ensure that you’re not causing yourself bigger problems in the long run.

Now is definitely the time to start comparison shopping around for a good credit card. As long as you are committed to being sensible, we don’t see what the problem would honestly be!