Latest Credit Articles

2010 from the responsibility of environmental protection in the market divided up into the mainstream

Tue, 22 Jun 2010 01:51:18 -0400

Continuous improvement and development of the industry, bathroom products, escalating approaches its end in 2009. For the bathroom industry, which is full of hope and joy of the year. Unexpected early snapback property swept downstream domestic market, the haze, the entire bath industries to revive the process as an industry put it: '2009 years our economy has not 'snow', the winter is over.

Outlook 2010, the property market still hot, rapidly rising home prices made entrepreneurs still smug. In an interview for the sanitary industry bigwigs depict the coming year, five years or even decades of magnificent blueprint.

For the future development of sanitary industry, entrepreneurs invariably optimistic locking, electronic commerce and the three key words energy saving. First furniture e-commerce leader in test water a big success, but also inspire all the people concerned about climate summit in Copenhagen, environmental protection, in this context, sanitary enterprises with the times, planning out the future direction.

Outlook: 2010 market will maintain rapid growth in early 2009, it was very nervous, 'winter of' make the whole industry, paranoia, panic, but the property market's strong rebound after the home industry is rapidly pick up, not even feel the cold, crisis had disappeared. And Cheng (China) Co., Ltd. General Manager Jane Leung told reporters up is the arrival of the financial crisis so that enterprises have a sense of crisis, made early preparation, and into a 2009 performance by 30% over last year.

Bathroom business has taken many measures in this year's positive self-help, this in as general manager Chen Zongyun Ko Po-lin appears to be mainly reflected in the marketing of the innovation and diversity, except for the price to make a fuss, the major brands have taken to 'go global 'strategy, a variety of Customers, signings, community promotion, designer line, so changes made in 2009 to become the biggest of the year.

Because of strong backing of the property market, there are 2009 high-speed development of inertia, the home market in 2010 was a matter of course placed greater expectations. Europe and the United States market is now rampant protectionism, barriers were high, many export-oriented enterprises have already turned around and bow bathroom, those firms the domestic market. Cheng Lin, general manager Chen Zongyun Looking KBA 2010, referred to more expansion and domestic sales. Faenza, general manager Yan Bangping that the home market within a decade will remain at high speed, sanitary ware market is also a bright future, it is also an excellent situation in 2010.

Environmental responsibility is not only the future trend is the world's climate summit in Copenhagen, concluded the end though did not reach substantive agreements, but also evoke a world concern about the fate of the planet, energy conservation has become a place in the major issues before the people of the world. Which is in rapid development of home building materials enterprises in China should not forget their social responsibilities.

China's domestic development in the fifth annual meeting, president of American Standard China high into the public have revealed a group of reporters figures: In 2005, the national standard for toilet water limit is 8 liters, but standard on the 2007 U.S. production of 3.6 l of the toilet, in 2008 it produced 3 liters of the toilet, and even some brands have now produced water toilet. The next year, the United States will lead a low, or even lead-free standard. If that is the case, the threshold of the manufacturing sector is very high, simply to satisfy no dust, no pollution has been inadequate. Home business products in China not only to meet today to meet the future, but also to meet the world.

For the future development of enterprises bathroom, sanitary products to keep upgrading, continuous innovation and breakthrough in seeking a breakthrough in the development of power.

Wenzhou shoe enterprises to ease the pressure on the EU market to open up the North American market

Mon, 21 Jun 2010 01:58:23 -0400

The EU is the main export market of Wenzhou shoes, anti-dumping duties by the impact of Wenzhou shoe exports to the EU dropped for two consecutive years. Wenzhou shoe enterprises to ease the pressure on the EU market, especially in the last year, stepped up to the United States, Canada, North America and the ASEAN market development efforts. Last year exports grew 43.18% in North America, ASEAN exports grew 27.43%.

According to customs statistics, Wenzhou, Wenzhou shoe exports to the EU last year, 946 million U.S. dollars, down 1.17%, North America and 347 million U.S. dollars in exports, up 43.18 percent, 37.76 million U.S. dollars ASEAN exports, up 27.43 percent. Comparative growth surprise is that Mexico exports 870,700 U.S. dollars, up 4.56 times, the Swiss export 116 million U.S. dollars, up by 1.5 times.

