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16 July 2019
6 min read
Although a credit card looks like a debit card, it is very different. Rather than using it to access your own money, a credit card allows you to borrow money from a bank or financial institution. You can then use the credit on a credit card to make purchases, cash withdrawals or balance transfers. . By having a credit card you agree to pay any funds you spend back, usually with interest.
The amount of credit you’re given all depends on the type of card you’re applying for, and your circumstances. When you use a credit card to make payments, you will accrue interest on the money you borrow. Depending on the credit card and type of transactions you make, you may not pay any interest if you pay off the full amount you borrow each month.
Each month you will be provided with a statement (normally every 30 days), showing the transactions you’ve made and the money you’ve borrowed to date. It will also outline the minimum repayment you’ll need to make against what you’ve borrowed, and the amount of interest that has been applied that month.. You can either make the minimum repayment towards your balance, repay the full balance or pay any amount in between. It will take you longer and cost you more to clear your balance if you only make the minimum payment each month. You can also set up a direct debit to make sure you don’t miss a payment.
Repaying your balance in full each month is the ideal way to manage your credit card.
When applying for a credit card, make sure you check your eligibility for the credit card you want. While credit card provider’s eligibility criteria may vary, they often look at your age, earnings, income, financial history, credit score, and other regular repayments you may be making to decide whether you qualify for their credit card. As well as your eligibility, these factors will also determine the amount of credit you’re able to borrow and the rate of interest you’re offered on the card you are applying for.
It’s important to remember that every time you apply for a credit card, it will show a search has been undertaken on your credit report. The providers perform a credit check to assess your credit history to decide whether they’ll accept your application. If you make several applications within a short time, this may temporarily affect your ability to get credit.
When applying for a credit card, you are agreeing to pay back any money that you borrow from a bank or financial institution. It’s important that you only borrow what you can afford, and that you’re fully aware of any associated costs of borrowing that money.
If you’re considering making a credit card application, take a look below at some of the benefits you can expect from using a credit card, as well as the watch outs.
If you’re thinking of getting your first credit card, take a look at our current range of credit card products. Here at The Co-operative Bank, we pride ourselves in being driven by something different than our competitors. We take an ethical approach to banking, founded in a customer-led Ethical Policy that has been over 25 years in the making, shaped by over 320,000 customer responses.
Applications are subject to status and terms and conditions apply. The Co-operative Bank reserves the right to decline or accept any application.
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