Credit Cards – Search UK Credit Card Deals
Welcome to our credit card comparison section of The Money Stop.
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What is a credit card?
A credit card is a card through which you are granted a specified amount of credit, and you can use this to make purchases directly with the card or to make withdrawals.
Do you get charged for using the card?
Credit cards charge interest on any balance remaining on the card after the payment date on the statement. The interest rate can vary from one credit card to another, but if you clear the balance in full each month before or on the payment due date you will not get charged any interest. There are other fees to look out for, and this includes fees for cash transactions such as withdrawals, late payment fees, over the limit fees, and annual fees. All of these can vary from on card to another.
What is the benefit of a credit card?
There are a number of benefits when it comes to using credit cards. Many people enjoy the convenience and ease of being to make purchases without having to carry around cash or write cheques. You can also use your credit card to make purchases online and via the telephone. Plus, of course, you can enjoy a period of interest free credit, and you can spread the cost of purchases to make them more affordable.
What are the pitfalls of credit card use?
There are also pitfalls associated with credit card use, although these should not arise if you use the card sensibly and responsibly. This includes the possibility of spiralling debt, fees and charges for going over the limit or making repayments late, the potential for credit card fraud, and the often extortionate interest rates charged on balances that are carried over (except on cards that offer an interest free period).
Can I select from a choice of cards?
If you have good credit then you should find that there are many options available, and some of the credit cards you can select from include 0% balance transfer cards, interest free purchase credit cards, rewards cards, cash back cards, charity cards, and more.
What if I have bad credit?
Those with bad credit will not be eligible for many of the mainstream credit cards, but there are specially designed cards that cater for those with poor credit. These cards offer a low credit limit, and enable the user to rebuild their credit without the risk of getting into too much debt. Once the credit rating has improved the card holder can start looking at more mainstream products offering better rates.
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