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Pay Off Your Credit Card Debt

September 21st, 2009 by Credit Card Finder UK


So you want to pay off your credit card debt? Good on you. You probably already realised that throwing away your bills into the trash bin didn’t help much. In fact, debt is like a cat who pounces on the mouse; it’s a slow dying process as interest rates drain you of your blood, your essentials, sucking the very air your breathe dry and leaving you gasping for air while you scramble to find the money for an ever increasing amount of debt.

Fighting debt is hard is you can’t breathe

To know how to effectively fight debt is knowing what can be done to get rid of it. Right now you are probably like a swimmer who can’t swim. You frequently come up for air but because you haven’t perfected the right stroke you struggle more than necessary. It’s hard to use your mind when the going is tough, often we go from bad to worse because we can’t see the sky for all the clouds hanging low.

Debt busters to reclaim your life

The following debt buster tips will help you to reclaim your life and pay off your credit card debt bit by bit.

• Find more cash flow to pay off more than the minimum each month: If you are serious about getting rid of your credit card debt (and you should be,) start by getting rid of luxuries first. Find money you didn’t think you had (like the languid coffees as the shop each morning, or the after-hours drink on Friday afternoon). You know best where you can give up certain luxuries and use them instead to pay off more on your credit card bill than the minimum each month.
• Use the debt snowball system: By paying off your biggest interest rate card first and then moving to the next one will help you to bring into effect what is also called the snowball system. Once it gathers momentum it will reduce your existing debt much faster than doing what you currently do.
• Consider a balance transfer card: Balance transfer cards are a great tool when you consider the snowball system. By transferring your existing high-interest debt to a lower interest or interest-free card you can take advantage of more savings while paying off your debt much faster. Many of these cards give you a honeymoon period, meaning you won’t have to pay any interest for at least six months.
• Get a line of credit for your home: If you have a mortgage and paid off some equity in your home then it might be possible to get a line of credit for it and draw against your existing equity in return for some cash to go into your credit card debt. As home loans usually attract a lower interest rate than credit cards this might be a way to save money while paying off your debt.
• Borrow money from family or friends: If you are in good standing with some friends or family someone might lend you money to pay off your credit card debt. Be aware that this could ruin a relationship. Wherever money is involved, problems are not far away.
• Negotiate a better deal with your creditors: Start with your creditors and try to negotiate a better deal for your debt. They might give you a better interest rate, remove it altogether for the time being or drop some of your debt if you can pay back a certain amount. It certainly helps to ask.
• If nothing else works, file for bankruptcy: This is nasty because it will affect your life for years to come. If there is any way possible, do not file for bankruptcy. Having said this, if the pressures of your debt becomes too much to handle bankrupcty is often the one way out promising peace of mind long-term.

As you can see, there are several ways to pay off your credit card debt if the mind is willing. Ask for help from a qualified professional if you can’t handle the stress by yourself. Many companies are there for this purpose.




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Get A Better Deal With Credit Card Finder UK

September 21st, 2009 by Credit Card Finder UK


The best credit card deals are often right there in front of your nose, yet you just fail to see them. If you are an existing credit card consumer with a wish to find a better deal, then you can’t look past UK balance transfer cards. These cards are often worth their weight in gold and more because they allow us to conveniently transfer our existing credit card debt onto a better card with much better deals.

Best credit card deals in the UK for balance transfer cards

A UK balance transfer card is ideal if you are looking for a good deal. There are literally hundreds of credit cards on the market and choosing one that is right often requires hours and days of research. This is frustrating because who in their right mind likes to calculate financial data anyway. We sure as hell don’t think you do, that’s why we have done the hard work for you and found the best credit card deals in the UK.

The following four cards have all made the short list out of the lot giving you more bang for your hard-earned buck:

• Virgin Money Credit Card MasterCard: Get a full 0% interest rate for 16 months with a low 2.98 per cent balance transfer fee. APR is 16.6% variable
• Halifax All in One Credit Card: 0% interest for 9 months with a 2.90 per cent balance transfer fee and a 15.9% variable APR
• Virgin Atlantic White Card: 0% interest for 6 months, 2.0 per cent balance transfer fee, 17.9% variable APR

Best card deals with Credit Card Finder UK

Let us help you by doing the research on your behalf. If the above cards are not what you need right now then just drop us a comment or email and we can comprise some research based on what you need.

Better deals on UK cards

Before you choose any credit card you need to understand card features first. The more you know about these, the better can you make an informed choice.

• Interest-free introductory period: These are commonly offered on balance transfer cards (see above) to allow you to pay off existing credit card debt without added pressures
• APR: This stands for annual percentage rate which is set by the Bank Of England. This rate is entirely dependant on the state of the economy. This is the interest you pay on your purchases whenever you use your card. Many cards come with an interest-free period of 44 or 55 days giving you more leeway to save money
• Cash back/Money back/Loyalty schemes: These are schemes introduced by lenders to give you incentives to use their cards. Some give you money back on purchases made while others give you vouchers, frequent flyer points and other gifts

It’s a matter of knowing the market

Getting the best credit card deals is only a matter of knowing what’s on the market and how each card refers to your needs. Once you understand the features and responsibilities with each card you can make an informed choice.




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How To Get A Credit Card With Bad Credit

September 21st, 2009 by Credit Card Finder UK


How to get a credit card with bad credit is a question many consumers ask themselves each day. Quite frankly speaking, it is a struggle, albeit not impossible. You have to understand that your credit card lender (the institution giving you your credit card) wants to be certain (as much as one can be) that you will repay your card debt to them. If your current credit rating is bad (i.e. you got bad credit) your application for more debt through a credit card will often fall on deaf ears.

