When it comes to finances, technology through efficient financial system and services has given people better alternatives and options how to manage their finances. Among the so many financial management schemes that emerged, one alternative stands out among the rest is the credit/debit cards. Credit/Debit cards, especially to working people and those who live very busy lives, has become an ultimate financial savior. More than just being a status symbol or an add-on to expensive purses and wallets, credit/debit cards have revolutionized the way people spend their money. But, more than the glamour and the convenience credit card brings, there is much more to this card than most people could ever imagine. Before indulging much into the never-ending list of the advantages and disadvantages of having a credit card, it is very important for people to first have a brief realization of what credit card really is in order for them to maximize its potentials. In layman's terms, credit card is a card that allows a person to make purchases up to the limit set by the card issuer. One must then pay off the balance in installments with interest payments. Usually, credit card payment per month ranges from the minimum amount set by the bank to entire outstanding balance. And since it is a form of business, the longer the credit card holder wait to pay off his or her entire amount, the more interest pile up.

Since having a credit card is a responsibility, only those people who are of legal age and have the capability to pay off the amount they are going to spend through their credit card, is allowed to have one. Actually, most of the adults in the UK use credit card because this is very convenient compared to carrying cash or checks every time they have to purchase something.