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Paying by credit card is a 'no-brainer'

Expert claims paying with a credit card offers a range of benefits such as payment insurance and a period of free credit

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1 September 2011

Paying by credit card is a 'no-brainer'”

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Consumers should consider applying for a credit card as it offers users a period of 'free credit', according to an industry expert.

Justin Modray, spokesman for independent financial advice website candidmoney.com, claimed paying with a credit card is a no-brainer as consumers also benefit from payment insurance.

"Provided you pay off your balance in full each month, paying by card can earn you up to 56 days of free credit, from when you buy an item to when the bill is due," he said.

"Combine this with a cash back card, then paying by credit card is a no-brainer - especially as items over £100 will be covered if something goes wrong by section 75 of the 1974 Consumer Credit Act."

Mr Modray added that, should a credit card user fall behind with their payments, they should apply for a zero-per cent card and transfer their balance over before looking to pay off the debt.

Halifax is set to launch a new balance transfer credit card which offers 22 months at zero per cent rate for new customers.

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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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