Compare Credit Cards Deals Available Today
When looking for a new or a first credit card there are a bewildering number of options available, you should compare credit cards from the many different providers before signing on the dotted line. It is important that you are made aware of a few things before signing any agreement
Firstly, although a deal may initially appear quite good look it doesn’t necessarily mean that it’s the best option for you. Shopping around for a credit card can save you potentially hundreds of pounds in interest, maybe even thousands in the long run.
Compare Credit Cards based on Your Circumstances
Because there are so many different types of credit card you must have a clear idea of what you will be using it for to allow the right choice to be made. For example, there are special credit cards for students and reward credit cards, as well as the regular ones issued by the banks. Always compare credit cards against one another to find the right deal
A charge card will probably be your best bet if you know you will be clearing your balance every month. To obtain one of these cards you will have to have an excellent credit rating. These cards will typically charge a high rate of interest but this doesn’t matter if you keep clearing the card’s balance on a monthly basis. If on the other hand you are planning on having your balance transferred over a longer period you should be looking for the card with the lowest possible interest rate.
Always Compare Credit Cards – APR
You also need to check the APR that applies to the cards you are considering. Credit card companies have different APR charges for different functions, so for example the APR that applies to bank transfers will normally be different from that applying to purchases and cash advances.
Also look for a relatively long grace period, which is the time you have to pay the balance off in full before the finance charges are added. So obviously it is a case of the longer the better to avoid having to pay such charges.
Compare Credit Cards – Fees
The type of fees a card carries is also an important factor. There are often a number of these, such as a late payment fee, an annual fee and an over-the-limit fee. This is how the card companies make a large amount of their profits. There are often also fees for obtaining copies of statements.
If you plan on borrowing a small amount for a specific purpose then a credit card can be very useful. It is obviously best to pay off the entire balance on time and before fees start being charged. If you need a larger amount of cash for a big purchase you would probably be better off taking out a personal loan. Unsecured loans can be taken out if your credit rating is pristine, although these are harder to find than secured loans that you take out using your house as collateral. Again, the key to minimising the costs of a loan is to meet the payments on time to avoid extra charges or, if the worst comes to the worst, being taken to court.
There are plenty of credit card comparison websites that will help you choose the credit card that best meets your needs based on some of the above criteria. A credit card that is good for one customer may not be appropriate for another, so it is a very good idea to compare the market offerings. Remember always compare credit cards prior to signing any agreement. Different credit cards suit different people anddifferent providers offer different deals. If you have recently changed your credit card or applied for a new credit card then let us know your thoughts of how to compare credit cards and what worked for you