Choosing the best credit card for you
Choosing the right credit card for you will depend on the how you spend and buy with your card. Different spending habits will require different types of credit cards and it is important to do your research so that you can get the best possible deal. Firstly, you need to work out how you intend to use your credit card and know what your current credit rating is.
1. If you are a person who always pays of their monthly balance then you should consider getting a credit card that does not charge any annual fees. You also need a card that has the best interest rate grace time, at between 4 and 5 weeks. Since you would not be borrowing money, the interest rate would not be important - so it could range from as low as 29.9 percent to as much as 50 percent as it will not be applicable.
2. If you do not always pay off your monthly balance every month then you need to consider a card which has the lowest rate of credit card APR. This may work out cheaper for you even if the company requires a significant annual fee.
3. If you have bad credit then you have a number of options. You could consider a specialist card that is designed specifically for customers who have bad credit ratings. These cards typically have low credit limits, which are usually no more than £500. The interest rate is often higher than standard cards, sometimes above 30 percent. However, these cards will help to repair your own credit rating in the future and they don’t usually involve an annual fee.
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