People 'need to make sure they understand credit cards deals'
Published On 19 March 2008
Consumers need to make sure they understand all the different charges they might face before opting for a particular credit card, an industry expert has warned.Chris Tapp, director of Credit Action, said that it was vital the people carefully researched different offers when looking for a new credit card and that they took the time to understand each one's terms and conditions.
Despite this advice, Mr Tapp stressed that the headline rate of interest was still the most important thing to compare when considering different credit cards.
"It is still important to compare the APR first and foremost," he pointed out.
"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.
"Make sure you understand the whole product and the principle when searching for credit cards is, wherever possible, make sure that what you are borrowing on the card you can afford to pay off the next month."
A recent study from the Fair Investment Company found that more than half of credit card customers pay off their credit card balance in full each month.
