Credit cards: 5 things you should know

1

At the average 21.5% interest rate, your credit card balance would double approximately every 3.3 years.

2

If you only pay the minimum 3% monthly repayment, you are unlikely to clear the balance in your lifetime.

3

A credit card should really be called a debt card… but it

would make marketing them a lot harder.

The word “credit” comes from the Latin word credere, which means believe or trust.

5

There are more than 2.8bn credit cards worldwide, according to Shift Processing. The majority come from the big four providers – Visa, Mastercard, Discover and American Express.