1. Make sure that you make the most of the 0% interest offering provided by you lender
The norm is somewhere between six months to a year. Many people take out a card, wait until this period has expired then transfer to another company.
This is fine in theory, but continuous swapping of cards in this way can damage your credit rating, so try to limit your manoeuvring as much as possible and stay with the card for at least a period equal to the interest-free offer AND pay off above the minimum payment every month before you change; this will bolster your credit rating.
2. Take advantage of cash-back offers on your credit cards
This is an easy way to pay for items on sale in shops without online services. As there is typically a limit to how much cash you can draw from and ATM, cash-back can provide you with a more convenient means to access your credit. It is also worth comparing the cost of cash-back vs cash-point usage as the former may be surprisingly cheaper.
3. Understand your rights within any credit contract
It is a little known fact that all credit cards come with consumer protection. Referred to as ?Section 75' of the credit card agreement, this covers you in the event of a range of problems with your purchase, under the provision that the item has been purchased, at least in part using the card.
Section 75 is generally applied to goods over the value of ?100 and over, which means that buying tickets for your holiday with your card (even for part of the cost) is a great move!
4. Use loyalty points to your advantage
Look around to see what offers are attached to each card and think about how you spend your money: which purchases do you make the most often? Which retailers is your card affiliated to? Check before signing up and get bonuses from your purchases.
5. Take not of any 0% for new purchases offers your card has to offer and exploit these as often as possible
Check first to see if the offer has a time limit and note the expiration date - if you can save the equivalent value of the item in the time given, then your using your credit card wisely.
6. Only sign up for a credit card that does not charge an annual fee.
Many credit providers charge you a fee each year to use their cards, these are usually hidden in the small print, but since so many cards do not charge for the privilege of using them, why should you pay?
7. Instead of leaving your card inactive, spend a very small amount regularly.
To get a great credit rating, you need to manipulate your credit report to look like you pay on time every month to as many lenders as possible.
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