Compare Credit Cards
Credit cards are a fairly modern invention, having been introduced in the nineteen fifties. After a slow start, the nineteen eighties saw a huge increase in their use and now there are a myriad of cards in existence, with each provider offering a so-called good deal for prospective applicants. Choosing the best and most appropriate card becomes a major, time-consuming task.
Compare and Save on Credit Cards.
The aim of Money Discount Centre is to find the credit card which is best suited to the individual. It is certainly not the case that one card suits all as there are a number of reasons why a person wishes to apply for one. For many, it is the ability to spread the cost of an item over a period of months. For others, it is the opportunity of transferring balances that are incurring interest, in exchange for an interest free period. While others choose their credit card according to the reward system that is offered. Air Miles or Loyalty Points offer an attractive incentive for choosing a particular card. If you use only one card for all your purchases, these air miles or points can became a significant figure over a fairly short period of time.
A major advantage for the credit card holder is the protection received for purchases over £100.00. Whether paying in person, by telephone or over the internet, credit cards offer a safe and convenient way of paying for goods and services. Under Section 75 of the Consumer Credit Act 1974, if you have a valid claim against a retailer or a service provider, the credit card company is equally liable.
Once the appropriate type of card has been selected, you then face the task of finding the product th offers the lowest interest rates, the APR, or the longest interest payment holiday when transferring balances. Money Discount Centre has a data base that is updated daily to ensure we give you the most accurate information in order to assist you in making an informed choice.
Terms used by credit card companies are as follows:
APR:
This is the annual percentage rate that you will be charged for money owing.
Each month you will receive a statement of expenditure and will be given the opportunity to pay a proportion of the amount owing. This amount is not negotiable and must be paid to keep your account in order.
Balance Transfer:
Interest rates are generally lowered for a limited period when a card debt is being transferred from one issuer to another.
Interest Free Period:
This is the time between buying an item and actually paying for it. This can be as much as seven weeks. If you clear your bill each month you are benefitting from an interest free period.
Promotional Rate:
A promotional rate will be valid for a fixed period. This lower than normal rate of interest is offered to encourage credit card users to change their provider.
Things to bear in mind when using a credit card:
If you are make the minimum payment each month, the total cost of your purchases will be excessive as it could take years to repay the debt.
Setting up a direct debit is wise as an oversight can give rise to late payment fees which are punitive.
Make sure you keep within your limit as it is very easy to spend beyond your affordable budget.
Check the interest charged when using a credit card to withdraw cash, as the amount will be higher than for the purchase of goods and services.