Credit cards can be a helpful source of finance for anyone, as long as they know how to borrow money wisely.

Exactly who uses them though? More importantly, why? And where do they get them from?

We explore the key facts about this financial source here:

Who can apply for a credit card?

Typically, UK residents that are over 18 are eligible for a credit card. Most of the time, prospective card holders will be asked to provide evidence of employment and although not always the case, some providers will require applicants to earn over a specific amount, too.

Lenders may also ask to view the person’s financial and credit history. To find this, they would usually visit a credit reference agency like Experian or Equifax.

How many people use them?

Credit cards are used as a popular financial option with a high proportion of the UK using them as a payment method. When used responsibly, it can be a useful tool – and this is why it appeals to many of us.

This device regularly enables Britons to stay on top of their finances.

Like debit cards, they are easy to pay with, which could also explain their appeal. When used appropriately, credit cards can be very useful.

Why do people use them?

Credit cards can be a valuable tool. They are designed for people who need extra money at certain times — not for those who just want to spend.

Prospective card users are expected to conduct thorough research before they select a service. That way, they can identify an interest rate and repayment period that works for them. As a result, they’re better able to meet their financial needs.

Very often, credit cards enable people to avoid financial problems. When money is paid back on time, it can boost a person’s credit score, too.

Where do people go for help?

Sensible borrowers go to trustworthy lenders. The right service will provide support throughout the application process. An acceptable firm will deliver advice on sensible credit card use on their website. Their specialists will also be able to do this in person, too.

This is largely because it underlines the brand’s commitment to delivering honest financial support. And unsurprisingly, they usually attract responsible borrowers. Where people go for credit card support is just as important as how they manage their credit.

As always, careful management is key.

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