Consumers 'should consider' numerous credit cards
06/03/2006
UK consumers have been advised that having numerous credit cards may suit their needs better than having just the one card.
Andy Smith, personal finance products manager for uSwitch.com, has argued that people could benefit from taking a similar attitude to their credit cards as they do to their bank accounts.
Although many people have a number of bank accounts to suit their saving needs depending on how much is being saved and how long it is being saved for, Mr Smith said, relatively few people realise that they could have numerous cards to suit a variety of needs.
"With savings accounts you have one for everyday spending and another for earning interest," commented Mr Smith.
"You can do the same with your credit cards."
Brian Capon, spokesperson for the British Bankers Association, has said that consumers should match their "needs with the products being offered".
Such needs can include balance transfers, everyday spending and large one-off purchases.
Andy Smith, personal finance products manager for uSwitch.com, has argued that people could benefit from taking a similar attitude to their credit cards as they do to their bank accounts.
Although many people have a number of bank accounts to suit their saving needs depending on how much is being saved and how long it is being saved for, Mr Smith said, relatively few people realise that they could have numerous cards to suit a variety of needs.
"With savings accounts you have one for everyday spending and another for earning interest," commented Mr Smith.
"You can do the same with your credit cards."
Brian Capon, spokesperson for the British Bankers Association, has said that consumers should match their "needs with the products being offered".
Such needs can include balance transfers, everyday spending and large one-off purchases.
