UK Credit Cards - Credit Card Facts
General Credit Card important information
These pages and the credit cards offered on this site are for
people who are a resident and
ordinarily reside in the UK. The
information set out in these pages should not be regarded as an
offer or invitation to sell financial products outside the UK.
Identity theft has been a
rising problem in the UK, as well as the US. It became even more
of a problem when the internet was developed. A criminal seeking
to better themselves by "hitchhiking" on others credit may be,
become, or has been a problem for you and/or friends of yours.
UK Credit Cards recommends that you keep a watchful eye on your
credit to prevent such a crime from escalating into a larger
problem.
FEES TO BE PAID
Under any circumstances, the following are charged by most
credit card companies:
Annual fee Paid for being a user of the card
Cash advance fee. Paid when the card is utilized for making a
cash advance; usually a flat fee or a percentage of the amount
advanced
Balance-transfer fee. Paid when a balance from another credit
card is transferred to the other card. Checks are usually sent
to pay-off the card. Balance transfer happens when the check is
used to settle the amount due on the other card.
Late-payment fee. Paid if payment was done after the date due
Over-the-credit-limit fee. Paid for payments exceeding the
credit limit
Credit-limit-increase fee. Paid for a credit limit increase
request
Set-up fee. Paid for opening a new credit card account
Return-item fee. Paid for returned checks when bill payments by
check was done for insufficiency of funds (meaning, the check
bounced)
Other fees. Payments made for over the phone settlements, cost
coverage for credit bureau reporting, account review, provision
of other customer services. Other fees and charges are
information which may be found on the credit card agreement.
CREDIT LIMIT
The credit limit is the maximum cost - for making purchases,
cash advances, transferring balance, finance charges- which may
be charged on the credit card. An over-the-credit-limit fee will
be paid for exceeding the credit limit.
FEATURES AND INCENTIVES
Incentives and special features are offered by many credit card
companies for using the card :
Rebates money discounted on purchases
Regular flier miles or minutes for telephone-conversations
Additional warranty coverage for purchased items
Insurance for car rental
Insurance for accidents incurred while in travel
Credit card registration, in case wallet is lost or stolen and a
report of missing credit cards had been made
For a certain amount, credit cards may also offer,
Insurance coverage on credit card balance payments for card
holders who become jobless or disabled or suddenly dies.
Premiums are usually paid monthly, allowing payment cancellation
if payments are more than what the desired payment amount is or
if the insurance is no longer needed.
Insurance coverage for the first $50 of charges in case card is
lost or stolen. Charges over $50 are protected under federal
law.
Prior to availing of these special features, carefully decide
whether these features are useful. Never pay for a feature which
is not needed or is not useful.
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