Once you have established how to manage your credit card debt you will be in a much better position to choose right credit card. The UK is in grip of a huge debt epidemic and it’s important to ensure that you are paying least amount of interest on your debt. Also ensure that you are making your monthly payments. If you can afford it try and pay more than minimum required every month as longer it takes to pay off your card more credit card companies will make off you through interest charges.

Many people will transfer their credit card balances every time 0% introductory period runs out. A term used for this is a “Card Tart” and as far as I know it’s not illegal. The amount of times you apply for a credit card in a 12 month period may have an adverse effect on your credit rating so beware you are not damaging a perfectly good credit history by continuously applying for a 0% credit card.

Determine how finance charge is actually calculated. The finance charge is dollar amount you pay to use credit. And that amount depends on your outstanding balance and APR. Credit card companies used several methods to calculate your outstanding balance, and method can make a BIG difference in finance charge you'll pay.

Your outstanding balance may be calculated over one billing cycle or two; using adjusted balance, average daily balance, or previous balance; and it may include or exclude new purchases in balance. Depending of balance you carry and timing of your purchases and payments, you will usually have a lower finance charge with one-cycle billing and average daily balance method excluding new purchases.

Other concerns to take into account include possibility of a minimum finance charge and additional fees which may be tacked on to your credit card. Fees such as annual fee, cash advance fees, late-payment fees, over-the-credit-limit fees, credit-limit-increase fees and set-up fees (charged when a new account is opened) are some examples of additional credit card charges. Read information in your credit card agreement to see if there are other fees or charges.

You should also known your credit limit up front so you do not end up paying "over-the-credit-limit fees" and penalties. In addition you should know whether your card is a secured card (usually requiring a security deposit), a regular card which have few extra features and lower credit limits, or a premium card (gold, platinum, titanium) which offers higher limits and extra features like travel insurance or emergency services.

If your credit card is ever lost or stolen--and then used by someone without your permission--you are NOT responsible to pay more than $50 of those charges. This protection is provided by federal Truth in Lending Act and you do not need to buy "credit card insurance" to cover amounts over $50.

Make a list of your account numbers and companies' phone numbers. Keep list in a safe place--not your wallet or purse. If you discover your card is lost or stolen, report it immediately to credit card company by calling toll-free number listed on your monthly statements.

FOne final tip--take list of phone numbers (not account numbers) with you when you travel, just in case a card is lost or stolen.