Choosing a UK credit card company & keeping your eye on the ball
If you’re in the process of choosing a UK credit card company to apply to, then you’ve probably been staggered at the amount and types of offers which are available. Making a choice can be a difficult task and it can be easy to become ‘product-blind’, being unable to distinguish between one offer and the next. Thanks to the vast range of offers, deals and perks, there has never been a better time to take advantage of a credit card. But what types of card are available and which one is the best for you?
Balance transfers allow you to save money on the interest you pay on existing credit card debts, by transferring them to a cheaper rate. These cards can offer you 0% interest rates on balance transfers or a ‘no-fee for life’ incentive – where charges are fixed at a lower rate than the standard APR used for purchases. This fixed rate lasts until the balance is cleared. In the past, some consumers have used 0% interest offers as a way to maintain an interest-free lifestyle, swapping frequently between cards. These days, lenders have clamped down on this practice by charging a transfer fee or refusing credit card applications if the customer has made too many applications in the past.
If you already have existing debts on current credit cards, then you can lower the interest you are paying on that debt by finding a credit card with a low balance transfer rate. For regular spenders or those who have never had a credit card, cash-back or reward cards can give you more consumer protection than cash or cheques and can earn you money every time you spend. You can collect air miles as you use your plastic or enjoy a loyalty reward scheme that gives you cash-back on flights and shopping. If you’ve never owned a credit card, this can be a very beneficial way of building your credit score and increasing your viability for future and larger credit.
For those of you who want a credit card with a conscience, there are products like ‘affinity’ cards that donate a percentage to charity every time the card is used. It’s a question of choosing your preferred charity. The WWF, Breakthrough Breast Cancer, the National Trust and British Heart Foundation all receive contributions every time one of their affinity cardholders spends on their card.
If you are the kind of consumer who likes to spend a lot and regularly, then your main focus should be on choosing a UK credit card company with the lowest interest rates. And the process would be a lot harder if we didn’t have the facility made available through online comparison sites. These are free, easy-to-use sites that collate all the data concerning credit cards and their associated deals and display them in a table format, so that you can see a summary of each card at a glance. This way, you can compare the information that is most important to you.
Yes, plastic is fantastic – as long as you manage your card wisely and don’t abuse the privilege of credit. Neither cash nor cheques offer the safety, security or rewards that a credit card can offer and no amount of crumpled fivers or creased chequebooks carry the same kudos as your very own fantastic, elastic plastic! Choosing one of these cards needn’t be a nightmare either – just consider your spending habits and find the one that matches the way you shop.
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