Aokang Group, said the propaganda department of the Wang Hailong, before the company's exports to Europe each year to maintain 20% growth, but the anti-dumping duty on exports to the EU fell nearly 10 percent, while Italy GEOX and other important customer has the strength to bear 16.5% of the anti-dumping duties However, some small and medium enterprises can not bear the tax rate and will order the t ransfer.

Aokang increase this year, the United States, Canada, the North American market development efforts to maintain export growth on the North American market more than 20%, while Egypt has opened up a niche market. The Kangnai shoe is opened in South America, Australia, Central Asia, East Asia and other new export markets, making the export business to maintain a 45% growth rate, in addition to knocking on the door of the Korean market.

Giant Group Ltd., General Manager of a Pan Jianzhong said: "We always follow the standard fashion to the United States, at least 10 months sent over 100 pairs of like shoes, so that U.S. companies remain innovative in style always made in the United States Sales also increased by nearly 50%. "In addition to old faces to secure a country, new faces have grabbed more market share, Gilda, giant First 13 Wenzhou shoe enterprises become force in the U.S. market.

"Since 2005, the company safety shoes, the number of ASEAN exports to grow 30% a year." Senna said Chen Yuanwei group vice president, ASEAN consumer products made in China or more trusted. Wenzhou glory of the Group and Senna Group exports to ASEAN in recent years has been in a growth trend.

Wenzhou shoe Xingye Association data show that the EU is the major market of Wenzhou footwear exports by the EU anti-dumping duties and the financial crisis, has been a sharp decline in 2 consecutive years of exports, Wenzhou shoe leather fabric exports to the EU in 2006 of 24.27 million pairs dropped to 13.49 million pairs in 2009.

According to customs statistics, Wenzhou, Wenzhou shoe exports to the U.S. 312 million U.S. dollars, up 46.16 percent. Australian exports of 41.21 million U.S. dollars, up 41.86 percent. Malaysia's 23.47 million U.S. dollars export, up by 30.77%.

How to beat the balance transfer card dearth

Fri, 04 Jun 2010 23:40:55 -0400

A few years ago the credit card merry-go-round really hit its peak. So-called ‘rate tarts' could switch their debts from one 0 per cent balance transfer deal to another, never incurring any interest and never having any real motivation to repay their debts.

But credit card providers are in the business of making money and the heyday of balance transfer deals was never going to last long. One-off balance transfer fees of typically 3 per cent were introduced to give providers a chance to make some money out of the rate tarts, but it has long been clear that the number of balance transfer deals and the length of the introductory period would need to be cut.

At the same time, consumer bodies have been piling the pressure on providers to clean up the credit card sector, and their long-term campaign has finally borne fruit. In March a raft of new rules were announced forcing credit card companies to treat customers more fairly and axe some of the more sneaky charges.

Consumers bear the brunt

While this is clearly good news for consumers, many experts reckon that the money card issuers lose as a result of the new rules will have to be clawed back elsewhere. Not only could we see credit card fees become commonplace it could also lead to a dearth of balance transfer deals in the future.

Indeed, the number of balance transfer deals has already fallen significantly during the credit crunch. And within days of the recent announcement of the new rules, Virgin pulled its longstanding best buy 16-month balance transfer card, replacing it with a less attractive 14-month offer. It is now expected that other balance transfer providers will follow suit.

It's not just regulatory pressure that is causing providers to rein in their 0 per cent balance transfer deals. They are also looking closely at the risk of borrowers transferring large debts to them and then defaulting. As a result of the recession card providers are much choosier about who they will accept, as they don't want to take on long-term debts from customers who cannot afford to repay them.

