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Shopping for credit cards is a complex experience and can lead to disastrous results if not done properly, an industry expert has claimed.
With such a wide choice of credit cards on the market, choosing the wrong one for your situation could create large debts very quickly, Melissa Kellett stated.
The loans consultant said that high interest rates and minimum monthly repayments are two of the major things for credit card customers to look out for, while issuing and renewing fees could cause financial problems to many British consumers.
She added: "If you want to consider applying for a cash back credit card, make sure the contract`s stipulations do not turn your card too onerous and actually earn you money by the end of the cash back term."
According to recent research by Credit Action, the average UK consumer owed £4,840 on overdrafts and credit card bills at the end of April.
