Credit cards are almost ubiquitous in these times of plastic money. But the fact remains that beyond the facts that they’re handy, and offer an easy way to borrow money for payments, the majority of consumers know little about them.

A study by NerdWallet in the USA revealed that nearly a third of credit card holders surveyed were confused by the fees, for instance. A similar number were not sure how to make use of the rewards option – they don’t know how to accumulate them, or the relative value of points and rewards. General rewards can come in the form of dollars, points, or miles. The value of each can vary, even within card types.

Foreign purchases and fees are also aspects that many card holders don’t consider, but could have a bearing on their transactions.

Annual fees are of most concern to consumers, the study found. As much as 87% of those surveyed said that was an important factor in their decision to apply for a card.

Source: https://www.consumeraffairs.com


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