Best balance transfer cards

For the time being, there are still plenty of good balance transfer deals available. If you want to maximise the length of time you can benefit from 0 per cent interest it could make sense to switch now, while there is still a decent choice of deals. Below are five of the best:

Provider Card 0% Balance Transfer period Balance transfer fee APR
HSBC Credit Card 15 months 2.9% 16.9%
First Direct Gold Card 15 months 2.9% 16.9%
First Direct Credit Card 15 months 2.9% 19.9%
Santander Credit Card 15 months 3% 15.9%
Barclaycard Platinum Card Until June 2011 2.9% 15.9%

Correct as of 19/4/10

Long-term outlook

Perhaps you don't want to keep switching your credit card balance every time your 0 per cent deal runs out, or maybe you are concerned about the choices you will have when your current deal comes to an end.

If so, you might prefer a low standard rate credit card that charges you one low rate of interest on any balances transferred as well as on purchases. You don't get the benefit of a 0 per cent introductory deal, but you do get pay a low rate for the long term - much lower than a standard APR. So you don't need to keep switching.

Halifax's Easy Rate Card for example charges 6.9 per cent on purchases and balance transfers, and doesn't charge a balance transfer fee. And Barclaycard's Platinum Simplicity has a long-term rate of 7.8 per cent and also comes with no balance transfer fee.

If you do want a 0 per cent balance transfer card, now is a good time to search the market and apply, while there is still a great choice of deals. But there are longer-term options if you feel it's time to step off the credit card merry-go-round.

What does ‘Pre-Approved' actually mean?

Tue, 01 Jun 2010 22:12:02 -0400

After a rather unsavoury incident at his local bank, Stephen Jones vents his spleen on promises of 'pre-approved' and 'guaranteed' loans...

Forgive me, I usually try to make these blogs fairly objective (don't laugh!) but something really, really infuriated me this week. It started with a scenario you may all be familiar with: I stepped into my bank, Alliance and Leicester, to discuss some pretty dull stuff that I won't go into.

As I gave my account details, I was told with much faux excitement by the bank clerk that I was eligible for their Santander Zero Credit Card. Having had my eye on that particular card since I joined around six months ago, I duly called up head office to find out more. The lady on the end of the phone confirmed that I was entitled to the card, and this short exchange followed:

Me: ‘But could I still be rejected once I've gone through a credit search?'

Bank Clerk: ‘No. There is no reason why that should happen.'

So, happy with my afternoon's work, I duly arranged an appointment for two days later and skipped off back to work. Lo and behold, when that meeting with my bank manager came around I was politely rejected after the credit cards referencing went through. Not only does this now mean that I have a mark against my credit file for the search, but it's also one I didn't really need - I only applied for the card to utilise its 0% balance transfer deal for the first year.

Now, before you get all ‘more fool you' on me, I accept that I should have known better and double-checked my ‘real' eligibility with another member of staff. However, I surely can't be the only one who has done the unthinkable and actually accepted what a bank clerk says to be true.

Indeed, the Office of Fair Trading (OFT) (remember them?) seems to agree. In fact, on the very day that my personal saga was unfolding, they released new guidelines on irresponsible lending practices. After a brief flick through, I stumbled across Chapter 5, which reads:

"Credit may not be described as 'guaranteed', 'pre-approved', or able to be provided without any credit checks being undertaken, unless it is free of any conditions regarding the financial circumstances of the borrower to whom it is to be provided."

In short, while this sort of thing is nothing new, it is now something that the OFT have recognised as a major problem. The difficulty is, while complaining to the OFT fits nicely with my desire to support the greater good, they provide only an overview of the market and will not adjudicate independent cases. As a result, my complaint sits with my bank, and I shall let you know the results on these pages when I get them.

New Credit Card Measures: How They Affect You

Fri, 23 Apr 2010 22:14:44 -0400

Credit card customers have been given a boost after new rules to protect them from unfair treatment were launched today (15 March).

The best news among the measures is a change in what banks call the allocation of payments. Previously, many lenders had used customers' payments to write off the cheapest debts on their credit card first - meaning that more expensive debts were allowed to mount up. However, today's change will bar this practise, which at present affects around a quarter of all credit card accounts.

Under the new regulations agreed between the credit card industry and government, the minimum monthly amount that credit card customers have to pay back will also increase to cover all interest fees and charges, plus 1 per cent of the principal borrowing. The aim of this is to discourage borrowers from allowing expensive debts to build up.

