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Credit Card article of the month

Minimum Repayments - When it comes to wise credit card management, avoiding minimum repayments must stay at the top of your priority list, and there is a reason why should consider this approach to your personal finances.

Credit Card Basics

To a newbie into the credit card world, selecting a credit card is easy. We all get loads of flyers and junk mail about them. But its selecting the best credit card for you that is hard. Not all credit cards are made equal! Especially for your needs.

If you want to be very wise with your credit cards you will make sure that you have more than one. Yes, that is right. For some purposes you will want to use a certain card, other purposes another! Makes sense. But when do you select what one? And to begin with, what should you sign up with?

Ok, lets find out what types of credit card would be best for you

Balance Transfer Card

visa card

this is good if you already have debts on your current cards. By moving your debt to a new card that has a low rate can often save you a lot of money. Make sure you have another card (read on) to do your normal spending with though

Cashback or reward credit card

visa card

this is one of (out of many, actually) the biggest advantages to using credit cards rather than money. If you pay your credit card off every month, this is perfect for you - you get the added security and protection of a credit card, and you gain rewards for using it! Just make sure that you always pay it off, or you will end up with charges or high interest to pay back... If you don't pay off the bill every month, this may not be the one for you though.

Purchases Card

visa card

Find a card that offers a 0% introductory rate for all purchases. This is good for those who don't pay off their bill in full each month but also don't mind changing credit cards every few months (often every 6 months)

There are a few other types, but we're trying to keep this all simple. If we confuse you, you will end up not understanding (not that we're saying you're thick - the credit card world is very complicated) and getting a bad deal!

Further reading:
http://www.moneysavingexper...3859,




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All tips are followed at your own risk and should be followed up with your own research. Nothing on this site constitutes as financial advice.