Credit Cards

Credit cards can be a fantastic tool for money handling and budgeting if used correctly, but always seek advice first before applying for one.

• Check the basics of your card: annual percentage rate (APR), different types and amounts of charges, if there is a membership fee, the billing date, and its format and for rewards/freebies.
• Check and compare other cards if you are thinking of applying for one.
• Charges and policies can change so always make sure to read the letters that are sent by your lender.
• Always check your statement: to see whether the purchases are all genuine, what charges have been applied, if the correct amount of charge has been debited, due date and amount etc.
• Under the Consumer Credit Act, a purchase with your credit card which is over £100 is protected. A refund can be made only if the goods are incorrect (misrepresentation) or damaged. There is also an extra protection for fraudulent transactions.
• Cancel unused credit cards because they affect your credit rating. It can limit the amount that you can borrow.
• Pay the amount that is due in full and on time. You can pay the minimum amount but be aware it may take you longer to pay off the balance.
• Your balance increases if you pay just the minimum amount because interest calculated from the balance owing gets added.
• Cash withdrawals, overseas spend and purchases can be expensive. 

Contact our Money Advice Officer today on 0141 550 5646 / darren.foy@westscot.co.uk