18 Apr 2024

Which Credit Card is Right for You?

Credit cards can be wicked to your wallet sometimes. If you don’t pay enough attention to them, they can throw a tantrum, costing you extra charges and interest that will knock your credit score. However, when you treat them with respect and a little TLC, credit cards are often very nice in return. As a little incentive, different providers have different bonuses in order for you, and it’s actually very easy to find a card that will suit you. Here are some of the best credit cards on the market for a variety of purposes.

Best Balance Transfers

There are loads of companies that give you 0% on balance transfers for a limited time, which will help you to consolidate debts or even give you a debt where you pay no interest except a one off fee. The top card for doing this is MBNA, which also provides the Virgin credit card. This gives you 0% on balance transfers to other cards for a huge 15 month period, and you can even transfer into your current account for a 2.98% fee.
When you conduct a balance transfer cut up the card afterwards. If you spend on a balance transfer card then it will start accruing interest of around 15%.

0% on Purchases

There are other cards that also offer 0% on purchases for a period of time, and some also offer 0% on balance transfers. This means you won’t have to pay interest on anything you buy with the card for the offer period. Both the Halifax One Card and HSBC Credit Card both offer 0% on new purchases for 12 months.

Best for Cashback and Rewards

Cashback and rewards cards are different from 0% cards because you will more than likely accrue interest. To put it simply, you spend on the card, pay it off, and receive bonuses. These can vary widely, but a common one is cashback. Many of the American Express Credit Cards offer cashback and rewards deals; the Platinum card offers 5% cashback on purchases up to £4000 for the first three months. You’ll need a good credit score for these cards though, so bear this in mind before you make your credit card application.
One of the best ways to enjoy a reward card is to use one from one of the big supermarkets. If you shop regularly at a Tesco or ASDA, and you buy petrol from there, then it’s likely to be your biggest monthly spend. Tesco offer 0% on all instore purchases for a year and you can get significant club card point’s bonuses. ASDA’s 0% credit cards also allow you to earn points, as well as cutting 2p off every litre of ASDA fuel.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.

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