In January we asked our Twitter audience how often they use your credit card, and over 3500 of you replied.*
Over half of those who responded (53%) said they use their credit card at least once a week – with over one in four (27%) saying they use it every day. Just over one in five (21%) said they use it monthly, while just over one in four said ‘other’.
We also asked How much of your credit card balance do you pay off every month?**
41% said they pay off the full balance of the card , while 18% told us they make sure they pay the minimum payment. A further 29% said they pay only what they can afford.
Finally, we asked What’s your priority when deciding to switch or compare cards***.
43% told us that reducing the interest they pay was the biggest priority, while 32% said that it depended on which rewards and benefits were available.
A wide range of responses such as this could mean that different credit cards may suit different people. Think about what you actually want a credit card for. Is it for doing the weekly shop? Making a large purchase? Or paying off a current debt at a better rate?
Of course there are many options out there on the market, with different interest rates, APR and other features. So making sure you choose one a) that suits your needs and b) that you’re more likely to be accepted for can really do you the power of good.
Standard credit cards have an APR, a specified credit limit based on your application, and usually have an interest-free period of up to 56 days from purchase, and a minimum payment due on a particular day of the month. But not everyone can get – or wants to get – the same type of card. Compare credit cards here
We are a credit broker not a lender, working with selected lenders. †
Cashback credit cards – could enable you to earn money or get air miles, vouchers and so on while you spend money on the card. Compare cashback cards
0% purchase credit cards – could help spread costs for things you buy by not having to pay interest on the qualifying balance while the promotional rate lasts. Compare 0% purchase cards
Credit builder credit cards – credit building cards for lower scores that probably have higher interest rates and lower credit limits. Compare credit builder cards
Balance Transfer credit card – moving credit card debt to a 0% interest credit card balance, usually for a transfer fee. Compare balance transfer cards
Credit card tips
Paying cards off in full every month means you won’t have to pay interest – if you don’t, then interest may be charged, depending on what card and what deal you’ve got. Making at least the minimum repayment is important, as missing one can negatively affect your credit score.
Remember though that if you are accepted, the interest rate or promotional deal you get from lenders may be different to the one advertised.
†Experian acts as a credit broker and not a lender in the provision of its credit cards and personal, car finance and guarantor loans matching services, meaning it will show you products offered by lenders and other brokers.
Experian acts independently and although CreditMatcher shows products for a range of lenders and other brokers it does not cover the whole of the market, meaning other products may be available to you. CreditMatcher services are provided free however we will receive commission payments from lenders or brokers we introduce you to.
>CreditMatcher is provided by Experian Ltd (Registered number 653331). Experian Ltd is authorised and regulated by the Financial Conduct Authority (firm reference number 009743). Experian Ltd is registered in England and Wales with registered office at The Sir John Peace Building, Experian Way, NG2 Business Park, Nottingham, NG80 1ZZ.
*Twitter poll, 3585 respondents, Jan 2017
** Twitter poll, 2695 respondents, Jan 2017
*** Twitter poll, 1627 respondents, Jan 2017
Copyright © 2017, Experian Ltd. All rights reserved.