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Shop around, credit card applicant told

Wed, 26 Mar 2008

Consumers looking for a new credit card should make sure they know exactly what they are getting themselves in to before they sign any paperwork, one expert has warned.

Chris Tapp, director of Credit Action, explained that people should ensure they are aware of the interest rate on the credit card and any other charges they might incur.

He said: "Make sure you understand the whole product and the principle when searching for credit cards is, wherever possible, make sure that what you are borrowing on the card you can afford to pay off the next month."

By doing so, people will make sure that they are not hit with late payment fees and, if they clear the whole bill each month, they will not pay any interest at all, he added.

Research by the Office of Fair Trading found that 70 per cent of credit card holders admitted that they did not shop around before taking out their current deal, something which could mean they are losing out financially.
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