The National published an article on credit cards and their features. Souqalmal Founder and CEO Ambareen Musa advises on what to look for when choosing a credit card and warns of the dangers of reckless spending.
A credit card is great for short-term spending but it is an expensive way to borrow money over the longer run. Card issuers quote seemingly competitive rates of between 2.35 per cent and 3.25 per cent, but that is the monthly interest rate. When compounded up to the annual percentage rate (APR) these numbers soar to a whopping 32.15 per cent and 46.78 per cent respectively. Ambareen Musa, chief executive and founder of comparison site Souqalmal.com, warns of the dangers of reckless spending. “Credit cards offer great perks and rewards, but you only truly benefit if you pay your bills on time and avoid hefty interest repayments.”
For full article go to The National