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Loan Information - Credit Card Benefits


Credit Card Benefits and Checklist


Points to consider when applying for a Credit Card

There are two main reasons for wanting a Credit Card:

  • Ease of Spending
  • A way of Raising Money

There is a huge range of offers and differences between of the credit cards available.

They can be sorted into the following categories:

  • Range of credit available, like How much, balance transfer, cheque guarantees.
  • The variations in Interest rates.
  • A Credit Card is an easy way of obtaining and spending money with machines both home and abroad, and numerous shops and stores worldwide.
  • Insurances available to cover accidents when travelling, internet fraud, warranties on goods bought, personal liability.
  • Banking services including fee levels, free currency, payment protection.
  • Savings on telephone, energy, memberships, flights, days out, shopping points, flowers, purchases of all kinds.
  • Gifts when signing up to a new credit card or transfering from one credit card account to another.

Note: Credit cards are very convenient but it is important to keep track of spending so it does not go beyond your means.

What do you want from a Credit Card?.

  • How may days do you have before you have to pay your credit card statement?
    ( The best cards give you a maximum of 56 or even 59 days between buying something and having to pay for it.)
  • If you do not pay the full amount, what is the interest charged?
  • What, if any, is the introductory offer? This could be a reduced interest rate etc.
  • Do you get free purchase protection insurance, some credit card deals offer this.

Tip: Always keep an eye on the rates offered by other credit card companies and do not hesitate to change credit card deals if the offer made is to your financial advantage.

Tip: You pay a steeper interest for cash withdrawals on a credit card, check first to see if a short term overdraft facility would be a better choice

Tip: Using your credit card to make large purchase of ( £100 on one purchase) credit card companies are liable along with the seller of goods or services in case of breach of contract. This means if you do not get your goods you should be able to get your money back from your credit card company. This is their legal obligation under of section 75 of the Consumer Credit Act. But, please note, this protection does not extent to Debit Cards.

List of Major Credit Card Providers

OCIS provide general financial information, we urge you to consult an Independent Financial Adviser ( IFA )
before making any important decisions about your finances.