Credit card spending by many is a secretive affair to say the least with around 10 concealing their credit card from their partner and a further 11% keeping their statements out of sight.
According to MoneySupermarket.com, people in the main hide their credit card statement as they fear their partner would be annoyed by the amount they had spent.
Other reasons for keeping their spending secret include a desire to have buying freedom, making purchases a partner wouldn’t approve of and even so that presents can be bought for a partner without them knowing.
The private credit cards are being used to buy expensive clothing or shoes or a holiday and for some it’s gambling, expensive nights out and jewellery or even funding a secret relationship, adult entertainment or child maintenance payments.
Kevin Mountford, head of banking at MoneySupermarket said: “Even if you have a secret credit card for the right reasons you still need to choose the right product for your needs to ensure you’re getting the best possible deal. Someone wishing to make a big ticket purchase and needing to pay off the money over a longer period of time may want to go for an interest free product offering zero per cent on purchases.”
He added: “As with all credit products, when using a card it is vital customers keep track of their transactions.
“For those who own a secret or hidden credit card, it may prove that little bit harder to monitor but they shouldn’t forget this is one more thing to think about paying off at the end of the month, those in this situation should not overlook the fact they are borrowing the money they are spending and it will need to be paid back sooner or later”
MoneyHighStreet comments: “A quick poll here in the office shows a surprising lack of secret credit cards – why am I not surprised?!” Anyway, whether it’s secret or not, using a credit card needs to be done with care to ensure you don’t find yourself falling into debt through bills you simply cannot pay.
As Kevin indicates, selecting a card to suit your needs, whether that be zero per cent on purchases for a period or perhaps zero per cent on balance transfers for a period, make sure you get the best deal you can.
For 0% on purchases and / or 0% on balance transfers, credit cards currently available include:
Barclaycard Platinum credit card with extended balance transfer of 22 months at 0% and 3 months 0% on purchases with a representative APR of 17.5% – to see more click here
Marks & Spencer credit card with 15 months at 0% at a representative APR of 15.9% – see more here
Virgin Balance Transfer credit card with 3 months 0% on purchases and 20 months at 0% on balance transfers at a representative APR of 16.8% – click here for more details.