Choosing The Right Credit Card
When there is a deluge of credit cards on the market, you are faced with the problem of choosing the one that suits you best. How do you do this? Its simple. First, find a credit card by asking the following questions:
Is there an introductory 0% interest period on purchases?
What is the annual fee like?
Is there any cash - back?
What is the Loyalty scheme?
After youve found out the answers, then ask yourself the following questions:
Will I be able to pay back the credit card balance in full before the interest kicks in? (If you do, then you could either be rewarded by receiving a cash back card which gives you a small percentage of spending back or you could opt for reward schemes like Air Miles or Nectar.)
Will I use it occasionally? (If you do, then opt for an Affinity card which is linked either to a charity or an organisation. Though all Affinity cards operate differently, they will offer you special benefits e.g. donating a small percentage of your expenditure to your affiliated charity or giving discounts on your car insurance.)
Am I the kind to shop around for a better bargain? (Go ahead and take full advantage of the introductory 0% rate offers. Once that ends, then move on to yet another great introductory offer.)
Am I the kind who will fall into the credit card debt trap? (No problem. Simply transfer you balance to a card that either offers a long introductory 0% rate or guarantees a low rate for the life of your balance.)
Syed Abedin is a Mortgage Advisor. He can be contacted at: syzab (at) btinternet.com Credit Cards UK
