Guide to Credit Cards

Written by Emma Skinner

According to the Association of Payment Clearing Services (APACS) there are more credit cards in the UK than people. At the end of 2007 there were 73.2 million credit and charge cards in circulation in the UK compared with approximately 60 million people.

Additionally, recent news has revealed that 70% of people with credit cards did not shop around before they chose their plastic. Plus, the Office of Fair Trading wants the process of choosing credit cards to be made easier on the consumer.

Here at compareandsave.com, we feel that giving the consumer all the information they need to make a choice is paramount, especially when it comes to their finances.

This is why we have written this Guide to Credit Cards – so that our readers have all the essential credit card information in one place.

Contents

o Introduction to credit card guide
o How to use this guide

• 1 Introduction to credit cards

1.1 What is a credit card?
1.2 The first credit cards
1.3 Benefits of credit cards
1.4 Who regulates credit cards?
1.5 Minimum age and wage for credit cards

• 2 How do credit cards work?

2.1 Credit card providers
2.2 Your credit card account
2.3 Introduction to interest and fees for credit cards
2.4 How your credit rating affects your credit card 
2.5 Credit reference agencies
2.6 Credit card limits
2.7 How credit cards work when making purchases
2.8 Information on credit cards
; 2.9 Payment processors MasterCard, Visa and AMEX
2.10 ATMs and cash withdrawals with credit cards
2.11 Store cards

• 3 Types of credit card

3.1 What are 0% Balance Transfer Credit Cards?
3.2 What are 0 per cent Purchase Credit Cards?
3.3 What are Cash Back and Reward Credit Cards?
3.4 What are Gold and Platinum Credit Cards?
3.5 What are Student and Graduate Credit Cards?
3.6 What are Charity Credit Cards?
3.7 What are Football Credit Cards?
3.8 What are Business Credit Cards?
3.9 What are Credit Cards for Bad Credit?
3.10 What are Instant Decision Credit Cards?

• 4 Applying for a credit card

4.1 What does a credit card application look like?
4.2 Filling in a credit card application form
4.3 When you will get your credit card
4.4 Changing your mind about your credit card

• 5 APR and credit cards

5.1 What is APR?
5.2 Things to ask a lender offering a low APR
5.3 How credit card interest is calculated
5.4 APR on credit card cash withdrawals
5.5 How to lower your credit card APR

• 6 Using your credit card

6.1 Activating your credit card
6.2 When you can use your credit card
6.3 Where you can use your credit card
6.4 Using your credit card abroad 
6.5 Choosing which credit card to use
6.6 Personal Identification Number (PIN)
6.7 How to withdraw cash using your credit card
6.8 Credit card cheques
6.9 Keeping track of your credit card account
6.10 Fees for going over your credit card limit
6.11 Stoozing

• 7 Credit card security 

7.1 Online fraud protection for credit cards
7.2 How to check a webpage is secure
7.3 Section 75 Consumer Credit Act 1974
7.4 Chip and PIN for your credit card
7.5 Signing your credit card
7.6 Keeping your credit card safe
7.7 Keeping your credit card account information safe
7.8 Reporting your credit card lost or stolen
7.9 Payment Protection Insurance (PPI)
7.10 MasterCard Secure Code and Verified by Visa

• 8 Understanding your credit card bill

8.1 What does a credit card bill look like?
8.2 56 days interest free credit on credit card balances
; 8.3 Minimum repayments on credit card bills
8.4 Estimated interest on credit card bills 
8.5 Penalty fees and credit cards
8.6 Available credit on your credit card
8.7 How your payments go towards your credit card balance

• 9 Paying your credit card bill

9.1 Choosing how much of your credit card balance to pay off
9.2 Paying your credit card bill by Direct Debit
9.3 Paying your credit card bill by post
9.4 Paying your credit card bill at your bank
9.5 Paying your credit card bill by phone
9.6 Paying your credit card bill online
9.7 Late payment fees for credit cards
 

• 10 How to compare credit cards

10.1 Benefits of comparing credit cards
10.2 Comparing credit cards
10.3 Using and making credit card reviews

• 11 How to switch credit cards

11.1 Reasons to switch credit cards
11.2 Reasons to not switch credit cards
11.3 How to balance transfer to a credit card
11.4 Cancelling a credit card
11.5 How to cancel a credit card step-by-step

• 12 Helpful links for further credit card information

How to use the Guide to Credit Cards

The compareandsave.com Guide to Credit Cards has been designed so that you can find out more or less anything you would need to know about credit cards for personal use.

You could read through the whole guide and come out at the end of it knowing how to manage your credit card account, how to find the best credit card deals and how to keep your credit card information safe.

Or, if you have a specific query you could easily find the relevant short section in our comprehensive contents table and read it to get all the information you desire.

Either way, we hope you find this guide useful and come back to it in the future if you need further help.

Finally, we hope this guide helps you to make the most of your credit card(s) because, if used properly, they can be a very useful tool for your personal finances.

Product Offers
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.

Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.