Saturday May 30, 2020

Catch of the Plastic Money, learn your options

Catch of the Plastic Money, learn your options

Catch of the Plastic Money, learn your options, get wiser

Behind every credit card there is a bank which issues that card with an aim to earn interest on borrowing money. These banks play smart and keep creating different offers to attract customers, they have resources to find out who may be a potential client for them to have a credit card and then send pre-approved card applications to potential customers.  Many university students do get such offers in their final year from banks to have a credit card; they normally call it Student Credit Card with small credit limit to start with. It helps them to build their credit history and also help them in their practical life to cope with financial difficulties if they have one.

Credit cards are often referred as Plastic Money but they do make your life easier and give peace of mind for not carrying cash in your pocket all the time.  A credit card with low interest rate and little credit limit is called Low Credit Line Credit Card with is desirous by many who love carrying plastic money. Normally, banks don’t charge any annual fee for the first time and the following years require a fee from the customer.

It is wish to have a debit card, it works just like a credit card but unlike credit cards the payment is instantly deduced from your bank account. You are not borrowing from bank, you are using your own money in the bank but don’t have to carry cash in your pocket.  The credit card purchase allows you to pay after 30 days or you may take longer as long as you are paying the interest on borrowing. Credit card builds your credit history but debit card does not.

Now-a-days many banks in UK are offering credit card deals which attract people when they advertise Zero APR on Balance Transfer for 12 Months. It means, if you transfer money from any other credit card, you would save the interest you are currently paying on the past purchases. Its good idea but be careful on the other hand they are charging higher APR on new purchases.


Filed in: Credit Cards