Most people think that credit cards are the same in different countries but the truth is - every country has quite a number of local specifics due to different laws, different business practices, different mentality and customer expectations.
The United States and UK are two of the biggest credit card markets in the world with credit card use being very popular throughout both countries.
It might be natural to assume that credit cards in both countries work the same way but there are some major differences that I wanted to talk about.
I didn't mention some of the differences such as the fact that the UK interest rates are compounded and US ones are simple (which means US credit cards are actually more expensive when the shown APR is the same).
I also didn't go into the details of how things like application processes are different because that would definitely send a lot of people to sleep.
But there's some really interesting differences between the way US and UK credit cards work - hope you find it interesting!
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The United States and UK are two of the biggest credit card markets in the world with credit card use being very popular throughout both countries.
It might be natural to assume that credit cards in both countries work the same way but there are some major differences that I wanted to talk about.
I didn't mention some of the differences such as the fact that the UK interest rates are compounded and US ones are simple (which means US credit cards are actually more expensive when the shown APR is the same).
I also didn't go into the details of how things like application processes are different because that would definitely send a lot of people to sleep.
But there's some really interesting differences between the way US and UK credit cards work - hope you find it interesting!
CAMERA GEAR I USE (in newer videos)
○ My camera - https://bit.ly/sasha-camera
○ Main lens - https://bit.ly/sasha-lens
○ Microphone - https://bit.ly/sasha-mic
○ Tripod - https://bit.ly/sasha-tripod
○ Memory card - https://bit.ly/sasha-card
○ Ring light - https://bit.ly/sasha-light
Full list of gear here: https://kit.co/sashayanshin/sasha-video-gear
DISCLAIMER: Some of these links may be affiliate links. If you purchase a product or service using one of these links, I will receive a small commission from the seller. There will be no additional charge for you.
Alot of value in this video
Great video. Another great benefit of the Consumer Credit Act in the UK is purchase protection, especially useful for holidays and mail order. Not sure whether an equivalent exists in the US.
A huge point between US and UK cards are the perks. The perks/cash back in most UK cards is pretty much non existent compared to US. Checkout differences between Barclaycard US and UK. Though UK does limit the fees on each transaction.
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Great informative video.
Good video – Subbed!
A bit more context on the interchange fees since that part's key . Because the fees card issuers may charge are capped in the UK/EU the rewards are no where near as attractive. There are cards in the US offering 5-6% cashback on certain categories, whereas in the UK, 0.5% is considered market-leading.
Very useful info thank you!
Really good!! Thank you very much 🙂
🙂
I still can't make my mind up which system is better. What do you think?
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