Economie

 

         

How to Compare Credit Cards the Easy Way

If you are thinking about getting your first credit card it’s really important that you compare credit cards online and the rates available.  Credit card rates can fluctuate quite wildly and it’s therefore essential to shop around to ensure you get the best deal.

Years ago, you would need to visit your bank to pick up an application form.  You would usually have a small amount of options to choose from when selecting a credit card and certainly no 0% deals on balance transfers!  These days, it’s never been easier or cheaper to find a good credit card and if you are wise, you’ll find a long-term 0% deal online.

Another thing to consider when opting for a credit card is how you are going to use the card.  Are you going to make a large purchase and pay off small amounts or are you looking to use your card for emergencies.  These are important factors to think about when you compare credit cards especially if you want to avoid getting into problems with debt.

A mistake that many people make when they compare credit cards is to go for the longest term 0% rate, but this isn’t always the best option.  You need to also take the APR into consideration when the 0% period is over.  It’s common to forget about the balance transfer rate expiring and this can mean you start to pay a lot of interest on the amount owing.

 

Economie now subscribe to The Lending Code; copies of the Code can be obtained from www.lendingstandardsboard.org.uk.