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Looking for that Low interest Credit Card?
If you have been shopping around for a Low Interest Credit
Card you will notice that the UK market is awash with Credit Card
companies offering low rates to entice you to apply for their
Cards.
There has never been a better time to consolidate your credit
cards and get a far better interest rate. There are many offers
out there but they all offer pretty much the same thing. The only
thing that varies is the APR the 0% balance transfer period and
possibly reward points for using the card.
With all these cards on offer you can be very selective and
apply for a card that suits your needs and spending habits.
Looking to consolidate you existing credit cards?
Points to consider:
How long is the 0% balance transfer period for?
These can usually range between 6 and 9 months. These periods
of 0% interest may seem attractive but make sure you know what
the APR will revert to after the period comes to an end. Read the
fine print as some credit card companies will expect you to spend
a min amount to secure this low rate. Don't fall for this as
there are many that do not expect you to spend anything.
Do you plan on clearing the balance within the 0% period?
If you do not plan on clearing the balance it may be
worthwhile getting a card that has a low balance transfer rate
for the life of the balance. Some credit cards will set a low
interest rate until you pay off the balance in full, whether it
takes 6 months or 6 years. This way you don't have to worry about
paying a sudden increase in interest rates at the end of an
introductory period.
Once you have established how to manage your credit card debt
you will be in a much better position to choose the right credit
card. The UK is in the grip of a huge debt epidemic and it's
important to ensure that you are paying the least amount of
interest on your debt. Also ensure that you are making your
monthly payments. If you can afford it try and pay more than the
minimum required every month as the longer it takes to pay off
your card the more the credit card companies will make off you
through interest charges.
Many people will transfer their credit card balances every
time the 0% introductory period runs out. A term used for this is
a "Card Tart" and as far as I know it's not illegal. The amount
of times you apply for a credit card in a 12 month period may
have an adverse effect on your credit rating so beware you are
not damaging a perfectly good credit history by continuously
applying for a 0% credit card.
Grant Marwick is a freelance writer and owner of http://www.only-credit-cards.co.uk
where you will find advice and more articles on Low interest and
0% Credit
Cards
MORE RESOURCES:
Credit - Google News
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