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Credit cards 'best option' for internet purchases

Credit cards are always the wisest option when shopping online, according to financial advisors Equifax.

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20 May 2009

Credit cards 'best option' for internet purchases”

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Neil Munroe, external affairs director at Equifax, said that it is undeniable that credit cards are a good vehicle for certain purposes.

He advised that they are "certainly very good because you do have that ability under section 75 of the consumer credit act where if you have any problems with the goods the credit company is as liable as much as the merchant who sold it to you".

Mr Munroe continued, saying that credit cards offer security as well because consumers are covered for losses through the banking code when using credit cards to shop online, so long as they are not negligent.

According to UK payments association Apacs, spending on debit and credit cards combined was up 5.4 per cent from this time last year, reaching a total of £94.2 billion.

The association also showed that total credit card lending to individuals between January and March this year was £30.3 billion and repayments were £29.6 billion.

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Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9^%
16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
	Virgin Credit Card
	20 months	3 months	16.8^%
16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
	Barclaycard Platinum with BT
	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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