Compare Credit Cards UK
- If you want to compare
credit cards from all the UK providers, and receive a no obligation,
comparison quote, we can help.... Our site will allow
you to compare UK credit cards of all types - whether credit card for students, low interest
rates, balance transfers, business cards, cashback, low introductory rate,
adverse payment (CCJ's) etc.
Credit cards
are a convenient method of obtaining credit. They are available from all major
lenders and provide flexibility for the consumer. Some basic facts about
cards are set out below.
-
Standard - Visa
and MasterCard are two of the common cards available.
-
Platinum and
Gold cards - these are usually available for people with higher levels of
income, and have benefits attached to them.
-
Charity and
Affinity Cards - these operate in the same way as standard cards but a
small percentage of what you spend is donated to the charity to which the card
is connected.
-
Loyalty Cards -
These cards tend to offer incentives such as cash bonuses, AIR MILES, points
and other discounts.
PROS - cards
are international and can be used all over the World, wherever you see the
logo on your card. Cards can provide you with instant access to cash,
(for which there is usually a fee payable). Goods can be purchased quickly and
easily, in person, over the phone, or on-line! Some companies offer insurance
on your purchases, and can protect your goods in the event of loss or theft.
They can also provide you with travel insurance.
CONS - Creditcards
tend to be expensive and are hard to control. It is advisable to keep your
receipts of purchases made. Mistakes do happen and you should cross check your
receipts with your monthly statement. Any discrepancies should be reported
immediately to the company. Other forms of borrowing can prove cheaper, e.g. a
personal loan or extension of your existing mortgage. These options should be
considered before applying for a credit card. Purchases made abroad may not
appear on your statement for a few months and it is therefore difficult to
determine whether or not they have been debited to your account.
RATES AND FEES
- they
attract annual fees and interest charges. Interest rates tend to be high and
vary between companies. Some companies provide interest free periods. Other
companies have penalty payments for late or returned payments or if you exceed
your credit limit.
REPAYMENT
OPTIONS. - Most credit
card companies insist on you repaying the minimum repayment. This can be found
on your monthly statement. Alternatively, they request that you repay a
percentage of the outstanding balance, for example, 3-5%.
DECIDING WHICH
CARD. - In deciding
which card is the best for you, you will need to assess how you use the card.
For example, if you use the card for convenience shopping and would want to
repay the full balance at the end of the month, then cards that offer a long
interest free period with no annual fee could prove more appropriate. If you
use the card for ongoing borrowing, and intend to pay off the minimum amount
every month, then a shorter interest free period with lower rates might suit
you better. If you travel frequently, it may be worth considering a card,
which allows you to pay your bills via direct debit.
HOW DO I APPLY-
- Applications forms are usually completed and submitted to the credit card
Company. A decision on whether or not you are acceptable is given within a
couple of days. Credit card companies use Credit reference agencies in
determining your application.
