Credit cards and store cards are issued by banks and other financial institutions who are members of international payment organisations such as MasterCard and Visa. They allow you to purchase goods and services on credit, up to a pre-arranged spending limit. The balance can be paid in full each month or you can decide to make smaller payments. If you do not pay your account in full then interest will be charged on any remaining balance.

You can also use credit cards to withdraw cash from cash machines but you might be charged a higher rate of interest for this service. Cash advances usually attract a handling fee of around 2 per cent of the amount withdrawn.

As with all forms of borrowing, you need to be aware of the rate of interest you are being charged and how that interest is applied to your account.

Credit cards can offer useful protection against the purchase of faulty goods.

Information about Ulster Bank credit card products is available on ulsterbank.com