Update: The Evans 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

What is the Evans Mastercard?

Evans is a clothing retailer in the UK that specialises in plus size clothing. The company offered a credit card that also rewards customers with loyalty points and bonuses. The Evans mastercard was issued by NewDay Ltd.

The Evans Mastercard could have been used to pay for a range of day to day items, including clothes, dining out and buying items for the home. Credit cards are often favourable as they are easy to carry around, they can be used in most place and your money has better protection than using cash. If you lose your money it is gone, whereas if you use your credit card, you will be able to protect your money.

We can never know when emergencies will arise, and the Evans Mastercard can be ideal for this reason too. If you don’t have the funds available when a vet bill arrives, for instance, the credit card can be useful for this emergency.

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Credit Card Tips

In this article, we will look at some of these key points about credit cards, to give you a better insight into whether this is the best option:

  • Information on the pros and cons of the Evans Mastercard, and whether it is right for your circumstances and ability to manage it properly.
  • The reasons why it might be a good idea and the downsides of credit card
  • Other options to consider, instead of a credit card.
  • How to manage your credit card, if you do decide that this is a viable option.

Are you good at budgeting?

Another consideration is whether you are good at budgeting or not. If you don’t have much left after you take care of your bills, it would probably not be advisable to take out a credit card.

Your salary needs to be able to cover your rent/mortgage, council tax, as well as other household bills and costs. If you are not good at budgeting your money, it will be difficult to keep control of a credit card.

You may end up overspending

If you tend to overspend, the Evans Mastercard may make your situation worse. It could cause you to end up in serious financial trouble.

Consider your salary

Credit cards can be good for building up your credit score, but only if you are able to clear the balance when the payment is due each month.

Your salary should allow you to comfortably pay off your credit card bill when it comes in. If your earnings are less than your credit card bill, you could find yourself in serious financial trouble.

Don’t forget the Evans Mastercard interest

You should remember that you will end up paying interest on your Evans Mastercard, if you don’t pay off the balance on your account each month.

How to ensure you don’t get into debt with your Evans Mastercard

In most cases, the reason for getting a credit card such as the Evans Mastercard is for building up your credit score, or to have a back-up for emergencies. These are both good reasons to have your credit card, but you should be careful of how you manage your credit card, otherwise you could end up in worse financial trouble.

There are several elements to your credit score. These include your credit history, or a lack of history, and your spending habits.

If you have a good credit score, you will have more chance of being able to get a mortgage, or get access to other luxuries, such as holidays. You can even get better deals on other types of credit, such as loans. This doesn’t come easy though, you must be able to manage your credit card well.

These are some of the ways to be able to manage the credit card without getting into debt and finding yourself in financial difficulties:

  • Do not be tempted to keep taking our credit cards.
  • Make sure you clear the balance of your Evans Mastercard each month.
  • Resist the temptation of the free offers. You should not base your decision to take out a credit card on the potential freebies.
  • You should never max out the Evans Mastercard

Other options to a credit card

If you have decided that a credit card is not for you, or you are considering whether it is the right option, you may wonder about the other options.

You may want to consider a prepaid card instead. This can help you to improve your credit score without the potential of getting into debt. You can only spend what you have with a prepaid card. This can also help potential lenders see that you are able to manage your money.

What you need to know about prepaid credit cards

With prepaid credit cards, you load the card with money and spend in the same way as a credit card. Most places that accept credit cards, will also accept prepaid cards. You don’t need to stress about having no where to use them, or being limited in your options.

Some of the benefits of prepaid cards:

  • Ideal if you would like to try and build your credit history, without the risk of getting into debt
  • Help you stick to a budget – no risk of overspending
  • All your money in one place, so it is easier to carry around than cash
  • You have greater safety with a prepaid card than with cash
  • It is easier to track spending

If you don’t want to give your credit card details out to websites when you are shopping online, the prepaid is a good alternative, as you have extra security.

Using your debit card

If you have a bank account, you will have a debit card. As this links to your bank account, you can only spend funds that you have. If you don’t have funds in your account, you will not be able to spend anything.

Your debit card works the same as a prepaid card, and it’s easier to manage your money than using a credit card. There is no risk of overspending and your credit score being affected. It is particularly beneficial for teenagers, who are trying to learn to manage their money.

Is it possible to use your credit card to build your credit score?

You don’t need a credit card to survive, it is a luxury. We tend to pay everything by electronic means these days, but that doesn’t mean getting a credit card. You can also use your debit card or prepaid credit card to buy all the items you need.

It is entirely possible to build up your credit score without the need to take out a credit card. If you pay your bills on time, it is possible to build up your credit record, which means you can get access to credit in the future. The payments will need to be maintained on time for a long period of time.

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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