Credit Cards

What is a UK credit card?
A UK credit card is a flexible way to borrow. You can use the UK credit card to pay for goods and services (and draw cash from cash machines, though this is expensive and not recommended).

Each time you use the UK credit card, the amount spent is added to your account. The balance on the account is the amount you have borrowed. The UK credit card issuer sets you an upper credit limit (usually at least £500) and, provided you don't exceed that limit, it's up to you how much you borrow, when and for how long.

UK credit cards are issued by banks, though often they are branded with another organisation's name. Most UK credit cards are in either the Visa or Mastercard network (these organisations sort out which outlets accept their UK credit cards and settle all the transactions).

How does a UK credit card work?
The physical process of using a UK credit card to buy something or draw out cash from a machine is the same for debit cards. However, there the similarity ends.

With a UK credit card, you get a statement each month listing every transaction you've made and showing the balance of your account. You are required to pay off at least a minimum sum each month. The amount varies, but is typically 3 per cent of the UK credit card account balance or £5, whichever is higher. You can choose to pay off more.

Unless you pay off the whole of the outstanding UK credit card balance, you are charged interest on the items shown on the UK credit card statement including any balance carried over from the previous month. The interest is added to the following month's statement.

If you pay off the balance of the UK credit card in full, usually no interest is added to your account the following month, so you have an interest-free loan from the time you make each purchase up to the date you pay off your UK credit card bill in full. However, there will usually still be some interest to pay if you have used your UK credit card to draw out cash.

In addition to charging you interest on the UK credit card, card issuers make money by charging retailers a fee each time they accept payment by UK credit card. Small retailers sometimes pass on this fee by charging you more if you pay by UK credit card rather than cash. Larger retailers usually charge the same price however you choose to pay.

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