If you only use your credit card occasionally, or use it for purchases such as online shopping then you probably also pay off the balance every month. It’s a good idea to set up a regular monthly payment to pay at least the minimum amount off every month. Advice about credit cards does differ, but as long as you don’t run up a huge debt that your monthly income won’t let you pay off easily then they can be a very useful financial tool. You just need to stick to some basics rules.
Make Credit Cards Work for You.
Before you decide on which company to apply to in order to have a credit card in your possession check the small print to see whether certain details are automatically included. Setting up a direct debit to pay off the minimum amount of your balance every month may not be the wisest move. Interest will still be added to the total amount of money that you own on your debt. It’s a much better strategy to set up a direct debit for twice or three times the amount every month unless you can pay a chunk off manually instead of hitting the shops one month. This way, your debt will be cleared much more quickly leaving you free to book that next holiday in the sun.
Credit Card Payment Protection Insurance
Don’t be fooled into taking out unnecessary payment protection insurance (or PPI) for your credit card unless you really need it. Check your home insurance for details of any extra cover you may have that also includes payment protection for your credit cards too as many standard bank accounts do offer this. All you normally have to do is register your credit card with the main account and it’s covered for payments and even theft and identity theft too. But check the small print to make sure that if, in the event of you making a claim there are no pre-existing conditions written into the contract or agreement.
PPI Return - The Specialists in Compensation Claims
If you think your mortgage was mis-sold to you call PPI Return on 0800 877 8888 now to talk to our mortgage specialists. We work on a No Win, No Fee basis so you have nothing to lose by calling us today. If you’re unsure whether you’re entitled to compensation take our 60 second test online.