If we are to believe everything that we see or read in the news, the UK is more reliant on plastic than ever before due to the economic climate and less disposable income. We are certainly using our credit cards more than ever, and for everyday purchases rather than large one offs. That said, too many of us are stuck with a credit card that really isn’t that great, simply because shopping around for better alternatives seems a pretty daunting task.
The fact is that there are better credit card deals out there than ever before, if you know where to look, and those with old cards that carry high interest rates etc should be actively encouraged to compare credit cards with a view to changing to one that brings with it a lot more benefits.
One of the main appeals of changing your credit card in the 0% interest on balance transfers which are being offered right across the board. The premise is simple; you transfer the outstanding balance on your old card to the new one and for a set amount of time, most commonly 6 or 12 months, you get interest free payments.
There are also T’s & C’s attached to these however so read the small print as some demand the goods be paid for in full at the end of the month, and others have ridiculously high rates of interest once the grace period is over.
One of the quickest and easiest ways of finding the best credit card to suit your personal needs is to use one of the many comparison sites on the Internet and you have all the information in front of you to enable you to make an informed decision.
The quality of your credit rating has always played a major part in credit cards, with those who have poor credit paying over the odds for having a credit facility. The good news is that the gap is narrowing, no doubt helped by the fact that few have the excellent credit ratings they enjoyed a few years ago, but if you have a really poor credit rating or are on state benefits you will invariably pay a higher rate of interest as you are seen as more of a risk.
Before you start searching the various credit card deals available make yourself a list of what you get from your current card and what you hope to get from a new one, as this will make comparing the two a whole lot easier. Look for lower interest, cashback, grace periods and any other benefits that come with the new card. Don’t automatically assume the big banks offer the best credit cards either, as some of the providers you may have heard of but automatically dismissed often have the best deals and the lowest interest rates.
Ultimately, we all have different wants and needs as far as a credit card is concerned, hence the vast choice available. By spending just a short time you can quickly and easily best suited to your own personal needs, and cut up that old one at last.