What Most Credit Card Providers Don’t Tell You

1. Get the most out of the 0% interest pree period on balance transfers as this will not last forever.

This is usually set between 6 and 12 months. A large number of people hop to new lenders each time their interest free period comes to and end.

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. Since cards often have a cap on cash withdrawals, cash-back is now the easiest way to access your credit in hard currency - and it costs you less than a cash point.

3. Understand your rights within any credit contract

It is a little known fact that all credit cards come with consumer protection. Known as ‘Section 75' of your agreement, this entitles you to claim from your credit provider should any fault occur with the item - as long as you pay some of the total value with your 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: what to you predominantly use your credit card for? 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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