Money management is no mean task. It can be tough if you don't have enough patience and skills in budgeting. But then again, the right way to do it can be learned.
Managing a credit card should be the same way as knowing how to spend wisely. Just because you're not handling cash and your bill does not arrive right away does not mean you should enjoy the freedom of using your card anytime you want. Unlike when using cash, keep in mind that even the best credit cards involve an interest that may differ from one company to another.
An ideal way of managing your Irish credit card is to pay off the entire balance every month before the due date. This is to avoid paying the interest on your purchases. You don't even have to wait for the due date to come because you can always pay when cash is already available. Another way to lessen your load is to pay more than the minimum amount.
Paying only the minimum amount stated in your monthly bill will cause you to pay high balance overtime. The reason is that the remaining balance continues to incur interest unless it's paid in full. And if you continue to do this, it will take you three to four years to fully pay your bill.
In Ireland, interest applied on credit cards can vary. It can range from as low as 15 percent such as those that offer a one month interest-free period to more than 29 percent for other cards. But that's not all you have to think about because there are other fees involved such as for late payments, cash advance withdrawals and the use of other ATMs when withdrawing money. In addition, you need to pay a 30 Euro yearly stamp duty on your card in compliance with government regulations.
The best credit cards are not free from these fees the reason why it is always ideal to educate yourself first about the type of card you would like to get for your personal use. Companies offer different incentives to customers and they usually utilize as many marketing strategies to get a good share of clients. Amidst these advertisements, though, you should be wise enough to determine which card would best suit your lifestyle.
Avoid being lured easily by invitations you receive or advertisements you see. Get to know first the company behind the best credit card you prefer and the policies they have before making a decision.