Moneynet.co.uk highlights importance of paying full balance on credit cards

www.moneynews.co.uk > Credit cards > Moneynet.co.uk highlights importance of paying full balance on credit cards

Moneynet.co.uk highlights importance of paying full balance on credit cards

Thu 13th May 2010

The rewards offered on credit cards may not be worth it if people are not paying off the full balance on their statement every month, a sector commentator has suggested.

Andrew Hagger, a spokesperson for Moneynet.co.uk, noted that some people may opt for some form of rewards card, but then not pay it off in full each month, which means they are paying interest and this cancels out a lot of the benefit.

"You need to make sure that you're definitely going to pay your card balance off every month to really benefit from these," he explained.

However, Mr Hagger pointed out that people who pay off their cards in full could ignore the interest rates on such products and simply choose a deal based on the rewards that they would be given for their loyalty.

Comparison website moneysupermarket.com recently revealed that 56 per cent of credit card users in Britain choose their credit card based on the rewards on offer.

Click here for more credit cards news

Related News : Credit cards
	Brits spent less in the run-up to Christmas 2011
	Credit card spending fell in 2011
	Credit cards 'can be a useful budgeting tool'
	Credit card usage 'to rise this month'
	New measures to help Brits with finances
	Credit card spending 'less prolific in the last 12 months'
	AA Launches new reward credit card
	Borrowings 'still need to be repaid' during a gap year
	Clear information in credit agreements called for
	Brits 'focusing on zero per cent cards'