A warning has been issued to all UK households with a credit card over the need-to-knows about using the payment method. Craig Tebbutt, chief strategy and innovation officer and financial health expert at Equifax UK , warns a credit card, first and foremost, is a flexible form of credit to a certain limit.

He said: "Cards get issued, and you get your interest rate and your spending limit applied. You can accrue that debt , and you can pay [it] off either [with] monthly payments or all in one go.”

“I think one of the easiest mistakes to make is to miss that first payment,” says Tebbutt. “You need to make sure you remember when that first payment is coming out, so maybe consider setting up a direct debit to make those regular payments.”

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