Let's face it, many of us these days have
at least one credit card. There are many advantages to using a credit
card, compared say to a debit card, cheque or cash. Credit cards allow
us to purchase goods and services over internet, as well as over the telephone
or in person. Under Section 75 of the Consumer Credit Act 1974
(see below), paying by credit card affords you additional
protection, i.e.credit card providers are, by law, jointly
liable with suppliers if there is a problem with goods and services. This
credit card protection only applies to certain purchases (see below).
Some credit card providers also provider additional benefits,
such as purchase insurance and protection against credit card fraud.
Even if you do not intend to use a credit card to spread
the cost of a purchase (for example, if you wish to settle the balance
in full each month), it is still worthwhile having a credit card, as you
can still benefit from the above and most credit card providers offer
an interest free period (up to almost 2 months), whereny if you settle
your credit card balance in full each month, there will be no interest
to pay. If you intend to settle your credit credit balance each month,
look out for one with no Annual Fee and perhaps Cash Back offers.
The interest rate will be of little concern to you, since you will be
settling your balance monthly and therefore will not pay interest.
On the other hand, if you are transferring a credit card
balance from other credit card providers, look out for the Credit
Card Balance Transfer special offers - some of which offer a period
without interest.
Our table below provides a comparison of some of the more
popular online credit card providers.
Credit Card Providers - Comparison Table |
