Credit cards are one of the best methods of borrowing money over a short term period, but only if you have the funds to pay off the balance. In the UK buying on credit is open to anyone over the age of 18. 

Most credit card companies are offering interest free introductory periods, and you have the flexibility of being able to pay back part or all of the debt at any time. 

Most companies do not charge annual fees any more since the arrival of credit card providers from the United States.

Most cards provide an upper spending limit. Quite often this is around £1,000, but card issuers will increase it if you prove to be a reliable customer over a length of time.

The cards available can be divided into 4 groups, each of which will appeal to different consumers:

Standard

Visa and MasterCard are two of the common cards available.  Popular cards include Marbles Credit Card and BarclayCard.

Platinum and Gold Cards

These types of card are usually only available for people with higher levels of income, although lately this level seems to have dropped significantly. Most card issuers offer a number of different types of gold and platinum cards, many requiring a minimum income of around £20,000 a year. These types of card will have benefits attached to them such as travel insurance cover, shopping protection, cashback etc..

Credit Rebuilding Cards

Some credit card issuers are prepared to offer cards to people who may have been turned down in the past or who have suffered credit problems such as mortgage arrears, defaults, CCJs, bankruptcy etc.  Such cards include the Capital One Classic Mastercard and the Citi Classic Plus Visa Card.

Affinity Cards

These operate in the same way as standard credit cards but a small percentage of what you spend is donated to the charity or the organisation to which the card is connected. Often these cards usually charge some of the highest rates in the market. These cards are usually called themed cards as you can choose your card design.