Reviewing The Credit Card Options Available For You

- by Isla Williams
Exploring The World Of Credit Cards – Chapter 15

Are you looking to take out a credit card and wondering which reward offers to choose from? Discover in this article from direct lender payday loans, which credit card options are availble for you.

credit card options

Credit card options

This article covers the various credit card options that are available for you to take out. The article goes into detail on how you can make the credit card work for you, and how you can use your credit card responsibly. It also talks about reward and cash back cards.

Basic information in our credit card guide

The chapters included in this ‘Exploring the world of credit cards’ guide cover as much as you need to know about acquiring, using and benefiting from a credit card account. You can read about the disadvantages as well the advantages and the dangers that lie in taking on too much credit.

Each chapter in this series focuses on different aspects of credit card options. You can learn all about the history of credit cards as well as other interesting information, help and advice. Every chapter has a story highlights at the top of the page. These can be used to decide if you want to delve further into any particular aspect of credit card accounts.

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What do the experts say?

Opinions about credit cards are as mixed amongst cardholders as they are amongst experts. And, there is no doubt, that when used incorrectly a credit card can do financial damage to an ordinary family or individual.

However, it is important to understand that a credit card is merely a financial tool. It is how it gets used will determine whether or not different credit card options will work well for you.

Look at the advice and information listed below. You will see how you can make use of a credit card account and make it work to your advantage.

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Using Credit Cards Responsibly

It is very important to know how to use a credit card responsibly, as it brings many benefits. However, if you are an impulsive person who is unable to control their spending, it would probably be wiser to keep to a debit card when making payments.

Having a credit card account demands a high degree of restraint. You need a prudent approach to spending and paying off bills.

Access to flexible spending and payments

When you pay by card, you are using funds provided by a bank or other financial institution. For this benefit, you can expect to pay interest and other fees or charges. That is unless you are vigilant about paying off the full amount of the bill by the due date each month.

The main factor here is that you must be sure that you can make the repayments on time. Paying only the minimum amount demanded by the card issuer can only result in high-interest charges. It would make this kind of borrowing an expensive habit.

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So, having access to flexible spending brings demands of considerate and cautious behaviour on the part of the account holder. Otherwise using a credit card can soon lead to unmanageable amounts of debt.

How can you make the credit card work for you?

Getting your first credit card is exciting. It is easy to go out on a spending spree. Just stop and ask yourself if you would spend all that money if it were in a savings account. The answer is probably No.

Thinking about credit as free money is the wrong approach if you want the card to work for you. Remember that you need to pay back money borrowed in this way. To ensure that you always pay the monthly amount, set up a Direct Debit from your bank account on a date that will ensure the money reaches the credit account on time.

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You can choose to pay the minimum by Direct Debit or arrange to clear the full sum each month. Do not pay off only the minimum amount due. If you cannot afford to pay off the whole amount, then pay off more than the minimum sum. This will clear the debt sooner, and you will pay a lot less in interest charges.

Rewards, Cashback and Zero interest cards

Lenders are anxious to attract new customers. They {offer rewards, cash back features Ch 7} or a card with a zero rate interest for a specified period of time. They design special offers to entice you from your present lender and to get new business which will increase their profits.

Credit card rewards can tempt you into buying more than you originally intended Click To Tweet

You can take advantage of these kinds of offers as long as you carefully weigh them up before jumping in and signing the contract.

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Cashback Credit Cards

Having a cashback card will only be useful if you pay off the full balance each month. Also, make sure the annual fee is not too high to outweigh the money you will be getting back. Frequent users of credit will gain more benefit from this kind of card. So, if you only use your card now and again this kind of card probably won’t provide much in the way of rewards.

Credit card options for reward points

Only take out a rewards type card if the points are going to be useful to you. Unless you are a very frequent traveller air miles and access to airport lounges are going to be of little use.

Again, look at the annual fee and the interest rate. Consider if the deal is good or bad for your own personal circumstances.

Zero percent credit card options and offers

Zero rate interest cards are only good for the introductory period. As soon as this ends, the rate will probably go much higher than other credit cards. So, it is better to use these kinds of cards as a stop gap to pay off accumulated debts but not for purchases.

It’s also important to be aware of any fee charged for transferring balances to a zero rated card. This is because it can be a percentage of the balance and could amount to several hundred pounds.

Using Credit Cards for Cash

Unless it is an emergency, you should not use credit cards for withdrawing cash. There are fees and transaction charges, and the interest starts adding up immediately. That is, as soon as the withdrawal is made.

Keep cash withdrawals at zero or as limited as possible otherwise the charges for borrowing will be sky high.

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Check Statements and Keep Within the Credit Limit

These two pieces of advice are essential. Make sure that there are no mistakes on the monthly statement and always stay within the credit limit. These actions can help to prevent fees unnecessarily adding to the account.

As long as you keep on top of what is happening on your account, you will be making the card work for you and not lining the pockets of the lender.

Keep the Card and PIN Safe

Keeping and using a credit card involves a high degree of responsibility so always keep the PIN separate from the card. Keep both safe and you can enjoy all the benefits of having a credit card account.

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The World of Credit Cards – Summary

The articles in this credit card guide have been written to enlighten readers who already have a credit card. It is also to help newcomers to find out about what credit card options are available, and to understand how the systems work. The guide can be read as a whole. Or you can dip into different chapters that cover matters of importance to your own situation.

  • Credit cards never have an actual expiration date. The account number stays the same, and this date is only used so that issuers know when the card is likely to wear out. It is also used by retailers when taking payment over the phone so that they can be sure the customer actually has hold of the card.
  • One of the founders of the credit card thought that it was a fad that would not last. He sold his shares in Diner’s Club, therfore he missed out on huge profits as the company became one of the biggest credit suppliers in the world.
  • Credit card companies spend around £62 in advertising costs for each new customer they attract. In return, each customer gives them about £93 back as a return on investment.

When reviewing credit card options make sure you pick out how to use your card sensibly and then it can be a useful tool for making payments. Especially since there has been a vast increase in commerce. Learning all you can about credit cards will help you to understand what works best in different types of circumstances. Hopefully, you will be able to get a grasp of what will work best for you.

Turning to Payday Loans Instead of Credit Cards

If you dont have a credit card as of yet, and you need cash now, you can always apply online for same day funding, payday loans. It’s a quick process to apply for UK loan online, and you can recieve the money immediately. You should only fall back on this though for one time uses, as taking out loans in the long run can be far more expensive than using yor credit card.

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About The Author
Isla Williams
A born writer, Isla had her first article published at age 9 in a local magazine. Isla's joy emerges when pen strikes paper, and she can tap into her creative self. "I love to share knowledge/information and help others to be in the know while being as friendly as I can.” Isla is an accountant by profession but has taken a break to do what she enjoys most - writing.
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