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Is it me but doesn’t it seem like we’ve been here before? The Greek crisis seems to have been dragging on longer than the Trojan War. It has been vacillating from spikes of on-the-brink debt refinancing, to periods where it has been seemingly out of the news altogether. But this time things appear different, more...
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Whether you’re looking for a balance transfer credit card, a low rate card, or simply the longest 0% purchase deal, we make it easy for you to compare credit cards.
We’ve arranged cards into several Best Buy tables to help you make a quick comparison, but you can also search all our credit cards as well. You can even apply for a credit card – simply click proceed!
Credit cards are an easy way to pay for things, and can really get you out of a tight spot in an emergency. They are basically a type of flexible loan – you can borrow up to a pre-agreed credit limit without needing further approval.
You have to pay off a minimum amount on your card each month (the minimum payment), but you should always try to pay off more. Paying only the minimum payment on your card can keep you in debt for years, even for relatively small amounts. Because of this credit cards are not suitable for you if you’re not disciplined with money.
You can be charged different interest rates, according to how you have borrowed the money, such as for purchases, transferred balances and cash advances.
Generally, using your credit card abroad can be costly (unless you have a card specifically designed for this). If you can avoid it, never withdraw cash using your card.
The problem is that credit cards can be expensive, and, because of their ease of use, can quickly get out of hand if you’re not disciplined. Think carefully about how you will repay any purchase or balance you put on your card, and be sure to work out a repayment plan.
So you have to be savvy when it comes to using your credit cards. And that starts with which card you choose for which purpose...
These cards will suit you if you are looking to make a big purchase or have an expensive occasion coming up, like Christmas. The credit card offers you an interest-free period for a set amount of months, allowing you not only to borrow on the card but also giving you a “grace” period in which to repay, before starting to be charged interest.
The fact that credit card companies can offer such long 0% purchase deals is testament to the fact that most people won’t repay their purchases within the introductory period. So, if you’re considering taking out one of these cards, make a note of the date the introductory period ends and work out a repayment plan so you don’t get stung by interest later on.
Also note that interest-free isn’t the same as payment free. You need to set up a Direct Debit or Standing Order to pay at least the minimum repayment each month, or else risk a bad entry on your credit file.
Compare credit cards with 0% purchase rates
These cards are designed for those already in debt and paying expensive interest rates. You may have catalogue debts, balances on store cards, other credit cards or an overdraft you would like to consolidate.
By transferring costly debts onto a 0% balance transfer credit card you can reduce the amount of interest charged and repay your debt more quickly by working out a monthly repayment plan. However, there will normally be a fee for transferring these debts (typically set at 3.00% of the amount you transfer).
Sadly, as with 0% Purchase Credit Cards, the fact that such good deals are offered means that a lot of borrowers don’t repay their debt before the end of the interest-free period. Take the opportunity to pay off your debts as quickly as you can by paying the most you can afford each month whilst you benefit from paying no interest, then look at transferring your balance again.
Compare 0% on balance transfers
These credit cards are great if you spend and clear your balance in full each month.
You earn rewards in the form of points, vouchers or in the case of cashback cards, cash! A great bonus if you were going to do some spending on the card anyway.
A variation on this theme is the donation card which, in place of you receiving points or vouchers, makes a donation to charity instead.
Beware! (there is always a beware with credit cards): if you are not going to pay back the balance in full each month consider a 0% purchase credit card as any benefits you get with a reward/cashback card will soon be outweighed by the interest you will have to pay.
Compare credit cards - rewards, cashback