April 29, 2005

Choosing the right credit card and getting your hands on the cheapest on the market can be a confusing experience and could leave you wondering if you have made the right choice. Take your time and think it through because you don’t want to regret your decision before the first statement has fallen on the doormat.

"The reason that the Internet can offer us a better deal is by they’re lack of overheads"

The first step to take is to find a credit card that has the lowest interest rate possible and these will be more than likely found being sold by an Internet credit card company, as these are probably better looking at first before you head to your bank or building society. The reason that the Internet can offer us a better deal is by they’re lack of overheads that other companies have to take into consideration before setting out they’re rates and figures.

Be Aware Of Some Credit Card Companies

Some credit card companies are giving interest rates of 8% or less, though you could expect to pay up to 30% in some cases like the Vanquis credit card that can charge you upwards of 65%, they should certainly be over looked.

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"If you have a low credit rating you will more than likely be refused a cheaper credit card"

The one thing that can let you down though when you apply for a cheap APR credit card is your credit rating. If you have a low credit rating you will more than likely be refused a cheaper credit card, leading you to taking out a credit card that is holding a higher APR, this might not seem fair but it’s the same old story of “money going to money” and some can be penalized for having less than others. Another kick in the teeth if you have applied for a cheap credit card is the fact in some perverse way, when you have been knocked back for the card, it effects your credit rating even further for a period of time.

Sometimes there can be a sting in the tail......read the small print

So what of all these 0% interest deals that are being advertised by most of the big credit card issuers? Well these deals are being put up to attract customers in the hope that they will stay loyal once the period of 0% is over, but be wary a lot of these deals when over can scrape back a lot of the cash that you have saved over the period of say 6-9 months that they have given you, by having a larger than normal APR after the 0% deal ends, so always again make sure that you don’t jump in feet first and take the first credit card that you see.

Be careful make sure that the credit card that you are about to buy is the right one for you, because you want to be the master of the card and not let it be the master of you.