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Credit cards are widely considered to be one of the most convenient and flexible ways of borrowing money. While they should never be used to plug the gaps in your income, credit cards are an excellent and safe way to borrow money for everyday needs. A credit card will provide you with the funds you need if you discover an excellent deal on a holiday you're desperate to secure or your car is in need of some urgent repairs and you don't have the cash up front.
Depending on how soon you pay this back, it needn't cost you the Earth. Compared to other types of borrowing, a credit card is usually the cheapest way of securing money, as if you pay off your entire balance each month, borrowing on a credit card won't cost you a penny. If you build up debt, it's worth trying to pay more than the minimum amount required each month as this will save you money in the long term.
The more savvy borrowers tend to take advantage of 0% credit cards. The majority of introductory credit card offers will either offer a deal on balance transfers or purchases, but the occasional one will be prepared to compromise on both. It's still possible to secure a zero per cent interest deal on spending and transfers for 12 months, particularly as the market is becoming more competitive in these post-recession research shows that the use of credit cards as a spending tool rather than a credit source is highlighted by the fact that 35 per cent of card accounts have no borrowing on them and 30 per cent of balances do not incur any interest
Credit cards that offer low interest rates on both balance transfers and purchases are known as 'all-rounder cards.' If you need to shift some expensive debt but need to retain some purchasing power, then these types of deals may be for you. Before opting for a credit card, however, it's worth considering your financial circumstances in detail and whether or not you're able to meet a lender's criteria.
These all-rounder cards, for example, are an excellent tool for borrowers with a good credit score. By securing one credit card that suits all of your needs, it saves having to fill out a number of applications; a process that can damage your credit reputation. They're also suitable for those of us not keen on financial juggling; by keeping all credit expenditure in one place, your outgoings, repayments and interest will be easier to keep tabs on.
Many credit cards offer specific reward schemes. Because the lending market is so competitive and not all lenders can continue offering zero per cent offers forever, these tend to come in the form of loyalty points or cash back. Choosing the right credit card, therefore, is something of a balancing act; while it's all too easy to be tempted by introductory offers, consider how much value for money you'll receive in the long term, both in terms of the interest you pay and the perks you'll receive for being a long-term customer.
The good news surrounding credit cards is that if you need to borrow for a specific purchase - usually a large one - they are considerably cheaper than other forms of borrowing. Before securing one, however, work out exactly how much you need and determine whether or not you're able to afford the minimum monthly repayments. If your new credit card comes with a zero per cent offer on purchases, will it be possible to clear your debt by the time this period comes to an end?
Credit cards are also convenient as they're accepted all around the world all you need to do is to keep tabs on how much you're spending and remember your pin number. Your credit card spending is safeguarded as well, thanks to Sri Lanka Consumer Credit Act.
It's worth bearing in mind that you'll be charged if you miss any of your monthly repayments. If you're the forgetful type, it may be worth setting up a standing order. This will guarantee that you'll always pay off a proportion of your outstanding debt on time and avoid receiving an unwelcome penalty
Securing a credit card is remarkably easy, but it's always worth doing some research before submitting your application. A little bit of time and effort will ensure that you find a credit card that reflects your needs and one that won't get you into unnecessary debt further down the line.

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