Credit cards are an integral part of everyday life these days and it is difficult to operate without one. Indeed some people have several and regularly change their cards to get the best deals for their particular circumstances. The purpose of this site is to provide some background to the different types of card and to give some insight into some of the things to consider when comparing credit cards and ultimately choosing a new card.
The introduction of the concept of balance transfers, where a balance is transferred from one account to another and charged a special introductory rate has galvanised the UK credit card industry. There are some people who regularly change cards and transfer balances to keep a certain amount constantly on a 0% APR. This sort of behaviour requires a certain amount of discipline.
Similarly, some cards offer an introductory rate for purchases for a given time. The typical offer is 0% for 6 months although this does vary. These offers are often combined with balance transfers to produce a very attractive package to potential clients.
There is a school of thought that suggests that the above two types of offer cannot continue long term and that credit card companies will revert to offering lower variable rates long term rather than the headline short term offers abundant today. The standard APR is probably the most important attribute to consider and new legislation means that it is always quoted when credit cards and their offers are advertised.
Another form of incentive for new credit cardholders are the cash back and reward schemes which offer to redeem cash or products for points earned on purchases. These offers can often flatter to deceive and produce better advertising copy than solid reasons for changing cards.
The problem with many of the above schemes is that they can land the holders in trouble. Although there are some cards that are designed to get people with bad credit back on the credit ladder. These cards often come with a severe rate of interest, so great care should be exercised.
Just about all the credit cards on the market today can be researched and compared by using one of the numerous quote engines. These websites will list the best offers by category, which makes the choice of card relatively painless.
Finally, you will be able to apply for a new credit card online and the online presence of all credit card companies means that the cards can be managed through secure online interfaces.