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Credit cards are 'very useful financial tools'

Expert advises most adults to have at least a couple of cards in their wallet

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8 October 2011

Credit cards are 'very useful financial tools'”

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The majority of adults in the UK should own a credit card as they are very useful financial tools, according to a financial expert.

Last month, the UK Cards Association revealed that the number of credit cards in circulation had dropped from 70 million in 2005 to 55.6 million by the end of last year.

Roland Ellison, writing for the Daily Mirror, expressed his surprise at the findings as credit cards can be a crucial part of consumers personal finance toolkit.

He said: "If you use them correctly, credit cards are also very useful financial tools. It makes sense for most adults to have at least a couple of cards in their wallet."

Mr Ellison added that credit cards offer consumers extra protection on big ticket purchases worth between £100 and £30,000 under Section 75 of the Consumer Credit Act.

"If the goods you bought are faulty or don't turn up at all, you have a right to redress from your credit card issuer as well as the supplier," he stated.

Written by Sarah Nyman

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	Tesco ClubCard Credit Card
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16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
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	22 months	3 months	17.5^%
17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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