How this affects you

Here's the lowdown of the main changes and how you will be impacted:

• You will now always pay off your most expensive debt first. Previously, many lenders had sneakily allowed consumers to pay off cheap debt first, allowing them bigger earning on interest

• New credit card customers will have a minimum payment that will cover at least interest, fees and charges, plus 1 per cent of the principal. This will not be an increase for many customers, who may already have minimum payments above this level, but is aimed at encouraging borrowers to change their repayment behaviour

• If you regularly repay the minimum on your card, you will be reminded that this is the most expensive way of paying off your debt

• You will have a 30-day ‘opt out' period for any increase in the credit limit on your card.

• Existing debts will have a 60-day notice period before any increase in interest rates occurs.

• A ban on offering unsolicited credit to people in financial difficulties

A baby step forward

The proposals have been greeted with a largely lukewarm response from pressure groups, with Credit Action, a consumer debt charity, describing them as "baby steps in the right direction".

Chris Tapp, director of the charity, said that "there is much more that could have been done by the government to really, fundamentally, overhaul the way the credit card market works". He also indicated that greater movement, in particular, could have been made on minimum payment levels.

According to the UK Cards Association, around 3 per cent of credit card customers pay the minimum amount for 12 consecutive months - so today's measures will go some way to cutting debt levels for credit card customers. However, Tapp suggested that lenders should be forced to take further actions by clearly outlining how much more such action costs customers on each bill.

Will it cost us all more down the line?

While the news has generally been well received by credit card companies, it is likely that the additional cost to the industry will have to be made up somewhere - and that could well mean that consumers end up paying the price further down the line.

Joanne Garcia, head of credit cards at Confused.com, noted: "It's great to see credit card providers agreeing to treat their customers more fairly and encourage them to be more in control of their finances.

"However, customers may end up paying in the long run as the cost of these changes are likely to see another nail in the 0% balance transfer card coffin."

Information about Credit Report Dispute

Thu, 22 Apr 2010 05:00:45 -0400

The Federal Trade Commission had formulated and enforced Fair Credit reporting Act (FCRA), a US federal law in 1970. This act along with Fair debt Collection Practices Act (FDCPA) forms the foundation of consumer credit rights in the US.

FCRA regulates the compilation, distribution and use of consumer information, including consumer credit information. These credit reports are compiled by three credit bureaus. They contain information about you and how you paid your bills. You can submit a Credit Report Dispute to FCRA should you find any discrepancies in the report.

You are legally entitled to one free copy of the credit report from each of the credit bureaus annually. You can acquire a copy of the report from them and evaluate it thoroughly for any mistakes. FCRA gives you the right to dispute any information that you find wrong in the report.

How to file a Credit Report Dispute

First and foremost you must alert the bureau and the information provider of any incorrect information in writing.

All such documents that support your credit report dispute should be included with your dispute. You may include photocopies of the supporting documents and keep the originals for further reference. These documents can consist of bank statements or cancelled checks and/or any such financial documents.

In your Credit Report Dispute, include your name, complete address, the information you are disputing, and the reasons why you are disputing. Sending your dispute via certified mail with return receipt request will ensure a proper proof of your sending the statement as well as it reaching the bureau.

What will the bureau do?

It is mandatory for the bureau to investigate your complaint and reply in 30 days with the results of the investigation. The bureau sends whatever report you sent them to the information provider to scrutinize. If there is any change in your credit report after this, the bureau will send you a free copy of your report. You may request them to send a copy of the corrected report to the companies that accessed your credit report during the last six months.

It is pertinent to mention here that if your credit report is inaccurate in one bureau’s report it will have inaccurate information in the other two bureaus also. Hence, you must contact the other two bureaus to get corrected reports from them as well.

The get-out-out debt double whammy starts by playing chicken with your bank

Sun, 04 Apr 2010 22:55:55 -0400

You owe $8,000 on a credit card at 18% interest. If you make the minimum payment of about $200 a month it will take you over 26 years to pay it off and you will pay over $11,000 just in interest. Ouch. Take that same $8,000 balance but cut the interest rate to 9% and your minimum payment is now about $140 a month. That seems a lot better, right? Well, not much. Making the minimum payment it will still take you close to 25 years to pay that card off and you will end up paying a substantial $5,600 in interest.

