Low Interest Rate Credit Cards
Credit card pros and cons
Most of us have a credit card, but are they really all they are cracked up to be? Here we take a look at the pros and cons of having a credit card…
The plus points
- Credit cards are very flexible – you can pay only the minimum amount outstanding or you can pay your balance off in full
- You get an interest-free period on purchases, which can be around 56 days’ if you time it right
- You have the freedom to buy remotely, such as online
- If you are looking for short term borrowing, credit cards can work out cheaper than a long term personal loan as you pay interest only on the remaining debt and not on the whole loan amount You will also have no early redemption penalties which you get when you pay a personal loan off early
- you get many additional benefits, such as free travel accident insurance, cash back, discounts etc
The negative points
- if you use your credit card to withdraw cash, it will be expensive as you are charged interest from the day you withdraw it
- it is easier to get into to debt as paying with plastic is not like paying ‘with real money’
- you may not be able to get the amount of credit that you want
- credit cards are more open to fraudulent use
| Credit Card Application : credit cards offer ... the best known reward schemes is the nectar points scheme ... rebate credit cards according to your personal choice of reward Credit Card With 0% Interest : air miles credit card ... also a branded nectar credit card (run by american express) which allows card holders to earn nectar ... was founded in ruthwell, dumfriesshire in 1810, by reverend henry duncan to help his poorest parishioners 0% Credit Card UK : credit cards with no balance transfer fee ... find nothing on the credit card application, ask a banking representative if there are any flat balance ... might consider joining a credit union, which is a non-profit institution |