Having a credit card can be a great way to help manage your finances, so long as consumers use the credit card in the correct way. Credit card holders can take advantage of using their card to help protect them when making purchases and budgeting. So long as they have enough money in their bank account to pay off their monthly credit card balance every month, they can help budget your money.It also gives protection to purchasers when using their credit card under the Consumer Credit Act which can be a great advantage.So long as consumers don’t use their credit cards as a source for money if they do not have the money in their bank account to pay off their monthly balance, they can be a great way to manage your money. But if you are not able to pay off your balance every month you could run into debt problems, and you don’t want that. Make sure you can pay off your monthly credit card bill every month. See our credit cards comparison table for the latest offers. Plus, reading our guides and tips pages can offer consumers more detailed information and money saving hints.
Sainsburys Bank believes that credit card users are not claiming the rewards being earned through loyalty point schemes, ultimately costing themselves money.
Looking at the last year the Sainsburys Bank study found that, of over 8 million earned rewards on their credit cards. However only 3 million people claimed their rewards. The biggest reason cited for not claiming was that the value of the reward was too small, this being the reason for over 40 percent. Over a quarter of people felt the process to get the rewards took too long and just under a quarter said it was too difficult.
A Sainsburys Bank spokesman suggested that credit card companies should look addressing these issues since both card provider and consumer would both benefit.
The credit card market seems to be hotting up as companies aim to offer the best deals in order to win customers. The latest Capital One credit card is one such deal and is expected to be very popular.
As credit has become harder to source the natural outcome of this is less customers to go around the different credit card companies. Capital One and the many others out there are all looking to gain the customers that are left and so have to entice them with attractive deals. Consumers looking for a new credit card have never had it so good.
The Capital One offer includes zero percent on both balance transfers and purchases, meaning that consumers using the card do not have to worry about the interest payments for some time, a situation that, with the financial pressures hitting them right now, is a good position to be in.