However, there are ways to get a credit card with bad credit

As with every situation there are always ways in which you can get approved for a new card, even if you currently have bad credit. The following tips should help you get a new card:

1. Consider applying for department store or small retail shop credit cards: These cards are often easier to come by and small stores especially are happy to give you a second chance because they need to make sales to survive. The secret here is to repay your expenses when the bill arrives. You want to pay back the minimum at least.
2. Apply for a secured credit card: This will require you to open a security savings account and maintain it to get a line of credit from your bank. Most banks will use a percentage of your savings as the line of credit for your credit card. This means you won’t be able to spend money you don’t have
3. Get a co-applicant with a good credit rating: While this is great for you, it might be tricky for the other person because by co-signing they risk their own good credit rating while dealing with you if you lack money management
4. Ask your existing bank: If you talk with your bank and show them how serious you are about getting rid of your existing debt you might be able to strike a deal. Consider applying for a balance transfer card which can help you kill ‘two birds with the one stone.’ Get approved for a new card and pay back your bad debt

Tips to avoid bad credit card debt in the first place

Not getting into credit card debt is the best thing you can do and the following tips will help you stay alert and in control.

1. Refuse the temptation: It is common for existing card holders to receive a bunch of credit card offers by mail every so often. Be wise and refuse the temptation. Having too many cards is a nightmare in the making.
2. Stick with the big boys: If you need to buy on credit, use the big name cards such as Visa or MasterCard and American Express. Store cards might be great to get fast credit, but mind their expensive interest rates!
3. Always pay your bills on time.
4. Consider a card with the best offer for you: Not all credit cards are equal. Try to sort through the hype and find the card with the best deal for your circumstances.
5. Frequently check your credit rating: You can apply for a copy of your credit report (usually for free) to see where you stand. It is advised you do this once a year.
6. Spend within your means: If you can’t afford it, don’t buy it. While this is often frustrating, it is the best defence against credit card debt.

Now you know how to get a credit card with bad credit you should be well informed on your chances and responsibilities.




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How To Get A Credit Card

September 21st, 2009 by Credit Card Finder UK


If you have ever wondered “how to get a credit card’ then now is your chance to get the plastic fantastic into your hands after reading this article. The first priority you have is to establish a good credit history which of course is hard when you are young and just left school. On the opposite end of the spectrum, older people who have an existing credit history, yet a bad one need to re-establish a good track record to get a credit card application approved.

How to get a credit card?

Paying your bills on time and not getting into debt is the number one way to get a good credit rating. Another way is to make sure your debt-to-income ratio is low.

For young people the best and fastest way to get a credit rating is by using a department store card. These cards are basically thrown at you from all angles and regardless where you shop these days, chances are there is a ready-card for you from that shop.

The dangers of department store cards: One danger that lurks with these cards is the exorbitant high interest rates. Store card interest rates are massive and unless you intend to pay off your purchase in full when the bill arrives, don’t even bother using them because they can just as well ruin your credit rating track record.

In the plight of getting your credit card application approved, reliability is everything. If the creditor (the lender) sees you are a responsible spender, your chances of getting approved are bigger.

Focus on these main qualifications

The following qualifications are a must to get your card application through successfully and are a good start for you:

• You need to be 18 years of age
• You need to be in a stable job with a stable income (many card companies look for an employment track record here,) especially if you apply for the first time
• It is an advantage to have an existing savings or checking account with some money saved
• Your monthly utility bills should be lower than half of your income
• To qualify for a MasterCard or Visa credit card your annual income needs to be around £5,000 minimum
• You should have your own telephone account

How to get a credit card isn’t as hard when you know what the lenders are looking for in the first place. By now you should have a good idea of what is expected of you to make your credit card application successful.




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Credit Card Debt Management

September 21st, 2009 by Credit Card Finder UK


Credit card debt management should be second nature to anyone carrying a credit card. Not doing so is foolish and extremely risky. By applying for a credit card we effectively enter into a contractual agreement between the lending institution (often a bank) and ourselves. Since penalty rates on credit cards are usually very high it is important for you to understand the ins and outs of your card helping you to better manage your credit card debt in the process.

How to manage your credit card debt

The first step in credit card debt management is to understand your responsibilities i.e. what is expected of you by your card lender. Every card comes with its own deal and a common rule is that you have to pay off your card in full each month otherwise you are faced with expensive interest rate charges and penalty fees.

Once you are in debt the process becomes more serious and involves negotiations with your creditor. You can either do this by yourself or with the help of a qualified credit card debt management company.

What a credit card debt management plan can do for you

The company who helps you manage your debt will devise a debt management plan to help you pay off your debt in the quickest time frame possible. Here are some tasks they will do on your behalf:

• Contact your creditor (your card company) and negotiate a better deal; for example they could bargain for better interest rates, or even get them frozen for the time being allowing you to manage your card debt better
• Devise a payment plan that will allow you to distribute the money you can to all your debts in order of importance
• They will analyse the status of you as the debtor in regards to how many credit cards you owe, how big the debt is, your current employment situation and your income

Once they devise the right credit card debt management plan for you they will then work with you to help you get rid of your debt. The plan usually stays in operation until you clear your outstanding payments for good. Another description often used for this service is credit card consolidation.

Debt management tips to avoid/reduce credit card debt

Even so just about any debt can be tackled one way or another, it helps if you are acting in a responsible way to start with.

• Minimise the amount of credit cards you are using to minimise the dangers of credit card debt
• Only spend what you can afford
• If you are a compulsive spender, perhaps you should try credit card counselling
• Use a credit card with a low interest rate
• Consider a balance transfer card with a honeymoon (interest-free) period
• Get into the habit of checking your monthly credit card statements

Being informed and acting with responsibility is half the battle when it comes to credit card debt management.




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Check out our new Credit Card Balance Transfer Calculator

August 18th, 2009 by Credit Card Finder UK


We’ve just created this fantastic new Credit Card Balance Transfer Calculator.

If you’re thinking about transferring your credit card balance to a card like the Virgin Credit Card or the Halifax All in One Credit Card, then you can use our handy little tool belo

If you want to find the best offers for Balance transfers, check out our article.

