Happy to compare CREDIT CARDS by yourself?

All Round Credit Cards

Finding a good all round credit card online will allow you to make large purchases AND pay off some debt at 0% interest

A balance transfer and purchase credit card could save you hundreds in interest payments AND allow you to spread the cost of big buys

 

Need to know

  • The 0% interest term and the handling fees are the most important factors with these credit cards- pick the card that will give you enough time to pay off the balance interest free and then look at the other rewards from there
  • A balance transfer credit card will transfer your debt (balance) from an existing card on to one with a 0% interest which will save you money on the interest. A purchase credit card allows you to pay off purchases with 0% interest. These cards combine both
  • Most providers charge a handling fee to do a balance transfer. This is normally 3% so you need to weigh this up against what you will save with 0% interest - it's like getting a short term loan at 3%
  • You can also use a 0% interest balance transfer credit card to make your bills more straightforward by transferring debt from several different places into one monthly (and interest free) repayment
  • Make yourself a payment plan and keep the end dates in mind if they are different lengths of time for purchases and for balance transfers. Check with your provider to ensure the deal that expires first is paid off first- Tesco Clubcard assured us that they will pay off the deal that expires first automatically but it is always worth double checking
 

All Round Credit Cards

A good all round credit card will allow you to make large purchases AND pay off some debt at 0% interest

Watch out! Four rules for all credit cards

  • Don’t use your credit card to withdraw cash unless you have to. Your credit card is VERY likely to have a high interest rate on any cash that you take out which you will start getting charged from the moment you withdraw it. There is also likely to be a withdrawal fee (we’ve only found a couple with no fees at all). These rates won’t be affected by another deal you might have
  • Look out for annual fees. The fees tend to be charged so you can access higher rates of cashback, airmiles or similar. If you’re not getting a superb deal that makes up for the fee then the cards are not worth applying for
  • Be careful! A lot of 0% or low interest credit cards will automatically set your direct debit amount very low each month so that at the end of the interest free period you end up with a large outstanding balance
  • If you don’t make the minimum monthly repayment then you may lose your deal
 

The inside track

  • Your eligibility when applying for these credit cards online is affected by your salary and credit rating. For some tips on how to check and improve your credit rating have a look at this guide
  • Using your card on cashback sites will help you save even more on your purchases 

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