But what if can lower your interest rate and take the $60 that you saved and apply it to your monthly payment? Now you're paying $200 a month instead of the minimum of $140, but $60 is going directly towards principal. In this case it will take you 48 months to be rid of your debt and in that time you will only pay about $1,500 in interest.

Lowering your credit card interest rates and applying the "saved" money to your monthly payment is a great strategy to get out of debt.

With that in mind, if you have a have high interest credit card you should be laser beam focused on lowering your interest rate. As you have seen you will save money on your minimum payment which can be applied to a payment that will save you thousands of dollars in interest and years of monkey-on-your-back payments. While it may be clear to you that lowering that monster interest rate makes perfect sense, your bank or credit card company may decide not play along as nicely as you would hope.

If You Have Very Good Credit

Step one: Pick up the phone and call your bank. Be nice, but don't beat around the bush. Ask for a lower rate. How low? If you have good credit and have been a valuable customer (i.e. you pay on time) you should be able to get a rate of about 10% or less. If the customer service agent isn't helpful, ask for a supervisor. If that doesn't work trying calling back in a few days. Make it clear that as a loyal costumer you would hate to leave, but you will do just that if your loyalty isn't rewarded with a more reasonable interest rate. Finally, if your bank is not showing you the love, start checking on lower interest cards and transfer your balance(s). Start applying the money you saved to your monthly payment and what the balance disappear!

If You Have Fair Credit

You are not in as strong of a bargaining position, but step one (above) still applies. Pick up the phone and ask for a lower rate. If you don't have any luck start looking for any card that is even a couple of percentage points less than what you have now. If you get approved, call your bank and say that you are going to transfer your balance to xyz bank unless they can offer you a better rate. Shoot for another two (or more percentage points) lower than the new card. If they say no pull the trigger and keep looking for better deals. When you get one, take that extra money and apply it to your highest interest credit card.

If You Have Very Poor Credit

This is where it can get tough. As above, pick up the phone and ask for a better rate. If you don't get it ask what you can do to qualify for a better rate. You may want to explain that your present circumstances have put you in a position of financial hardship. If you have one credit card that has the combination of a very high interest rate (24-29%) and a high balance you may want to consider the last resort of not making a payment on that card for a few months and using that money to pay off and close a card with a smaller balance. Remember, any money you save anywhere should be applied to credit card so you are no longer making a minimum payment.

What's going to happen if you don't pay one card? Well, you'll get dinged further on your credit score, but if your credit is already a mess that may not be as big of concern to you. After missing a couple of payments you can go back to the bank (or wait for them to call you…don't worry they will) and tell them you just cannot afford that high interest and big monthly payment. They may or may not do something for you at that point. If you decide to stop paying that card all together (but stay current on everything else) your account will be turned over to a third party collection firm. At that point you may be able to negotiate a settlement with them. Often times they will offer one to you. Again, this is a last resort and a fairly desperate measure but one that may make the most sense in your situation.

Could consumers see the rights they get with credit cards extended to debit cards?

Thu, 01 Apr 2010 00:27:23 -0400

Consumers who buy goods with a debit card could enjoy the same protection as those who use a credit card, if new plans to shake up the industry get the go-ahead.

In the current uncertain climate, many consumers are finding themselves out of pocket each year because of the rise in the number of companies going bust - or because they have been ripped off by rogue internet retailers or bad service, such as non-delivery.

However, the government is currently conducting a review of the credit card industry, and has hinted that it might tighten the rules to give greater protection to those who pay by debit card. (See: How the government credit and store card proposals affect you.)
Credit card protection

At present, one of the best ways to protect yourself when making payments is by using a credit card as under Section 75 of the Consumer Credit Act, your card provider is "jointly and severally liable" with the retailer, which means you have the right to claim from your issuer if the retailer refuses to pay, or has gone out of business.

The rules enable you to reclaim money on purchases worth between £100 and £30,000 that you don't receive or are faulty.
What protection is offered by a debit card?

While shoppers can avoid losing out by paying with a credit card, many people are reluctant to buy goods and services on credit - and particularly when making purchases online.