If you’ve got no idea what we’re talking about, you can read our guide to Credit Card Balance Transfers.

How to use our Balance Transfer Calculator

1. Enter your interest rates and balances in the top half of the calculator
2. Input the interest rates and details of credit card you are looking to transfer to.
3. Stand back and look impressed at how much money you could be saving






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Avoid Financial Advice from Barclaycard

August 14th, 2009 by Credit Card Finder UK


If you’ve ever had the fortune to have Barclaycard offer you a ‘helping hand’, beware. Barclaycard has launched a financial advice line, targeted at customers who are reaching their credit limit, or who are not clearing their debts each month.
Customers will be sent a text or telephoned by the firm and invited to discuss their situation.

Barclaycard said it will offer free debt advice and the option to reduce minimum payments.

However, financial journalist Tricia Phillips, of Your Money Questions Answered, thinks it’s a scam, designed to increase the profitability of Barclaycard: “The only winners from the scheme will be Barclaycard, as this is simply a way of reducing their exposure to bad debts.”

She also pointed out that reducing minimum payments will simply increase the time it takes for customers to clear their balance – increasing the overall interest paid and driving up Barclaycard’s profits.

To top this off, they’re also increasing the interest rates for customers who they perceive as at risk.

“In the second half of the year, there will be a limited number of price rises where we have a clear indication that potential risks have increased,” said Antony Jenkins, chief executive.

Nice one Jenkins.

Barclaycard offers are not particularly compelling, and if you’re unlucky enough to have dealt with the ‘customer service’ that they provide, you’ll no doubt be filled with murderous rage. If this sounds like you, it’s probably time to think about a credit card balance transfer. The Virgin Money Credit Card and the Halifax All in One Credit Card are the best deals on the market right now.




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Strict Budgeting the best way to pay off Credit Card Debt

August 11th, 2009 by Credit Card Finder UK


In an amazing piece of insight, the Consumer Credit Counselling Service (CCCS), a financial advice charity, has said that the best way out of credit card debt is (wait for it) budgeting, and sticking to a budget.

Specifically they state that making “a strict and truthful budget” is the “first step” to getting out of credit card debt.

What is slightly insightful, and you should definitely be conscious of is their key sign of a consumer in financial difficulty is someone who withdraws cash from their credit card.

Further, they’ve revealed that an amazing 43% of people who are in serious debt are too scared to do anything about it. Indeed, fear is the number one cause of people’s reluctance to openly talk about their financial issues, a survey ran by the CCCS on talkaboutdebt.co.uk found out.

40% of respondants said that their debt issues were making it difficult to move on in their live.
“This stigmatism of debt also breeds mistrust – so people [...] find it hard to open up to or to trust a professional debt adviser”, said financial journalist Jessica Bown.

“The main concern is that while the fear factor is preventing people from talking about debt and seeking help, their debts continue to mount”, she added.

CCCS said consumers struggling with debt “need to take steps to confront [the] situation”.

The Citizens Advice Bureau recently revealed that is has received more than 400,000 queries in the last year from consumers struggling to pay back their credit card balances.

As we’ve always said, if you’re in trouble with your credit card debt, make a reasonable budget and stick to it. That’s you’re only option.




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Credit Card Fraud Most Common in London

July 28th, 2009 by Credit Card Finder UK


London, Thames Valley and West Mercia are the three places where credit card fraud is most prevalent,  according to fraud prevention service CIFAS.  Indeed, if you live in the south of England, your risks of ID theft are higher than our friends and family oop north.  The most common form of ID theft involved criminals stealing personal details from victims in order to gain access to credit card accounts.

“Facility takeover” fraud, which involves the remote hijacking of accounts, the most popular regions are Hertfordshire, London and Surrey.

David Clarke, detective superintendent at City of London Police, said: “The City of London Police welcome this report from CIFAS, which illustrates the seriousness of the situation with account takeovers and impersonation.

“The Force’s Fraud Review project team is working closely with CIFAS and other holders of fraud victim and offence data with a view to putting crime data such as these into the National Fraud Intelligence Bureau where they can be analysed and assessed and used to help fight fraud,” says Clarke.

Peter Hurst, chief executive of CIFAS, added: “CIFAS members and the police have viewed the rise in impersonations and account takeovers with concern and these figures help to highlight the areas with the highest number of victims.”

This type of crime is going to continue to rise, and while credit card companies will always work to mitigate the risks of these kinds of frauds, you should always be careful in revealing any personal information, and seriously consider investing in some kind of fraud protection insurance.




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Three hot tips to cut your credit card debt

July 21st, 2009 by Credit Card Finder UK


Credit card firms aren’t always as honest and open as we’d like. The government is planning to crack down on some of the cheeky ways they try to extract money from us, by banning credit card cheques, unsolicited limit increases, obscene interest rates and the use of ‘negative payment hierarchies’.

Although these plans are well intentioned, they will take time to implement; there is no silver bullet to save us from debt, so we’ve come up with three rules to help you manage your credit card debt.

Never take cash from a Credit Card

Your credit card is not a debit card, please never use it to take out money from a cash machine. Emergencies excepted obviously, real emergencies only. When you take cash out from your credit card, there is no interest free period, and you get charged from that moment at the highest rate. The same principles apply to credit card cheques. If you are doing either of these things, you’re handing money straight to the bank with no real benefit to you.

Have 2 credit cards, one for spending and one for debt

Keep your existing debts on a card with a long 0% balance transfer rate – the best at present is the Virgin Credit Card with a 16-month deal. Then use another separate card with a low APR for purchases – top of the tables is the, which offers 0% on purchases for 12 months.

Always pay off more than the minimum balance

Barclaycard recently announced a reduction on the minimum repayment on its credit cards from 2.25% to 1.5% of the outstanding balance. Under the original system, a £5,000 debt on a Barclaycard would take 31 years to repay if you were just making minimum repayments each month, accruing £5,900 worth of interest. The same amount paid back at the new minimum rate of 1.5% would take 98 years to pay back, with £22,300 interest accrued.

