Thursday 20th March 2008
It may be tempting when arranging a new credit card to skip the terms and conditions and head straight to the shops.
But financial advice service Credit Action warns against such impulsive behaviour, urging Britons to check the details of any new credit product before they sign on the dotted line.
Director of the organisation Chris Tapp says: "The big thing to look for is to make sure you understand whatever kind of product you are getting.
"So before you sign up for anything make sure you understand what the different charges will be."
Within the terms and conditions, he suggests that the most crucial statistic is the headline interest rate.
However, the length of time a balance may remain on the credit card without incurring any interest could also be important.
Mr Tapp notes that it is useful for Britons to ensure they pay off their card balance in full every month in order to keep their finances in check.
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