But if you pay by debit card, you generally aren't covered if goods are faulty, fail to arrive, or if a company stops trading; this is because debt cards are not, strictly speaking, credit agreements.

That said, some Visa debit-card providers will make good the loss through a voluntary scheme known as Visa Chargeback which gives similar protection to that granted for credit card purchases.
Credit card crackdown

The government is in the middle of a crackdown on credit card lending, and the UK Cards Association - which represents the credit card industry - has just submitted its package of changes in response to proposals put out to consultation by the Department for Business, Innovation and Skills (BIS) last October.

The BIS is now reviewing the "landscape" on pre-payments with a view to reporting back to ministers in the next few weeks - but has acknowledged that consumers have concerns about their rights when using different types of credit cards.

The government will then publish its response, and this could include new legislation.
Could this be a consumer victory?

With the banks arguing that it would be very expensive to offer the same rights on debit cards, any changes to the existing rules would be a major victory for consumers.

But campaigners have certainly put forward a persuasive case for bringing the debit card rights in line with credit card rights, and point to findings showing that one in 10 consumers are not receiving goods or services they pay for in advance - with less than half getting their money back, and an average loss of £242 for those losing money. (*)

In the words of Steve Brooker, of Consumer Focus: "Consumers are losing out in the fight to reclaim money from bankrupt businesses. Better protection of pre-payments is in everyone's interest."

(*) Consumer Focus

Credit card stress-buster

Mon, 29 Mar 2010 22:16:29 -0400

Got the blues about your plastic? Don't panic

It's not unusual to worry about money early in the year. The festive period puts a dent in many people's pockets and dealing with the fallout can often make us fret.

But our guide to getting organised with your credit cards should help to ease your anxiety. Stop using your cards the wrong way and potentially save hundreds of pounds. Start spending the right way and you won't need to panic about credit card debt again.

House of cards

One major mistake a million Brits have admitted to in the last 12 months, for example, is paying for their housing costs with their credit card, according to homelessness charity, Shelter.

By using your plastic to juggle debts and cover your mortgage repayments you are potentially storing up huge problems - in extreme cases your credit card company could force a sale of your property to recover their debt.

You are far better off approaching your mortgage lender as soon as you think you could have problems meeting your monthly commitments.They may agree a temporary reduction in your payments until you get back on track financially. But you must get in touch at the first sign of trouble - don't use your credit card to mask the problem.

Avoid other costly mistakes and save money by following our top credit card dos and don'ts:

DO… Transfer your balance to a 0% credit card. Languishing on your provider's APR is an expensive way to borrow - and it's not necessary. Virgin Money's Credit Card offers interest-free credit for 16 months on balances transferred and MBNA's Platinum Credit Card gives you 13 months at 0%. Switch a £4,000 balance to MBNA and save a massive £550 by the end of the introductory period compared to paying a typical APR of 17.9% (making the 2.5% minimum monthly payment).

DON'T… Use your credit card for cash withdrawals. You will usually be charged a high rate of interest, and it's calculated from the day you take money out, unlike the typical 50 days' grace when you use your plastic for purchases. Plus you'll face an additional charge of around 3% of the amount you withdraw, so only ever do it in an emergency.

DO… Earn while you spend. If you pay off your balance in full each month you won't incur interest, so you don't need to go for cards with the lowest rates. Instead you can focus on perks like reward points or cashback. Every time you spend with these cards you earn a point, air miles or even cash credited back to your account. Money for nothing!

DON'T…Fall foul of ‘negative payment hierarchy'. This sneaky rule used by almost all providers can cost you dearly if you incur different interest rates for balance transfers and purchases. Any repayments you make to your credit card go towards paying off your cheapest debt first - often a 0% balance transfer portion. Only when this part of your balance is completely repaid do your repayments start to touch the most expensive part of your debt (new purchases for example). Avoid this by going for a deal that has exactly the same duration of interest-free credit on balance transfers and purchases, like Halifax's All in One Card which charges 0% on both for nine months.