To avoid this lunacy, set up a regular payment system for as much as you can afford. This means you’re paying back as fast as you can and the proportion of debt you’re repaying increases with each payment.

If you’ve got a large amount of credit card debt, then it’s going to take a while to pay back, but with patience and a little extra work, you’ll be out of debt very soon.




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Top Myths about Credit Reports

July 17th, 2009 by Credit Card Finder UK


Credit reports are the tool that banks use to assess your credit history, and they in turn decide if you are worthy of credit.  Following is a list of the common myths about credit reports.

Credit reference agencies decide who gets a credit card

These agencies are paid to compile data on everyone.  Credit Card companies are responsible for making the decisions about whether you get a credit card or not.  The banks make an assessment of the risk and profit that applies to a certain credit card.  That in turn is translated into a credit card score.  If you apply for a credit card and have that score or higher,  they’ll give you the card.

You get the best deals if you’ve got no credit history

If you’ve got no credit card history, there’s no way for the credit card companies to assess your case.  This means they’re unlikely to give you a card.  This is why student credit cards are so common.  The bank can give students a bad credit card, with minimal credit and minimal risk, it gives the student an opportunity to build up a credit score and the credit reference agencies time to generate a score

I’m on a credit card blacklist

Your credit rating doesn’t take account of your colour, religion or place of birth.  Credit card companies are only looking for one thing from customers, whether they can make a profit on them.

Paying off all of your credit card debt is bad for your credit card score

The opposite is true, if you can pay off your entire credit card debt, it demonstrates you can manage your credit card debt.  On the other hand, making late or skipping payments is going to definitely have an adverse effect on your score.

My credit score can be affected by people who’ve lived at my address

Unless there is a financial connection between you and the previous resident, then it doesn’t have any bearing on your credit score. The reason they ask for your previous address is so they can check if you’ve got any outstanding debts at that address.  Conversely, if you do share a joint account with someone, then your credit score will definitely be affected by theirs.

It doesn’t matter how many credit cards I have

The way your credit card score is calculated is based around the risk you present.  If you are exposed to a lot of debt, credit cards or otherwise, then you present a greater risk.  This affects your credit score.

There is only one credit score

There are multiple agencies which provide credit scores.  The way these scores are interpreted varies from product to product and company to company.  Your score is also dynamic, and will change based on your behaviour; missing a repayment could lower your score, while paying off a card could improve it.




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Tell your credit card provider before travelling overseas

July 15th, 2009 by Credit Card Finder UK


If you’re planning a holiday this summer here’s some incredibly handy advices, make sure you call your credit card provider before you go overseas. Make sure to tell them where you’re going and how long you’re going for and a number they can contact you on. What can happen is that banks assume that any overseas transaction is a fraud and block your card, without bothering to call you.. This generally happens at the most inopportune moment. Being trapped in another country and needing to get in contact with your bank so you can buy food or pay for a hotel, is something no one needs. Trust me.

In an interview with the Guardian, Rupert Lee-Browne, chief executive at Caxton FX said

Many issuers use anti-fraud software programmed to flag up small transactions. This is because many fraudsters try out a card by making a small purchase before going in for the kill.

In addition, a spokesman from APACS, the UK payments association said

“Banks have intelligent fraud detection software so that if any purchase is out of the norm it will get flagged up. We have seen an increase in fraud abroad, so it is entirely possible banks are programming their systems to be especially sensitive to transactions overseas.

“One of the key pieces of advice is that you should ensure your card issuer has a 24-hour number for you and that you have the 24-hour contact number for your issuer so that if you do get a situation where your card is blocked, you can call them to resolve the issue.”




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Credit Card Debt Still Increasing

July 10th, 2009 by Credit Card Finder UK


The Bank of England has revealed the latest credit card lending figures, which cover May 2009. The figures reflect an increase in consumer debt of over £300 million, which is in line with the six-month average.
What this means is that £300 million more was spent on credit cards, unsecured loans and other advances than was repaid. This included a £200 million growth in net credit card lending.

The credit crunch has led to a widespread decrease in high street credit, were revealed in annual growth rate data. Overall consumer credit was found to have risen by 2.3% over the 12 months to May 2009.

This is well down on April’s 2.8% and is the lowest monthly rate this year. This suggests that banks are maintaining a tight grip on their credit criteria, leading to more conservative lending than before.

Elsewhere, the Bank of England said that there was currently £232.7bn of outstanding consumer credit left to be paid back at the end of May.




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Credit Card Security At Risk Globally

July 10th, 2009 by Credit Card Finder UK


The PCI Data Security Standard (PCI DSS), which is a set of rules for merchants that govern security around credit card processing, is facing some serious criticism from inside the finance industry.

Portaltech, an eCommerce provider, said that “some” security experts feel that the system offers only a “minimal baseline” of protection. They think that the rules that are included in the PCI DSS are not stringent enough to deal with the sophistication levels that criminals are using to enact fraudulent transactions.

This means that it’s more than likely that credit card customers are overly confident about the level of security that is associated with their credit card. This is not just a UK specific issue as the PCI DSS is the worldwide standard for protection against credit card breaches and scams.

The standard works by placing limits on the release and rules on the management of personal data associated with Credit cards. This data is the key to most credit card scams and highly prized by con artists. By getting this information they can fake the cardholders identity.

Andrew Walker, Portaltech chief executive, said: “Even though there have been many versions of the standard, each one is more onerous than the last and has not been successful in ironing out the problems. “Look at online application vulnerabilities. They’re arguably the fastest growing area of security, and for good reason — exposures in customer-facing applications pose a real danger of a security breach.”

PCI DSS was released in 2004 and is regularly updated.




