Is Your UK Credit Card Doing You Credit
With over 1,300 UK credit card providers, the credit card industry in the UK has mushroomed beyond all recognition in the last decade.
Nonetheless, much like at any other time during which credit cards have been made available to us in Britain, once we select a credit card provider we rarely change. This does beg the question: “Is your UK credit card doing you credit?”.
Competitive interest rates
With the publication of the recent Office of Fair Trading report on excess interest and fess being charged by UK credit card issuer, many credit card providers in the UK are now having to re-examine the interest rates they charge.
Consequently, it is possible to obtain extremely competitive (for credit card use) interest rates at the moment. Do be left behind, make sure your card provider is offering you the best rate of interest available in the market place.
Some credit card providers charge their members an annual membership fee. Others charges what are known as hidden fees if they fail to make repayments on time, use an ATM to withdraw money, conduct transactions overseas, etc.
However, with the cut-throat nature of the business at the moment, you should be able to make sure you get a provider willing to offer you a credit card without you having to incur these fees.
Make your credit card loyalty program work for you
9 out of every 10 UK credit card users now chooses to have a credit card provider that also offers a loyalty program that we like.
However, more than 1 in 5 of us neglects to redeem our loyalty points in a timely manner. This is estimated to be a net cost to credit card users of £50 per issued credit card.
If you are not making maximum use of your loyalty program, then you are not making maximum use of your credit card and your credit card is not doing you credit!
In need, transfer your credit card balance
Credit card providers have caught on to the trick where credit card users transfer balances from one credit card provider to another in order to take advantage of special introductory promotions.
However, if you’re on of the 6 out of every10 Britons’ who carries over a credit card balance each month, and are stuck with paying high credit card interest,
and have not investigated whether or not you might be able to reduce this burden by transferring your balance to a promotional program with a lower rate of interest, then you are not making maximum use of your credit card.
Be willing to look at the competition
Finally, whether you are credit card user who like to pay off their balance in a timely manner at the end of each credit card statement payment day,
or one who carries over a debt on your credit card each month, the most important thing about using credit cards in the UK today is that you educate yourself about what is going on in the UK credit card industry and that you be willing to swap and change provider to meet your individual credit card needs.
In short, similar to staying with the same employer throughout your working life, the days of staying with the same credit card provider throughout your adult life is a thing of the past.
Selecting a Credit Card In the UK
Are you ready to find the solutions you have been searching for?
Credit Card Companies are all over the world and so are Credit Cards. Some of the Credit Card Companies just issue cards to a specific country or area that they are in.
If you live in the UK, then you may require a little information regarding Credit Cards that are available for you.
Credit Cards that you get in the UK are not any different from any other Credit Cards. The Credit Card Companies offer individual incentives to get clients a 0% APR for a specific amount of time , no annual fees, and you may even be free to register for the Credit Cards Online.
Most Credit Card Companies based in the UK do not give their Cards to consumers in other countries due to security reasons. However, if you live in the UK, then there are many Companies that are sure to let you fill out an application to receive their specific Credit Card.
There are a great many Companies that encourage you to register online. They stagger you with ads, ‘guaranteeing’ a 60 second approval.
Credit Card use in the UK can create financial problems exactly as it does all around the globe. People in the UK owe tens of billions of pounds in Credit Card debt at an interest rate of over 16% and this figure keeps getting higher and higher.
Debts over 2500 pounds are common to ten percent of the people in UK and combined with high interest rates, this figure is near impossible to get to come down.
There are some benefits to having a Credit Card that a good many UK consumers find appealing.
A few of the Credit Card Companies offer cash back with purchases, air miles, travel insurance, and insurance for your purchases. A Credit Card looks perfect to a great many UK consumers, specially when you add in the discount vouchers.
If you choose to register for a Credit Card, you should research all of your choices to find the one that is best for you.
Once you receive it, you need to be careful in using it or you could find yourself in a financial mess. If you use your Credit Card wisely, then you will discover that it can make your life easier, no matter what Nation you reside in.
Thanks for taking the time to read my article. You should continue searching for additional information to help you.
