Top Tips For Selecting The Best Credit Card Deal

| November 18, 2013

Best Credit Card Deal

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As we’re approaching the Christmas period at the moment in the UK, thousands of households are set to use their credit cards to fund the purchase of presents, food and even party hats, but those who didn’t spend time researching the different solutions available on today’s market many have a rather nasty shock in store when the bills land. Although some people simply don’t like credit cards and choose to avoid them at every turn, in truth, with the state of the economy in our country at the moment, they’re one of the only tools that are keeping us in a normal way of life.

Most jobs only pay the minimum wage of ?6.31 per hour, and with housing costs and utilities to account for, it’s almost impossible for some people to save enough cash for large purchases like games consoles and whatever else their kids want from Santa this year. Still, some credit providers charge extortionate rates of interest, so unless you’re very careful, you could end up with significant financial hardship when January comes around. Because of this, I’ve taken the time to write this short article explaining exactly what you should look for in a credit card and what you should avoid like the plague – I hope you find my advice useful.

Considering Balance Transfers

Presuming you’ve already got a credit card but the interest on your repayments is terribly high, finding a provider who offers a more desirable and manageable rate should be your first move. Also, you’ll want to transfer the balance from your old card. For this, you should seek out providers who have 12 month interest-free deals – that way, you’ll actually manage to reduce the debt, rather than just paying the minimum payment, which usually only just accounts for the added interest.

Assessing Annual Percentage Rates (APR)

Some card providers have been known to charge in excess of 30% or even 40% APR on their credit cards, and they should be strung up for doing so. Ideally you want the lowest rate possible, and at the moment I believe this is provided by Tesco at around 7.8%, but you’ll want to do your own research before making a commitment.

Reading Reviews & Articles

If you get yourself on over to the MoneyStreetSmart blog, you’ll find a whole section on credit cards detailing which companies offer the best deals at the moment, and with new info being posted daily, I personally find it a great place to find out about all the latest industry related news. It’s important you read articles on blogs like this from time to time, just to make sure you’re not missing out on anything that could make a real difference to your financial situation. Likewise, reading customer reviews of credit card firms can provide you with the edge when it comes of choosing a provider.

So now you’ve got the lowdown, and you understand a little bit more about the kind of things you need to watch out for, I’m sure you’ll make much better decisions from now on.

Keep smiling!

Top Tips For Selecting The Best Credit Card Deal

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