If you make late payments, you will be charged extra interest and probably a charge of around £15 to £25. And, if you exceed your personal credit limit, you will be hit with yet another charge, which, again, generally ranges between £15 and £25.

It's all too easy to ignore your accumulating credit card debt, but if you use your credit card smartly it will be a "cheap credit card".You may also be charged interest on the total of your initial purchase, even if you have made part payments.