Credit Cards

Credit cards perhaps the symbol of consumer freedom allow you to spend whenever you want regardless of whats in your bank account. Credit cards are issued by all the major banks and many other companies including newspapers charities and clubs. They provide flexibility and convenience especially when you are away from home.

Some credit card issuers will charge you an annual fee. This can range from £10 a year for a Scottish Widows Hi Value MasterCard to £275 for a Morgan Stanley i24 MasterCard. However most credit cards dont levy an annual fee - even Gold and Platinum cards - should you qualify.

Credit card issuers tend to belong to at least one major creditcard network such as Visa or MasterCard.

The good things about credit cards is the convenience and flexibility they offer - and in most cases you can enjoy a credit-free period typically up to 56 days. But if youre looking to borrow money they are among the most expensive options available with annual percentage rates of interest APRs and bear little relation to the Bank of England base rate.

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2009-02-17 00:00:00 © Moneyextra.com