Choosing a Credit Card In the UK
Credit card companies are all over the world and so are credit cards. Some of the credit card companies only offer cards to a specific country or region that they are in.
If you live in the UK, then you might need some information about credit cards that are available for you.
Credit cards that you get in the UK are not any different from any other credit cards. The credit card companies offer special incentives to get customers like 0% APR for a specific time period, no annual fees, and you may even be able to apply for the credit cards online.
Many credit card companies based in the UK do not give their cards to consumers in other countries due to security reasons. However, if you live in the UK, then there are many companies that are sure to let you fill out an application to receive their specific credit card.
There are many companies that encourage you to apply online. They overwhelm you with ads, promising a 60 second approval.
Credit card use in the UK can cause financial problems just as it does all over the world.
People in the UK owe tens of billions of pounds in credit card debt at an interest rate of over 16% and this figure keeps getting higher and higher.
Debts over 2500 pounds are common to ten percent of the people in UK and combined with high interest rates, this figure is near impossible to get to come down.
There are some benefits to having a credit card that a great many UK consumers find appealing.
Some of the credit card companies offer cash back with purchases, air miles, travel insurance, and insurance for your purchases. A credit card looks good to many UK consumers, especially when you add in the discount vouchers.
When you decide to apply for a credit card, you should research all of your choices to find the one that is best for you.
Once you receive it, you need to be careful in using it or you could find yourself in a financial mess. If you use your credit card wisely, then you will find that it will make your life easier, no matter what country you live in.
Reap More, Save More With The Best UK Credit Card
In the United Kingdom, the credit card phenomenon is not at all different from what the United States or any other country has for that matter. This just goes to show that a lot of people are finding credit cards as feasible means as well.
However, most people in UK would rather obtain the best credit card there is than to suffer at a later stage. And so, getting the best UK credit card is very significant for most English people.
In most instances, the best credit cards would usually mean low interest rates, offers rewards, and excellent introductory rates.
But then, it is really important for every UK consumer to shop around for the best credit card deal.
And so, here are some of the best UK credit cards:
1. Virgin credit cards
The very best feature of Virgin credit card is that it allows their consumers to prefer which features they would want to have on their credit cards.
That means they could have the chance of getting a 0% balance transfer rate for 9 months, a fixed annual percentage rate of 15.9%, plus more rewards every time the credit card holder uses the card.
What’s more, people get to choose their very own creative Virgin card motif making it way above the rest.
Virgin credit card also offers great flexibility.
2. The Marbles credit card
This UK credit card is considered nowadays as the card with the best value and has a high orientation on customer service.
They have a 24 hour customer service hotline. Plus, they also provide a regular monthly statement through online announcements.
It also has 0% stable balance transfer rate for 6 months from the start the account has been opened.
3. Morgan Stanley Credit Card
This is considered as one of the best UK credit cards because it has 0% introductory rates for balance transfers good for 6 months.
It also offers a fixed rate of 14.9%, and their 1% cashback is considered as one of the highest available in the UK market today.
4. The egg credit card
In UK, egg credit card is considered as one of the best credit card in the industry today. It also offers 0% introductory offer not only for balance transfers but also for ordinary purchases, and that is available all through out the 6-month period. Their annual percentage rate is also set to a standard rate of 14.9%.
With all these 0% introductory rates, low APRs, and everything, these credit cards are definitely the best UK credit cards in the market today. Hence, for most UK consumers, shopping had never been this better.
UK credit card
UK credit cards and balance transfers
Credit cards are pretty popular and in widespread use in UK. Credit cards are accepted at most shops and other merchant stores/outlets. As in the US, UK credit cards too are on offer from various banks and financial institutions.
Again, UK credit cards too offer a number of benefits which vary from one UK credit card to another (though there are a lot of common benefits too which are same across various UK credit cards).
Due to the fierce competition in the UK credit card market, various UK credit card suppliers offer attractive balance transfer schemes too.
There are some UK credit cards that offer 0% balance transfer for 9 months and there are others that offer 0% for 6 months.
