Credit Cards can be a really useful tool to have if used correctly. However, they can be overly complex which explains why some people either stay clear of them or rack up large amounts of debt. In this video, I break down everything you need to know when it comes to credit cards.
Chapter Information (Credit Cards Explained):
0:00 Introduction
0:45 What is a Credit Card?
1:10 Credit Card Benefits
5:44 Credit Card Types
9:12 How to find a Credit Card?
10:27 How to be eligible?
11:18 Do's & Don'ts
Credit Card Benefits:
+ Free Protection on purchases from £100 - £30,0000
+ Buy now and Pay later (flexibility on purchases)
+ One month of Interest free borrowing.
+ Credit Cards can have Rewards/Freebies
+ Improve your Credit Score (helpful for those with poor or limited credit history)
Please ensure that you stay within your means when it comes from borrowing money from the bank! Interest rate charges on Credit Cards are ridiculously high (UK average APR rate = 20%, APR = Annual Percentage Rate).
There are different types of Credit Cards available, I break down the most common ones, covering what they are and their Pros and Cons:
+ Rewards Credit Card
+ Credit Building Credit Card
+ Balance Transfer Credit Card
+ Purchase Credit Card
▶Experian - Credit Score Checker: www.experian.co.uk
▶Credit Card Comparison Website:
- Money Supermarket: www.moneysupermarket.com/cred...
- Which?:www.which.co.uk/money/credit-...
▶Money Saving Expert - Best Credit Card Blogs:
- Rewards Credit Card: www.moneysavingexpert.com/cre...
- Credit Building Credit Card: www.moneysavingexpert.com/cre...
- Balance Transfer Credit Card: www.moneysavingexpert.com/cre...
- Purchase Credit Card: www.moneysavingexpert.com/cre...
▶Credit Card Eligibility Calculator Tools:
- Money Saving Expert: www.moneysavingexpert.com/eli...
- Compare the Market: www.comparethemarket.com/cred...
▶Money Advice Services - Example: www.moneyadviceservice.org.uk...
DISCLAIMER - Any advice or (statements perceived to be advice) given in this video and any other videos on my channel are for information purposes only, and does not act as financial advice. Your are fully responsible for your financial decisions. If you are in need of Financial Advice, please seek out a professional advisor. If your are unsure on how to do this, feel free to reach out to me and I am more than happy to guide you.
#CreditCards #CreditScore