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Beware of ‘Hidden Currency Charges while using your credit card overseas

June 30th, 2009 by Credit Card Finder UK


When you make a purchase overseas, unscrupulous merchants may charge you in pounds sterling rather than the local currency, without consulting first. The benefit of this to the merchant is that it allows the Merchant’s bank to set the exchange rate to the local currency, which results in the card owner paying a lot more than approved.
The BBC is running a story about Kirsty, from Warwickshire, who lost £17 on a €350 car hire purchase. Although these amounts seem fairly trivial, they can easily add up over time.

Kirsty having a short break in Spain, when she went to a local office of a car hire firm Centauro to pick up a car she had reserved online.

She was asked to pay a deposit of €350 on her credit card but did not check the receipt she had been given until she got home.
To her anger and surprise, the €350 she thought she had paid, had been changed into sterling at an exchange rate set by the car hire firm’s bank, not her own.
When she looked at her credit card statement, she realized that whilst the company took the deposit in pounds, it paid her back four days later in euros.

Kirsty comments
“If they’re doing this to every customer, every day, for every hire car, they’re making a tidy little profit at our expense,”


“[It's] a bit like giving the customer the small print after they’ve signed on the dotted line.”
The merchant has subsequently offered to refund Kirsty her £17, but this is still something a careful credit card owner should be aware of.




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Balance Transfer Credit Card Offers

June 22nd, 2009 by Credit Card Finder UK


If you’re in the market for Balance transfer Credit Cards, then this article should help you choose a credit card that’s right for you, if you want to know more, we’ve written an article about the process of credit card balance transfer.

Balance Transfer Credit Card Considerations

When choosing a card for a balance transfer, the main thing you’re looking for is the longest possible time with 0% interest on balance transfers. This means that the time that you’re not charged interest for the debts you have on the credit card, this is where the cost saving for balance transfers occurs. Other cards come with a few bonuses, so you should review them to see if the bonuses are more significant than the balance transfer savings.

The other key consideration is what your credit record is like. If you’ve got a bad credit rating, then you’re going to have a tough time getting some of the better cards, like the Virgin Credit Card or the Halifax All In One Credit Card, and you may need to set your sights lower, either in the form of card with less time to pay the balance transfer back, or a card with a generally lower interest rate.

What Balance Transfer Credit Cards Are Available?

With the global economic downturn, there are fewer credit cards targetted at balance transfer customers, here are the best three on the market currently:

Credit Card	Card Details	Interest Rate	Cash Advance Rate	Balance Transfer Rate	Annual fee	Interest free days
Halifax All in One Credit Card	The Halifax All in One credit card offers a great introductory rate, and is perfect for saving you money now as well as in the future.	15.9% APR	27.95% p.a. (variable)	0% for 9 months	No Annual Fee	59 Days interest free
Virgin Credit Card	As well as a great rate, the Virgin Credit Card comes with: A discount scheme Travel Accident Insurance Purchase Protection Insurance	16.6% APR (variable)	27.9% p.a. (variable)	0% for 16 Months (2.98% fee on balance transfers)	No Annual Fee	50 days on card purchases
Virgin Atlantic White Card	As well as earning Flying Club miles which you can spend on brilliant rewards like flights, upgrades, car hire and more, a Virgin Atlantic Credit Card gives you up to 46 days interest free on card purchases.	17.9% APR typical rate	20.9% p.a. (variable)	0% for 6 months (2% handling fee)	No Annual Fee	Up to 46 days on card purchases only.

Ultimately, you need to decide which offer is best for you. We’ve made it a little easier for you, by building this handy little Credit Card Balance Transfer Calculator.




Posted in 0% Balance Transfer, Balance Transfers, Credit Card Advice, Credit Card News, Credit Cards | 1 Comment »

20% of British Pensioners have Credit Card Debt

June 19th, 2009 by Credit Card Finder UK


One out of every five British pensioners has credit card debt, according to new figures from Key Retirement Solutions.

With an average balance of £8,892 owed, many pensioners are forced to use credit cards for day-to-day expenses.

The financial downturn has significantly affected Pensioners as the low interest rates have meant that their savings based income has been reduced substantially. This, combined with increases in food and fuel prices means that pensioners’ disposable income is keeps reducing.

Chris Tapp, the director of Credit Action said
“Debt is a worry for people of all ages in the recession, but it is particularly troubling for us to see a marked increase in the problems older people face,”

To compound the problem for older Brits, mortgage debt continues to be a significant issue. One in three pensioners still have mortgage debt, the average mortgaged amount is £43,000, requiring monthly payments of £205 PCM.

If you’re in the unfortunate situation described above, there’s probably not much you can do to address this debt beyond slow repayment. If you’re not in this situation, if you’re younger, please take this as a warning of what could happen if you don’t manage your debts. If you’re on a fixed income, clearly the goal is to have all of your debts paid off by the time you retire.

Citizens Advice Bureau has reported a significant increase in the number of older people seeking debt advice, with 350 new cases every day referred every day relating to people 65 and over.




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No More Abbey Credit Cards

June 19th, 2009 by Credit Card Finder UK


This week spells the end of Abbey, Bradford & Bingley, and Alliance & Leicester as we know it, as they’re all getting rebranded as their parent Bank, Santander, a lovely red hue with a coffee cup logo. Assuming you’ve not been to Spain recently, then more than likely you’ve seen it plastered all over Lewis Hamilton and his motor.
This probably doesn’t mean too much for you if you have an Abbey, Bradford & Bingley or Alliance and Leicester Credit Card, but your next credit card will carry the Santander Name and brand.
The Abbey Zero will now be called the Santander Zero, while the Abbey Credit Card will be called the Santander Credit Card, nothing too complex there. There is no change in the terms and conditions that effect your card, you’re not signing a new contract, you’re just dealing with a different brand.
Roger Lovering, Santander Cards managing director, said the firm is “delighted” by the rebrand of Abbey’s credit cards.
“Operating as part of Santander, we will be able to leverage a global brand that represents strength and financial security to customers in today’s difficult economic environment,”
The main reason for doing this relates to cost saving, despite an initial outlay of £12 million to update the branding is to save on advertising, when you get to the scale of Santander, creating bespoke advertising campaigns for individual brands can result in a significant outlay, now they can just create 1 advertising campaign globally and apply it in the different regions.




