Choosing a credit card can prove to be a difficult process. There are so many aspects to consider: interest rate, information on balance transfers, considering how the credit card will compliment your spending habits, etc. SimplyFinance has put together a guide to help you choose your new credit card. This guide offers credit card comparison in order to find the best products for your needs.
The process of choosing a credit card does not have to be difficult, but it is good to be informed about what it is you will be getting from your new card. Often, the provider a credit card will offer tempting deals, but these deals may not actually benefit you in the long run. This tool allows you to compare each credit card to see what options are available, and which offer you the best deal.
An important feature to consider with respect to your new credit card is the interest rate on your purchases or balance transfer. A popular feature in opening a new credit card is the 0 per cent introductory rate on purchases. This is a highly flexible option, as you avoid interest charges and can manage cash flow during the introductory period by being able to buy now, and pay later with no penalty. Trying to find a credit card with the longest introductory period will be your best option to save money. Additionally, moving your credit card debt to a new card that offers interest-free on balance transfers. This will help to save you money by reducing any and all interest on your credit card debt until the introductory period is over.
You should also consider trying to find a credit card that will give you a permanent low-interest rate, making them a good card for long-term use. By securing a credit card with a permanent rate, you can avoid incurring the companies standard variable rate after an introductory period of 0 per cent APR. Locking in a permanent low rate with your credit card company will help you to avoid the inconvenience of switching cards to benefit from low introductory rates.
Another feature to research for your new credit card is the option of cash back for spending. This is a great offer for those who are capable of paying their credit card balance in full each month. This option will offer the credit card holder a percentage of every pound spent, benefiting the cardholder with a little extra money for their usual spending. It is important to note that this offer is only truly worthwhile when you are able to pay the credit card balance in full each month, as any extra money earned will otherwise go toward paying interest.
SimplyFinance has compiled this list of the top rated credit cards. This list allows you to easily research the benefits of each credit card at the same time. Please consult our list of credit cards from the top companies to find the best option for you.