However, the catch here is that these UK card credit suppliers differ on their standard APR rate i.e. the APR rate which comes into effect after the expiry of the introductory 0% balance transfer offer.
Further there are some UK credit cards that do not offer a 0% balance transfer but instead offer a better standard rate (APR) throughout.
Some UK credit card suppliers combine 0% offers with accrual of points on a rewards programme. Another popular thing among UK credit cards is to combine cash back offers with balance transfers.
Then there are some very attractive offers which give 0% not only on balance transfers but also on Purchases (for a short period like 5 month or so).
You also have a few UK credit cards that can be procured by people with bad credit history too (of course, the decision on approval of such a credit card application will lie with the credit card supplier).
So what does one do if one wants to transfer balance to another UK credit card. Well, it’s quite simple. You need to take stock of your current financial situation and determine if a period of 6 months or 9 months (or maybe even 12 months) would be sufficient for you to fully payback the dues on your UK credit card.
If the answer is in the affirmative, just go ahead for the UK credit card that offers 0% balance transfer for this period (even if the standard APR rate is a bit higher).
However, the assumption here is that once you payback the debt on your UK credit card, you will stick to controlled spending and will pay your credit card bills in full amount by the due date for payment; otherwise, the choice of a higher standard APR will hit you very hard and you will be in deeper trouble.
However, if you think that 9 months is not sufficient to pay back the debt on your UK credit card, then you should look to strike a balance between the zero APR period and the standard APR rate, and choose a UK credit card which leads to the least total outgo (you will need to sit with a calculator and calculate the total outgo on various UK credit card offers).
This is the most basic aspect that you need to consider before you decide on which UK credit card is the best for transferring balance. Other things like 0% on purchases, reward programmer points etc are secondary things.
Is Best Uk Credit Card Mean The Cheapest Available?
It may be very tempting to think that in order to get the best UK credit card you need to look for the cheapest UK credit card available.
Tempting as it may be, it would also be wrong. In order to know whether or not you have the best UK credit card on offer, you need to make sure that the card meets most, if not all, of your needs. And to that, you need to look at what the card offers:
In order to be considered among the “best deals” lists of UK credit cards on offer, a number of UK credit card provider advertise low annual percentage rates of interest, but counter for this by charging their cardholders fees for being members.
These fees can include transaction fees and annual membership fees. If you find that your UK credit card company is charging you fees, but a lower APR than other credit card companies are,
you may find that adding the amount you pay in fees to the APR you are being charged makes the amount you pay at the end of the day more than if you had selected a UK credit card provider who offered a slightly higher APR, but with no fees.
Interest free credit days
These days not all UK credit card providers offer the same number of interest free credit days in which to make payment following a purchase on your credit card. Indeed, the number of interest free credit days can be as varied as 36 – 54 days.
So, what’s better, to have a UK credit card provider that offers a lower rate of interest but for 36 days, or a UK credit card issuer that has a slightly higher rate of interest but gives you 54 days of interest free grace before charging you interest on the balance?
It is possible, with loyalty programs, to make your credit card work for you. Consider: what if you had a UK credit card company that offered you cash-back rewards with every purchase you made but at a marginally higher APR against a UK credit card company that offered you no reward program with a slightly lower APR.
Which would be better for you?
Well, obviously this would depending on your credit card habit, but is you were the type of UK credit card user that paid off your credit card balance at the end of each month, then most certainly the credit card issuer that offered you the cash-back reward program would be better for you!
Under the law, UK credit card companies must offer you insurance on the product that you purchase, i.e. within a select number of days you can return the gift if it is faulty.
But, does this apply to overseas purchases? Does it apply to items you break yourself? Indeed, will your UK credit card provider offer you additional insurances,
like medical insurance when you travel or holiday cancellation insurance when you buy your holiday with your credit card? If not, you may need to purchase these separately and the additional cost may end up costing you more than additional cost of your slightly more expensive UK credit card.
Determining whether or not you are getting the best UK credit card deal depends very much on what you intend to use the credit card for.
One thing it will most probably not depend on, however, is whether the card is the cheapest UK credit card available on the market.
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