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Online Shoppers Beware – Phishing Scams Abound

June 16th, 2009 by Credit Card Finder UK


Do you buy many things online? If so you should take extra care online; there are many scams that try to trick you into entering personal, commonly known as ‘phishing’. Phishing occurs when scammers create fake pages or emails that look like they are legitimate businesses to try and convince you to hand over your details, including personal details, credit cards and login information.

Garreth Griffith, head of risk management at PayPal UK, said: “With more people than ever banking online in the UK, it’s really important that people remain vigilant whenever they are making financial transactions online and don’t inadvertently leave themselves open to becoming a victim of a scam or fraud.”

“Phishers are using increasingly sophisticated ways to design phishing emails to lure people into thinking they have come from a trusted provider, such as their bank or credit card provider. If anyone is ever in doubt about the authenticity of an email, and concerned it may be a phishing scam, they should never click on the link in the email.”

If you’re worried about phishing scams, and you probably should be, PayPal have created a really handy guide to raise your awareness of phishing, as well as helping you protect your self against phishing scams in the future. Paypal have also created a number of really handy tools that prevent phishing occurring with their service, such as security keys, email identification and plugins that all make it harder for you to fall victim to these scams.

Ultimately you should always be careful shopping online, and only use services that you trust.




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Credit Card Interest Rates average over 18%

June 12th, 2009 by Credit Card Finder UK


Annual credit card rates increased last month again averaging over 18%, in spite of a lack of movement on the Bank of England lending rate. This is also aligned with an alarming trend towards a reduction in competitive credit deals.
The average rate increased from an average of 17.9% in May to 18.1% average for June, according to research from Moneyfacts.co.uk. The research attributed the increase in rates to a combination of credit card providers increasing the interest rates and cancelling deals. To make matters worse, the new cards coming on to the market recently have had higher rates and no decent offers.
The last six months have seen 12 card providers increase their interest rates, including American Express, Capital One Bank, Nationwide and Halifax, despite the Bank of England base rate falling sharply during the same period.
This rise in rates means someone with a £1,000 credit card balance who makes only the minimum paymen each month will pay an additional £204 in interest over the life of the balance.
Lending costs from the central bank have eased markedly over recent months, with the Bank rate standing at over 5% last summer. However, credit card firms have been affected financially in other ways by the financial downturn, which put the UK into recession at the end of 2008.
Michelle Slade from Moneyfacts.co.uk said:
“Rising unemployment means that the risk of customers defaulting on their card repayments has increased, which is being passed on through higher rates.”
“Competitive credit card deals can still be found on the market, with 0% balance transfer deals available for 16 months and 0% introductory purchase deals for 12 months.”




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Are Credit Cards the safest way of buying goods?

June 11th, 2009 by Credit Card Finder UK


Good news for all of us Credit Card users, payments association Apacs has declared that credit cards are the safest way of buying goods. Legal protections mean consumers should have few concerns about using their credit cards abroad.

The analysis showed that credit cards provide “probably one of the safest ways” to buy goods. It also stated that cardholders benefitted from an “extra layer of protection” from Section 75 of the Consumer Credit Act.

This legislation says providers need to reimburse customers who suffer from a breach of contract while buying goods and services with their credit card. Breakages, design faults and failure to deliver are all counted in this protection, which applies to goods worth between £100 and £30,000.

Addy Frederick, PR assistant at Apacs, also offered a series of security tips if you are planning to use your credit cards abroad. “We advise [you] to make sure when you go abroad you have your card issuer’s address and your card issuer’s emergency phone number,” she added.




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Free guide to using your credit cards overseas

June 9th, 2009 by Credit Card Finder UK


The UK Cards association has released a guide for using your credit card overseas. It’s imaginatively called “Using your card overseas”, and it offers advice for Britons planning on taking an overseas holiday. The article was created due to the high volume of overseas purchases on UK cards – a total of £27.8bn in 2008 on standard and low rate credit cards.

The director of communications at the UK Cards Association, Sandra Quinn, said:

“Using your debit or credit card is a convenient and safe way to pay when you’re overseas. However, everyone should be aware that there may be fees or costs connected with using your card in a foreign cash machine or shop.

“Additionally, card criminals often look to catch us with our defences down when we are on holiday, so we need to take some simple, sensible precautions to help minimise the chances of becoming a victim of fraud.”

Some key tips in the guide include

• Only take cards with you that you intend to use; leave others in a secure place at home.
• Make sure you have your card company’s 24-hour contact telephone number.
• Make sure your card company has up-to-date contact details for you, including a mobile telephone number.
• If your cards are registered with a Card Protection Agency, ensure you have their contact telephone number and your policy number with you.
• Don’t let your card out of your sight, especially when using it in restaurants and bars.
• Don’t give your PIN to anyone – even if they claim to be from the police or your card company.
• Shield your PIN with your free hand when typing it into a keypad in a shop or at a cash machine.
• Consider wearing a concealed money belt to keep your cards, cash and traveller’s cheques safe.
• When you get back, check your card statements carefully for unfamiliar transactions.
• If there are any, report them to your card company as soon as possible.

Click here to download the guide.




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Increase in credit report requests due to recession?

June 5th, 2009 by Credit Card Finder UK


Equifax, the largest credit reporting firm in the UK, has reported an increase of 10% in requests for reports. They attribute this trend to the reduction in the amount of credit available to borrowers, and the subsequent harsher criteria for borrowers.

What seems to be happening is that consumers are now more regularly being rejected for credit cards, loans and mortgages, and subsequently ordering credit reports to determine the cause of the issue. Due to the economic downturn, credit card providers are being a lot more careful with the people they give credit to. An article in the Financial Times suggested that the approval rates for loans and credit cards had decreased by almost 40%.

