Update: The Burton Mastercard is no longer available as it has been discontinued. However, this information has been kept for reference.

Information correct as of 26/04/21

People tend to use the Burton Mastercard for many different purposes. They may use it for day to day items, such as paying bills, food, or buying themselves some clothes. Others use it for luxuries, such as holidays. Credit cards can be a handy asset to have, as they are quick and easy to use, and you spend your money in most shops.

If you have a sudden emergency you need to deal with, you may not have the funds available to deal with it. The Burton Mastercard can be handy for this purpose. If something crops up unexpectedly, you are safe in the knowledge that you are always protected.

What is the Burton Mastercard?

The Burton Mastercard offers customers the ability to shop at more than 32 million worldwide locations and earn loyalty points for certain purchases. The card is issued b NewDay Ltd and available to customers in the UK.

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Credit Card Tips

Throughout this article, we are going to consider the following:

  • Why you might want to avoid taking out a credit card
  • The benefits and downsides of having a credit card
  • Other options to consider as alternatives to a credit card
  • Tips for managing your credit card and ensuring it doesn’t cause you further financial worries

Are you good or bad at budgeting?

Do you know how to budget or are you last of the big spenders? If you take out a credit card and you are not good at budgeted, it might cause you to get into debt.

Will you overspend?

Do you have a good handle on your spending, or are you likely to overspend? If you are someone who regularly overspends, you’ll find that a credit card might be hard to manage.

Can you clear the balance with your salary?

We will delve into this in greater detail later, but using a credit card can be a good way to improve your credit card, as long as you pay careful attention to it and manage it well. If you clear the balance off when it becomes due each month, you will keep a healthy credit score.

The problems start if you can’t afford to clear the balance each month. if your earnings do not match with the size of the credit card bill, you will probably not be able to pay it. This can cause debt problems,as you will end up with high levels of interest as well as possibly further charges.

Burton Mastercard and interest

If you are unable to pay off the balance of the Burton Mastercard when it is due each month, the credit card company will add interest onto your payments, as with any credit card.

Avoiding debt with the Burton Mastercard

Your main focus when taking out the Burton Mastercard may be to improve your credit score so you can get access to credit in the future.

The credit score is a combination of many factors, including how you have managed your credit in the past, or even if you have a credit history.

If you have a good credit score, you can gain access to credit for larger purchases than normal, such as if you want to renovate your home, buy a new car, or take an expensive holiday. You will never be able to do this if you don’t manage the credit card efficiently though.

These are some rules and regulations for ensuring you manage your Burton Mastercard well and prevent debt problems in the future.

  • You should only have one credit card in your own name.
  • Save yourself from paying any interest by ensuring the balance of the Burton Mastercard is cleared when it becomes due. This shows lenders that you are good with your finances and you manage them well. They will be more inclined to want to lend money to you, if they can see you are good at managing your money.
  • Only ever take advantage of free offers and rewards if you are certain that you want the credit card for the financial benefits.
  • Your available credit is not just there to use without thought, you should only use as much as you need. Don’t just max out the Burton Mastercard.

Other options to the Burton Mastercard

You might have read through this article and decided that a credit card is not for you.

Another option worth considering is a ‘prepaid credit card’, which is an option if you don’t want the risks involved with a credit card, but you want to the ease of using one and the safety it provides. You may also be able to improve your credit score with this card.

All you need to know about prepaid credit cards

Prepaid cards work in much the same way as the credit card, with the main difference being that you need to fill them up with funds before you can use them. They are accepted in the same places as credit cards, but you have less worry about the risk factors, such as overspending or getting into debt.

Some benefits of the prepaid cards are:

  • Ideal for building a great credit score
  • Will help you budget better
  • Small and handy for carrying around in your bag
  • Much safer than carrying cash
  • You can track your spending

There is much more safety with a card than cash, you cancel it if it gets lost or stolen, unlike cash as when it’s gone, it’s gone!

Using your Debit Card

Alternatively, you may decide just to use your debit card for your payments. This works in a similar way to a prepaid card were you need to have money on your card to be able to spend anything. There is no risk involved, as you can’t spend what you don’t have.

Debit cards can be used everywhere, there is no restriction, and they can be handy for your payments and purchases and a good way to ensure you stick to a budget. They don’t usually have as much protection as credit cards, in terms of cover if your card is lost or stolen, but they do have plenty of benefits.

Improving your credit score without the need for a credit card

You don’t specifically need to have a credit card to be able to improve your credit score. We are often led to believe that you can’t possibly survive without a credit card, but this is not true. It can be useful, but it is definitely not the only way to improve your credit score.

As long as your bills are in your name, simply make sure you pay these on time every month. Paying your bills on time for a long period of time will definitely help improve your credit score, and this will help you to get access to other forms of credit in the future. You must keep paying on time for a long period for this to be effective.

References

CONC 13.1 Application

CONC 2.1 Application

CONC 5.2A Creditworthiness assessment

About the author

Scott Nelson

Scott Nelson is a financial services expert, with over 10 years’ experience in the industry, including 6 years in FCA regulated companies. Read more
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