Selection for a Credit Card

There are hundreds of credit cards available, so shop around to get the best one which suits you.

Here’s a checklist of some things to look at when you choose a credit card:

Minimum payment due –

If you don’t pay off the balance each month, you will be asked to repay a minimum amount. This is typically around 5% of the card balance or minimum due whichever is higher.

Annual Membership fee –

Some cards charge a fee each year on the benefits provided on the card. The fee is added to the amount due and you will have to pay interest on the fee as well as on your spending, unless you pay it in full

Charges attached to your card–

Check in the credit agreement what other charges apply to the card. You will usually be charged for going over your credit limit, for using the card abroad and for late payments

Introductory offers–

You’ll often see an introductory rate for balance transfers or very first month on the activation of your card.

Rewards points-

The points add up depending on the amount you spend and you can then use them to buy goods.

Cash back–

Here 1 or 2% of your card money spent will be refunded to your card, depending on how much you spend. Check that you are likely to qualify for the cash back.