Neil Munroe, external affairs director of Equifax states:

“Previously, a consumer might not have challenged the reasons for being declined because they could get credit elsewhere,“But now, with more stringent lending criteria meaning that more consumers are unable to obtain the right product or rate, they are likely to start challenging the lender’s decision which is, in turn, requiring lenders to be better focused on how they deal with consumers who may not meet their own risk criteria.”

Industry codes dictate that financial institutions need to provide a reason as to why the request for credit was declined, however many can get away with simply telling consumers that their credit score was too low.

This in turn has lead to the increase in requests of people asking for reports, to determine why their credit score was did not meet the requirements.




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Consumers are regularly winning cases against credit card providers

June 3rd, 2009 by Credit Card Finder UK


Consumers are regularly winning cases against credit card providers when they use the Financial Ombudsman Service (FOS).

A report in the Sunday Times stated that in the majority of cases, FOS finds in favour of the consumer. 75% Of the 18,000 credit card-related complaints the FOS received last year were awarded to the consumer.

The role of the FOS is to mediate cases between financial services companies and members of the public. What’s interesting is that cases involving interest rates had an even higher rate of success of success.

“Almost all the credit card companies subsequently chose to settle the complaints that had been brought against them, rather than have our investigation continue,” the FOS told the Times

The Government has applied a whole load of new regulations this year Credit card firms earlier this year; they were banned from sending unsolicited credit card cheques and upping borrowers’ limits without prior permission.

Prime minister Gordon Brown told consumer watchdog Which? that these practices were not only irresponsible, but were “immoral”.




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0% Credit still available in spite of credit crunch

May 28th, 2009 by Credit Card Finder UK


In spite of the global economic gloom, it seems it is still possible to get a good deal on credit, with many companies offering 0% interest rates. Financial advisory organisation Defaqto has thoroughly researched this topic and here is a summary of their findings.
Personal loan interest rates remain high, with even the lowest interest rates still being around 8% , so they don’t present a particularly appealing or good value for that matter.

However (as you may have suspected) Defaqto have discovered that there are many good bargains to be found through credit cards, indeed 69% of credit cards offer an introductory 0% offer, with the average amount of time being 9.7 months.

The Virgin Card and the Bank of Scotland All-In-One card are two of the strongest credit cards on the market offering 15 and 12 months interest free respectively, plus a host of other great features. Check out our reviews to find out more.

The caveat is that not all customers get the best offer, Defaqto spokesperson David Blacksaid:

“An individual’s credit report, employment and property status, affordability, indebtedness, financial behaviour and usage are all part of the mix in the lender’s decision making process,”

The other major caveat of this activity is that most balance transfers incur a fee of on average 2.85%

So, if you’re looking for a small to medium amount of credit, your best bet is to look for a credit card. Just be conscious of the fact that your credit rating will effect the cost of the credit.




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Credit Cards aren’t all bad, here’s some good things about credit cards

May 26th, 2009 by Credit Card Finder UK


Credit cards constitute a significant proportion of the £1.5 trillion owed by the UK, and while the credit crunch has significantly altered the relationship we have with our credit cards, they still provide a great deal of utility.

Here’s a list of some of the ways we can use credit cards to help us.

• Cash flow management – with your credit card you’re not bound to the tyranny of pay cycles; you can spend extra money in the months where you need it and make up for the shortfall in your cashflow in later months
• Internet shopping – Credit cards are vital for online shopping, although some sites are starting to accept Visa Electron, there are still many sites that don’t. If you want complete freedom of purchase online, you’ll need a credit card. You might want to consider getting a second credit card for online purchases, either with a low limit or prepaid, so that if it gets blocked due to fraud, you have another credit card handy.
• Merchant protection – many credit cards offer merchant protection; when you buy something online that doesn’t do what it says on the tin, you have the option to ask your credit card company for a chargeback; where the credit card company essentially files against the merchant and attempts to get the money back. Please note that this does not come with every card, so make sure you read your Ts & Cs when you make a purchase.
• International travel – while the exchange rates might be lousy and the rates high, from a safety perspective, you can’t beat a credit card. If you lose your card, or have your money stolen, then you will most likely retain all your money. If you lose cash, there’s no way of getting it back, if you lose travellers cheques there is some recourse, but it’s time consuming. A credit card is highly recommended when you go travelling.
• Loyalty schemes – Credit cards come with a wide variety of loyalty schemes, from air miles to petrol, to shopping. While the rewards are generally fairly small, if you’re clever you usually get some pretty good deals out of these loyalty scheme, you just need to be careful to pick the right scheme for you.

As much as we think of them as evil, credit cards are an effective way of managing your money. As long as you stay on top of the balance, and don’t get in over your head, a credit card can become a valuable tool.




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Credit card usage has increased in Q1 2009

May 21st, 2009 by Credit Card Finder UK


Credit card spending has increased in the UK each month in 2009, according to a study by UK payments association Apacs. It’s a little odd considering all the financial doom and gloom that’s flying around at the moment, and although the increase isn’t massive month on month, previous years have seen a decrease month on month from January. In 2009, there were 159 million credit card purchases made in January, 160m made in February and 168m made in March.

What’s interesting is that although the number of transactions went up this year, the gross credit card lending has decreased compared to the same quarter last year, down 8.7% from £33.2 billion to £30.3. This mirrored the fall in repayments which fell by 7.9% from £32.2 billion to £26.9 billion. This looks to be good news, that people seem to be making an effort to reduce the amount of credit card debt they’re in, which is excellent news. We should see this trend continue in the next quarter, as the economic outlook continues to stay scary.

The final interesting trend is that overall spending on plastic cards; credit cards and debit cards combined rose by about 5% from 1.8 billion to 1.9 billion purchases during the first quarter, reflected in an increase in the amount from £91.2 billion to £94.2 billion. The total spending on plastic cards already outstrips cash, and based on this trend, debit card purchases alone are soon likely to be larger than cash purchases.

