Majority use credit cards to pay for petrol
18 November 2011 15:34:10
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| Credit cards are commonly used to buy petrol. |
Credit card use common at petrol pumps
A significant proportion of Britons now regularly use a credit card when purchasing fuel, according to a recent survey of Equifax customers. Researchers found that more than two-thirds pay for their petrol or diesel in this way, a situation that Neil Munroe, the credit expert's external affairs director, believes is linked to the rising cost of fuel. "It's not surprising that motorists opt to use their credit card when filling up," he observed. "Not many people will be carrying around at least £50 in cash."
But many pay extra by failing to clear balance
One worrying observation is that nearly a third of people who use a credit card to purchase their fuel do not clear their balance in full at the end of each month. This can have serious consequences for people's finances, as those who fail to compare credit cards regularly may pay high rates of interest.
Mr Munroe explained: "What this means is that they're paying a lot more for their fuel than just the £1.36 or so per litre, and more for diesel. Indeed, with one in five saying they believe it will take them more than a year to pay off their credit card debt in full, the interest accrued will be quite considerable."
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