Credit cards have become part of everyday life since their introduction to the UK some forty years ago.
When Barclaycard was launched in 1966, it was the UK's only credit card. Actually, initially it operated like a charge card so the bill had to be paid off in full every month and the maximum credit limit was a mere £100. How times have changed. Competition among credit card issuers is now fierce and this has created an intensely fragmented market, with cards to suit all classes, from the super-rich to those with bad credit histories.
Pretty much anyone can get a credit card these days - there are more than 1,500 to choose from - and there's no doubt that they make life more convenient. Being able to borrow money, interest-free, on a temporary basis, is, frankly, a no-brainer especially when your 'real' cash can be earning interest elsewhere in the meantime.
For most people, however, it makes sense to pay off the bill in full every month but for those who can't manage it, there are now plenty of deals around that offer interest-free periods lasting much longer than the usual 50 or 60 days. Some 0% credit card deals can last for more than a year and you can even transfer balances from other cards so that those debts are interest-free too.
Nevertheless, the best way to use your cards is to treat them as a convenience, try not to borrow too much on them and ensure you repay your bill in full every month.
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