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Extreme Saving - Credit Cards What are credit cards? The idea of buying on credit has been around since trading began. It has now evolved into a multi-billion pound industry. The idea is simple - you buy goods with your card (American Express, VISA, Mastercard etc), the the card issuer(Egg, RBOS, NatWest etc) pays the seller. You then pay back pay the money you have spent on the card.. The card issues make money buy charging you interest and charging sellers for transactions.
Benefits Credit Cards can be used worldwide, in many places that your debit or bank card may not be accepted Credit cards allow you to spend money you don't have Credit cards can be a great backup incase you need extra money Credit card issues often provide added protection from online fraud - so are great for online shopping! Downside Of course, credit cards have their downsides. It is extremely easy to run up a large amount of credit and find youself in alot of dept. The interest can be high, meaning making the minimum payments often doesn't bring down the amount you owe! The availability of credic cards also means that it is very easy to get one or more credit cards, and often no consideration is given for whether or not you have the incomings to repay the cards!
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