DO… Look beyond the headline rate when choosing a card. Interest-free credit is fantastic, but the duration of the 0% period, one-off transfer fees and the 'revert-to' rate all need considering, especially if you know it's unlikely you'll have paid off your debt at the end of the introductory period.

DON'T…Use your credit card abroad. Not only do you pay interest, you are usually charged additional commission on your purchases. Withdrawing money from a cash machine abroad is even more expensive. If you travel regularly get a credit card that is designed for use abroad, like the Post Office Credit Card which offers 0% commission on purchases overseas.

DO… start saving now by searching the market for the best credit card

10 things you didn't know about credit cards

Mon, 29 Mar 2010 08:46:53 -0400

There are 11 million more credit cards in the UK than there are people* and when used in the right way our flexible friends can be brilliant financial tools.

But fall into the traps set by providers at your peril, because if you don't know how to use your card properly the costs can quickly mount up. So we've put together 10 surprising and enlightening facts about your plastic. From the weird and wacky to exposing downright rip-offs, these quirky tips could save you serious money!

1. The Royal's favourite food hall Fortnum & Mason has one of the cheapest store cards around at 15.9%, less than most credit card APRs! But the purveyor of posh goods is the exception that proves the rule and most store cards are total rip-offs, with APRs of up to 30%. You are better off buying with a 0% purchase credit card.

2. Don't pay over the odds for extended warranties as some credit card purchases include them for free. For example, Nationwide credit card customers benefit from a free 12-month extended warranty on electrical or gas purchases over £50 that already have a manufacturer's warranty of up to two years, if you register the purchase within 60 days.

3. When you apply for a credit card, it leaves a footprint on your credit record, which can make it harder for you to be accepted for credit in the future. Avoid this headache by using the Confused.com credit profiling tool, which searches the market for you, tells you which cards best suit your circumstances and those you are most likely to be accepted for.

4. You can use your plastic to pay off your overdraft and avoid interest charges from your bank. A handful of providers allow this, including MBNA. With its Platinum Credit Card you can benefit from 0% interest on money transfers to your current account for 13 months if you transfer the money within the first 90 days.

5. An enormous £63.5bn of credit card debt is owed by UK consumers (according to the British Bankers' Association). But that is dwarfed by the total cost of the bank bailouts in the UK, estimated to be a whopping £850bn by the National Audit Office. It might have been a vote winner if the government had paid off everyone's credit card bills and left the bankers without their bonuses.

6. Credit card providers are targeting music lovers in a bid to tap into their passion and loyalty. Barclaycard's dedicated fan website, barclaycardunwind.com, gives customers exclusive access to gig tickets up to a week before they are released on general sale. AMEX offers a similar scheme while Egg Money World MasterCard gives gig protection to cardholders to cover your ticket cost if you can't attend a concert.

7. Beware of fraud - never compromise your security by giving your PIN to anyone. London, Manchester, Nottingham, Romford, and Coventry are the UK's card fraud hotspots according to fraud screening company, The 3rd Man. The least fraudulent place in Britain is Lerwick in the Shetland Islands.

8. Only a few companies own the hundreds of credit cards on offer. MBNA is the biggest UK group, providing Virgin Money's credit card as well as a host of building society and affinity cards. It's crucial you know which company owns your card and which other cards that company owns too, particularly if you want a balance transfer card, because you can't move a debt within groups. So if you have a Tesco card, for example, you cannot transfer your balance to a NatWest card because they are both provided by Royal Bank of Scotland.

9. 8.1m cash withdrawals will be made today with a total value of £530m, according to Credit Action. If you make a cash withdrawal, do it with your debit card NOT your credit card. The interest charged for credit card withdrawals is usually astronomical, often up to 20%, and it starts to rack up from the next day, rather than the usual 50 days' grace you get with purchases.

10. A sneaky practice called Dynamic Currency Conversion can leave you out of pocket overseas. At the point of payment in Spain for example, you might be asked if you want to pay in Euros or Sterling. Choose Sterling and you will be subject to a conversion rate decided by the retailer, which could be very expensive. Choose Euros and you might incur foreign usage charges of up to 3%, though a few providers such as the Post Office and Nationwide do not impose these.

*according to APACS