All Purchases Made On Credit Cards Are Protected Protection Under Section 75 Of The Consumer Credit Act

Category: Finance.

When investigating reward cards you may find that since most cards these days don t have to offer reward schemes, as people often sign up for the standard card associated with their account, there are few truly rewarding cards around.

Card reward schemes are only ever a beneficial way to spend when you are not being charged interest, so make sure you aren t losing out before you start. The most important thing to remember is to look around and see what is available to you and figure out whether these benefits really will make a difference to you, and your current spending habits, or whether they re simply there to lure you in to signing up. Rewards may not always be what they seem- be aware of the conditions that apply in order to receive your rewards. Once you have chosen the credit card reward card scheme that suits your lifestyle the best, remember that in order to benefit from the points or cashback offered you must always pay your outstanding debt in full every month. Some credit cards appear to offer great perks but don t follow through- for example, the much- cited holiday insurance policy that many cards include as standard, may not be as good as it seems if, in order to claim back goods stolen or lost, you must claim within a strict time limit, and even in some cases be within a certain age range. This ensures you can enjoy the benefits of the rewards offered without losing out to interest charges or other fees. This marks out the importance of choosing a card that sits comfortably within your personal expenditure limits.

For example, it is possible to make a sizeable amount of cash back on some cards but only if you pay the full amount back every month. Many of the reward cards are set at platinum level and will require you to spend a lot of money to get your money back. Knowing when these expire and staying one step ahead of changes on your card will help you to maximise on these benefits before they run out. Make a note of the date if your rewards or introductory offers have a time limit. Since 2004, every card issuer has been required to issue new customers with all the small print relating to each card when a new card is issued and are required to explain fees and charges to customers in full. Most cards no longer charge this fee, but it s worth checking in the small print that you re not one of the few who are still paying for the privilege of having a credit card. You can often avoid these charges by reading the small print, you can make, for example sure you are not paying an annual fee.

Some cards may also allow you to earn double the reward on basic family purchases when you add a trusted partner or family member to your card. For example, the GM card offers money off new cars but there are strict criteria in place- once you are savvy to all of these, you can make the most of the benefits offered by your card. It is more than likely any reward period will have strict conditions that have to be met in order to benefit from the points you may have earned. Since 2004 every credit card company has agreed to comply with an honesty box policy, which means that they have to provide all of their customers with the small print pertaining to their cards. No matter which type of reward scheme you choose it s important to remember the security a credit card offers. They are also required to clearly explain fees and charges to every customer- all of which means it is relatively easy to bone up on how to get the most out of your plastic and avoid unnecessary charges. All purchases made on credit cards are protected protection under section 75 of the Consumer Credit Act.

That means that the card companies are as responsible for faulty goods as the shop the item was bought at- perhaps that is the most useful reward of all.

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