CREDIT CARDS - UK
PICK A CARD, ANY CARD!
Virgin have a great combination offer of
REPRESENTATIVE EXAMPLE
16.8% APR representative variable
16.8% p.a. variable on purchase
based on a £1,200 credit limit
0% p.a. on balance transfers for 20 months from opening your new account (1st 60 days)
2.99% handling feealong with
0% p.a. on card purchases for 3 months from the date your account is opened.
BARCLAYCARD SIMPLICITY Amazing low rate of
REPRESENTATIVE EXAMPLE
7.9% representative APR variable
7.9% p.a. variable on purchase
£1,200 credit limit
Football fans look here>>>
Now you can make purchases without having your own credit card or even bank
account.
PREPAID CREDIT CARDS>>>
Growing in
popularity the prepaid card benefits include guaranteed acceptance and never
spending more than you can afford.
Paypass is the contactless method of payment from MasterCard.
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Cash Withdrawals
Never forget that using a credit card to withdraw cash from an ATM is the most
expensive way of obtaining cash. Far better to use a debit card. Not only do
most companies charge extra high interest for taking out cash (higher than the
usual APR) but they normally charge a fee (with minimum amounts applying), so
small sums carry proportionality higher costs to withdraw. Check the summary box
for each companies website to see the true cost. Also note even if you pay your
balance in full at the end of the month, cash withdrawals attract interest from
day one, there is no grace period, so you will be paying interest on the sum
withdrawn.
Why So many Choices When I Just Want A Low Rate?
It may seem strange when one provider has a range of similar cards where there
is little difference between them other than the standard interest rate. However
there is a reason why your given such a choice of say two near identical cards
but one has a higher rate than the other. Quite simply the higher
your credit rating the lower the rate the merchant is prepared to offer you. So
they may well not accept you for the lower rate but will for the higher rate.
Look closely at the terms for the application, terms used will vary from good
crediting rating required to excellent credit rating required. These terms
really do match the merchants criteria for application.
The difference between good and excellent?
Well this will differ by supplier but generally excellent might cover:
Have a current credit card with a high credit limit. Have had a card for over
5 years. Never missed more than 2 payments. No large outstanding balances. Never
defaulted on a loan or credit or had CCJ's.
Good may be:
Have existing loans, over draughts. Held a card for 3 years. No defaults.
If you miss your first payment date on your new special low interest rate card you are likely to find the tasty introductory rate being withdrawn and a much higher rate being imposed. Make sure you have your payment options in place for that first payment.
The extra fee most merchants charge for foreign withdrawals (normally 2.75%) is in addition to the cash advance fee you will normally also be charged (around 3%).
The interest rate you first receive can often be lowered with negation with your provider. You will need to have demonstrated a good history of repayments over a period of time.
more did-you-know>>>
0% for 6 months? What exactly does this mean? Pretty simple you would think, the first months of opening a new account includes this offer but this is not always the case. There are two ways this can apply. Take balance transfers for example, this could mean 0% applies to any balance transferred in the first 6 months bit it may also mean any balance transferred within a specified time frame qualifies for this rate for 6 months. You must make sure you read the small print or summary box to cover all ways this may apply. You may well see that the offer is for the first 60 days of your account activation and then 6 months applies to those balances. This is why you will often see an offer marked as life time.
More Tips>>>
Quick Picks:
When it comes to superstores and large retail companies they don't come much bigger than Tesco plc. Every time you spend with your card you earn Tesco club points with the card itself used as your points cards for other Tesco store purchases.
REPRESENTATIVE EXAMPLE
16.9% APR representative variable
16.9% p.a. variable on purchase
£1,200 credit limit
Balance Transfers
0% for 9 months from account opening
(2.9% handling fee during the first 4 months from account opening.)
Purchases
0% for the first 15 monthsAPPLY ONLINE APPLICATION: YES √
Class leading balance transfer deal from a well known brand.
REPRESENTATIVE EXAMPLE
16.8% APR representative variable
16.8% p.a. variable on purchase
based on a £1,200 credit limit
Balance Transfers
0% p.a. on balance transfers for 20 months from opening your new account (1st 60 days)
2.99% handling fee
Purchases
0% p.a. on card purchases for 3 months from the date your account is opened.
APPLY ONLINE APPLICATION: YES √
A very simple concept, instead of having a multitude of different cards with different configurations why not bring all the offers onto a single card. This is what Halifax have done with the all-in-one credit card. Great introductory rates for both balance transfers and purchases.
REPRESENTATIVE EXAMPLE
17.9% representative APR variable
17.95% p.a. variable on purchase
based on a £1,200 credit limit
Balance Transfers
0% for the first 15 months on balance transfers made in the first 90 days
(3% fee).
Purchases
0% for the first 15 months
APPLY ONLINE APPLICATION: YES √
As the name suggests Simplicity from Barclaycard sets out to cut through the red tape and headline grabbing offers to give you a card that does one thing better than the rest, a true low rate credit card.
REPRESENTATIVE EXAMPLE
7.9% representative APR variable
7.9% p.a. variable on purchase
£1,200 credit limit
Balance Transfers
7.9% APR representative variable (charged at the standard long term rate)
no handling fee
Purchases 7.9% APR representative variable
APPLY ONLINE APPLICATION: YES √
Trying to re-establish your credit rating and create a good history means a higher interest rate as your risk to the provider is greater. Capoitalone have one of the lowest interest rates for a card that accepts consumers with a poor credit rating history.
REPRESENTATIVE EXAMPLE
29.9% APR representative variable
29.94% p.a. variable on purchase
£1,200 credit limit
(as low as 17.9% p.a. possible within 36 months)
Balance Transfers
as APR
Purchases
as APR
APPLY ONLINE APPLICATION: YES √
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