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? Continue reading →
Ever wondered what some of the key credit card terms really mean? Here are our top ten.
APR - The annual percentage rate is the price you pay each year for money you’ve borrowed, including interest and fees. The representative APR is an advertised rate that a minimum percentage of customers will pay, usually 51% of those accepted. If you’re not given the advertised rate, you’ll get a personal APR.
Balance Transfer – This is when you choose to move credit card debt you already have to a lower or 0% interest credit card balance, usually for a transfer fee. With a 0% balance transfer deal you can potentially give yourself longer to pay off an existing credit card debt, without having to pay interest. This is as long as you make the minimum monthly payment and stick to any other Ts and Cs. More about balance transfer cards here
What’s your Experian Credit Score? We wanted to see if there were any significant differences in the average Experian Credit Score in different UK cities – from a variety of locations.
The Experian Credit Score runs from 0-999, and usually a higher score means you’re seen as lower risk, which means you could be more likely to get a credit card, a loan or a mortgage, and at better rates too.
You may have seen some of our posters beside major roads, or if you’re in London, on tube platforms. If you have, I hope you saw your local area listed!
We looked at the average Experian Credit Score in ten of the largest local authority areas outside of London, based on Experian customers who joined between January and September 2016. Continue reading →
Most of us spend more in the immediate approach to and during the festive period than we normally would, so it’s probably a good idea to budget in advance and put some money aside – so that come mid-December, you don’t have to dig too much into money you either don’t have, or money you’re going to need in January.
Here are five things that might be worth thinking about:
Christmas is a prime time for buying things that are either unwanted, don’t work properly or don’t fit. But… buying on credit can give you protection. If you buy goods or services on your credit card, you have extra protection if things go wrong, compared with paying by cash or even debit card, under section 75 of the Consumer Credit Act. Continue reading →
The higher your score, the greater the chance you have of getting the best credit deals
To get your Experian Credit Score FREE forever, sign up to CreditMatcher, a free independent service that helps you compare credit deals you’re more likely to get, based on your credit information. We are a credit broker not a lender, working with selected lenders.†*
That’s right – the Experian Credit Score, which shows you how lenders may view you, and can be a useful thing to know when you are thinking of applying for credit.
To get your Experian Credit Score FREE forever, sign up to our new CreditMatcher, a free independent service that helps you compare credit deals you’re more likely to get, based on your credit information. We are a credit broker not a lender, working with selected lenders†.