Credit Cards

A credit card is part of a system of payments named after the small plastic card issued to users of the system. It is a card entitling its holder to buy goods and services based on the holder's promise to pay for these goods and services.The issuer of the card grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user.

A credit card is different from a charge card, where a charge card requires the balance to be paid in full each month. In contrast, credit cards allow the consumers to 'revolve' their balance, at the cost of having interest charged. Most credit cards are issued by local banks or credit unions.

Advantages

A credit card can:

1. Offer free use of funds, provided you always pay your balance in full, on time.
2. Be more convenient to carry than cash.
3. Help you establish a good credit history.
4. Provide a convenient payment method for purchases made on the Internet and over the telephone.


Disadvantages

On the other hand, credit cards can:

1. Damage your credit rating if your payments are late;
2. Allow you to build up more debt than you can handle;
3. Have complicated terms and conditions;


What about me, i opened the bank account in Russia before i went to England and put some money there. There are some functions ,to controle your money, for everybody's taste. For example, when you buy something, you get SMS-message immediately or you can check on-line how much money did you spend(Internet Banking). So, when i have opened account i didn't choose SMS-notifier, because it is very expensive to recieve SMS abroad, especially when it is Russian Sim-Card. But my problem is that i forgot about On-line Bank. I was sure that i still have money on my account, but i was wrong. And when i came to the shop to buy some food, shop seller told me that my credit card declined. Now i have no money on my credit card and i have to solve many problems because of it.


What do i have to do?
Is it worth to open bank account in Englang and put money here?
How to control spending money by myself?