Credit card users told to ‘be savvy’

According to moneyfacts.co.uk, users who repay their credit card debt can gain some benefits, yet others are paying interest.

“As the problem of indebtedness in the UK worsens, every day we either see advertisements in the press for the ‘best deals’, or have our doormats littered with ‘tempting deals’, with every company seeming to boast that it has the best credit card, loan rate or debt management solution,” said Andy Britchford, personal finance analyst at Moneyfacts.

“But not everyone uses a credit card in the same way.”

He urges people to repay their credit card debt each month in order to gain benefits that lenders offer, such as points or even cashback.

For those who pay interest on their credit card borrowing each month, advice on becoming debt free could help allow this borrowing to be repaid.