But if they are offering great deals, and the Government aren’t going to stop them, then why not take advantage? There are a number of very good reasons to own a credit card… the problem is not whether to get one, it’s which card you should get! How can one possibly choose the right ‘bit of plastic’ for them from such a wide selection?

Look Deeper

No, not deeper into your soul, deeper into the offers. All credit cards like to shout about the attractive new all singing, all dancing offer from the roof tops. But they are usually shouting about is the superficial parts, those bits that matter less but seem attractive.

They want to tell you about the APR for the first 6 months, not the next 5 years. Or the Amazon vouchers that come with them, or the cash back scheme in place. The offers keep going, but one thing they forget to tell you – what matters. It is hidden there in the fine print.

So what do you need to look for?

You want, when you boil it right down, a credit card that will give you an ongoing APR that is as low as possible, from a renowned company that has an upfront fee set up and a customer service that you can both access and believe in.

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Amazon vouchers are nice, but they should just make any deal that you do make that much better – they should never be something that you base as important a decision as what credit card to choose around.

What to Look For When Choosing a Credit Card is a post from: Best Credit Cards

For example, if you are rigorously disciplined and ensure that any spending balance is paid off at the end of the month it is due, then no interest will be charged and your use of a credit card gains ready access to interest-free credit. Although you will want to avoid the relatively few cards that charge a registration or monthly administration fee, the choice of card will be very wide, since it could include even those which apply a higher than average rate of interest on outstanding balances. Including the latter would allow the choice of those cards offering “rewards” for, or cash-back upon, purchases made with the card.

On the other hand, you might be the kind of card user who welcomes the opportunity of ongoing credit and are prepared to pay monthly interest charges on it. In that case, of course, the rate of interest will affect the card you choose. Competition is as keen as ever among the many providers, so credit cards offering the most competitive rates of interest will be the ones to suit you best. Naturally, you will still want to avoid adding to the cost of holding such credit cards by paying a registration or administration fee and it will be necessary to examine carefully whether any offers of rewards or cash-back come only with a higher rate of interest.

For credit card users who have already accumulated a significant balance of credit debt, it is still possible to take advantage of the 0% interest free deals on balance transfers. Once again, this demonstrates providers’ eagerness to attract new customers by offering to take on existing debit balances on which no interest is charged for an introductory period of up to a year or so. Clearly, this represents an attractive option and an opportunity during which the outstanding debt can be tackled without the continuing accumulation of interest. There are a number of things to take into account when considering such a transfer, however, and the first will be the cost of any balance transfer fee itself. It will also be important to make a careful note of the expiry date of the interest-free period and the rate of interest that will apply once this has passed. If it reverts to a less than attractive rate, of course, it might be necessary to start the whole process all over again and seek out a further balance transfer – at the prevailing transfer fee at that time.

Some credit cards will offer not only a zero rate of interest on balance transfers but also on any purchases made during the initial introductory period. These will be attractive to both existing and new card holders alike, though once again, it will be important to keep a careful eye on the expiry date of the offer, when the provider’s standard rate of interest will start to apply.

Credit cards – what suits you best? is a post from: Best Credit Cards

First, you should think about how you plan to use the card. While some people use credit for larger purchases, and plan to pay the bill off over an extended period of time, others use their credit card as a convenience instead of carrying a lot of cash around, and they subsequently pay the balance off in full every month. If you plan to use the card for large purchases for which you will carry a monthly balance, you should be paying particular attention to the annual percentage rate of interest on each card.

This rate can vary quite a bit between cards, so before choosing a card, research this carefully and select the card that has the lowest rate for the style of purchasing that you plan to use the credit card for. You will also want to make sure you understand how the finance charges are calculated. This is the type of information that is usually in small print so make sure to ask lots of detailed questions when speaking to a card representative about what the conditions are of their particular card.

If you plan to pay off your card balance every month to avoid finance charges, then you will want to pay particular attention to what the grace period is for the card. This period varies between cards, but as a rule, it is stated in the number of days from the billing date. If you get a credit card with a longer grace period, you will have more time to pay your bill before you incur a fee for the month. However, you will want to understand the terms of the grace period because sometimes, special rules apply, such as what would apply to new charges when you already have a balance due on the credit card. These special rules are how the company makes their money.

There are also other types of fees that are sometimes associated with credit cards. These can vary between banks and card providers, and they can sometimes be difficult to figure out. Some common fees that are often associated with credit cards are late fees, annual fees, and fees that you will incur if you go over your credit limit. There might also be other types of convenience fees for transactions such as requesting additional statements, or for making your payments over the phone. To avoid surprises later, make sure you clearly understand these fees before getting the card. Understanding the fees and rules will allow you to use your credit card without incurring unnecessary costs.

Paying Too Much on Your Credit Cards? is a post from: Best Credit Cards