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Loan Information - What is a Credit Card

 

Credit Cards

 

What is a Credit Card?


Credit Cards are issued by financial institutions such as banks and building societies as well as other organisations such as consumer groups, supermarkets and charities. Specialist companies such as Mastercard and Visa use their systems of complicated networks tof making sure credit card payments are processed accordingly

When you have a credit card, each month you recieve a statement of transactions made using your card. Here are some important notes remember:

  • There is no interest charge ususally if you pay off the full sum on the statement before the due date.
  • There is a minimum amount you are obliged to pay.
  • The amount you do not pay, you will be charge interest.
  • There is also a payment charge for late payments.


Gold and Platinum credit cards

Gold and Platinum credit cards, once a status symbol of the1980's, no longer have that 'air of importance' they once did. They usually come with a larger annual fee in return they carry extra benefits like preferential borrowing. If you are a frequent traveller, The most important perk is usually free annual travel insurance, which can make the deal worthwhile. You also need a minimum income requirement to aquire a Gold Credit Card.

Tip: To make full use of your Credit Card, make full use of the payment time and, if possible pay off the full amount on your monthly Credit Card statement, this can usually be done by Direct Debit.

Tip: Make sure you read Points to consider when applying for a Credit Card before you make your choice.

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.

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