Blog Testing - What You Should Know Before Applying Credit Cards ?

A credit card is primarily a convenient payment mechanism. It is not intended to be a long term credit facility. Should you require long term financing, you may wish to consider alternative financial products.

5 questions you should ask yourself

1. Why I am applying for this card?

2. Can I pay for the purchases in full each month? Or do I intend to pay the minimum sum required and rollover my payment?

3. If I do rollover my payments, do I have the capacity to pay the accompanying charges?

4. Do I understand the t & c for the use of the card? For example, do I know what are the various fees, interest, finance charges and penalties that accompany the use of the credit card?

5. What action can the bank take if I fail to settle my overdue payments?