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 Card Overhauls Seem Likely New York Times, United States - By JANE BIRNBAUM Consumer advocates say regulation of the credit card industry has long been without teeth. But as card holders struggle under the weight of ... Congress want's to spy on your credit card purchases. |
 BBC News | Credit crunch: UBS piles $7.5bn on to its write-down bill guardian.co.uk, UK - The Swiss bank said that if it managed to break even in the second quarter it would only be due to an unexpected tax credit. The bank, once renowned for its ... Tax Credit Saves UBS From Large Loss Helped by tax credit, UBS expects to beat analyst forecasts for ... Tax credit to save UBS from another hefty loss |
When Credit Gets Tight, a 401(k) Loan Becomes Tempting New York Times, United States - Banks are frantically reducing the credit lines on existing home equity loans. Credit card issuers are deploying similar tactics. That makes 401(k) loans a ... |
 Boston Globe | Crisp snares the ball, but doesn't get credit Boston Globe, United States - Coco Crisp's glove touched the ground, but the ball never did as he caught Derek Jeter's liner. Still, umpire Wally Bell ruled that Crisp trapped the ball. ... |
 Javno.hr | CGFS calls for credit ratings change Financial News, UK - According to the report: "credit rating information should support, not replace, investor due diligence; CRAs should enhance the information underlying ... Builder Toll Bros. has its credit rating slashed SEC’s effort to ease reliance on credit raters is limited by host ... The Cons of Consumer Credit Counseling |
Improved credit score could mean big savings Chicago Tribune, United States - If you can improve your credit scores, you will probably spend less money, perhaps hundreds or thousands of dollars less each year. ... Stay well on top of your credit score Do you take his debt when you tie the knot? National Class Action Settlement Can Help Your Rates |
Home values fed spiraling card debt Indianapolis Star, United States - To her surprise, her credit-card limits soared even more. One card issuer more than tripled her spending limit, to $17000. Another increased her limit 60 ... The Sky's No Longer the Limit |
Figuring out, raising your credit score should be first step of ... Atlanta Journal Constitution, USA - They want to know how likely you are to pay back the loan on time, and they look to your credit score for that information. But if you're like many home ... |
Investment advice: Surviving the cash crunch New Zealand Herald, New Zealand - An investment-grade credit rating. This is a Standard & Poor's rating of BBB- or better. UDC: Owned by ANZ and lends to businesses buying vehicles and ... EU urges credit competition City of Moore's credit rating upgraded S&P to review Starbucks credit ratings |
 AFP | Credit Mutuel makes firm offer for Citibank in Germany: sources AFP - PARIS (AFP) — Credit Mutuel of France has made a firm bid for the German retail banking activities of US giant Citigroup, which operates in Germany under ... Credit Mutuel of France bids for Citigroup Deutsche Bank Still Running for Citigroup Unit, Bild Reports Commerzbank drops out |
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