You can read the study here, but it’s not the most exciting read I can promise you, you’ve probably got better things to do.




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Have you got a secret credit card?

May 14th, 2009 by Credit Card Finder UK


Recent research from Halifax bank suggests that a massive 217,000 britons have ’secret’ credit cards, their definition of a secret credit card is one that your spouse / family / dog is not aware of. The key reasons why people have secret credit cards are given as ‘emergencies’ and (more truthfully) to hide debt from their spouse.

Adrian Bryant, the head of marketing* for Halifax Credit Cards said:
“Our research shows that the majority of couples are open and honest about their finances with only a small number admitting to a secret credit card.

“It’s important that people are honest about their finances with their partner as it may affect their ability to secure products in joint names.”

The thought behind this kind of behaviour is understandable; sometimes we keep a bit of money carefully stashed in case of emergencies. The statistic, however, is shocking, from this we assume that a lot of these credit cards carry debt, and in turn, these debts aren’t being managed.

If this sounds like you, the first step to solving a problem is to admit it. Have an honest conversation with your spouse about your financial situation, and you might find out a similar secret from them. Once you have an honest and clear understanding of your financial situations. To help you out we’ve compiled some helpful tips to help you manage your credit card debt.

*It’s intriguing that their head of marketing spoke to this point, this suggests that this was survey came from a marketing requirement, rather than a financial management requirement.




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How do I figure out which Credit Card is best for me?

May 12th, 2009 by Credit Card Finder UK


The current economic climate probably has many people noticing that the Bank of England rate has dropped to 0%, but the rate for many credit cards is constantly increasing. Thankfully this is not the case across the board, for example the Bank of Scotland All in One Credit Card offers a very reasonable 15.9% p.a. after giving you 0% for 9 months on balance transfers and purchases.

So, how to proceed? First have a look around credit card comparison sites, like this one and see which one best suits for needs, if you’ve got bad credit then you’re options in terms of cards are going to be less than if you have excellent credit.

You’re more likely to have a good credit rating if you’ve managed to avoid County Court Judgements (CCJs), Individual Voluntary Arrangements (IVAs), Bankruptcy and you make your bill and credit card payments on time.

Before you apply for a credit card, you should try to get your credit rating in the best possible shape. Here are some tips and tricks to help you improve your credit rating:

1. Pay off more than your minimum balance – the insight is that Credit Card Companies believe that people who only make their minimum payment are more likely to be financially at risk, therefore are more likely to default on their payments
2. Review your monthly debt to income ratio You can calculate this ratio by dividing the total amount of money you pay to debtors (credit cards, loans, mortgages etc) and then divide it by your total income. If this ratio is more than 35% of your total monthly income, then financial companies consider you a risk. If this is the case, it’s probably a pretty good indicator that you’re living beyond your means, you should cut back your expenditure and get your debts down to a much more manageable proportion (at least below 20%). Once you’ve sorted this out, you’ll be in a much better situation financially and have more credit card options available to you.
3. Make sure that you make all your payments on time This applies primarily to outstanding debt payments, but being late for bills can also have an adverse effect on your credit rating. If you don’t have a good record, it will take at least 12 months of making all your payments on time to get your credit rating back up to scratch. An easy way to make sure all of your payments are made on time is to set up a direct debit scheme. If you can arrange it so the bills all come out the day you get paid, then there shouldn’t be any issues with overspending.
4. Check you don’t have too much credit When people check your credit report, it will not only show how much you owe, but also how much you can potentially owe. This is to show to potential loaners how much debt you can currently access, which in turn affects your risk level. Trim this down to the minimum you will need, this makes you more appealing to lenders and it also reduces the risk of getting into unmanageable levels of debt.
5. Don’t make multiple credit card applications If you are making multiple credit card applications, lenders will think that you’re in desperate need of money, and think that you’re a risk

A good rule of thumb is to think that if your behaviour is reflective of someone who is in need of money urgently, then you probably seem like a risk to a credit card company. If this is the case you’re less likely to be able to secure the funds you need.

Once you’ve managed to look after your credit rating for a year by following the previous tips then you’ll be in a strong position to get the a good credit rating. Then work out which one suits your needs best and apply.




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Bank of Scotland All In One Credit Card

May 7th, 2009 by Credit Card Finder UK


The Bank of Scotland All In One Credit Card gives you a really good introductory offer on purchases AND balance transfers. To make the deal even sweeter they offer a really competitive 15.9% p.a. once the 9 months is over.

This is one of the best cards on the market right now, click on the link below to apply now:



Click through to Apply for the Bank of Scotland All In One Credit Card

Credit Card	Card Details	Interest Rate	Cash Advance Rate	Balance Transfer Rate	Annual fee	Interest free days
Bank of Scotland All In One Credit Card	Bank of Scotland credit card comes with 0% on balance transfers and purchases for 9 months, protextion against online fraud and a variety of colours.	0% for 9 Months	27.95%	0% for 9 Months	No Annual Fee	59 Days




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Which? shows there’s no link between credit card APR and Bank Interest Rate

May 5th, 2009 by Credit Card Finder UK




Have you been noticing the official Bank of England interest rate hit 0% a few months ago? Have you noticed your credit card rate is approaching 0% to? Sadly you’ll have notice the former, but the latter seems to be a beautiful lie. Interest rates should follow the trend of rate set by the Bank of England, yet Credit Card rates don’t seem to be dropping.

Research from consumer watchdog organisation Which? has shown consistently that credit card companies are actually increasing their interest rates over the past year. In spite of their protestations to the contrary, the rates are increasing to mitigate the risk of debts not being paid. As credit becomes harder and harder to find, people are often going to struggle to pay off their existing debts, plus with the economy in freefall, job security is extremely low, which again creates greater risk of credit card delinquency.
The bank position on the matter can be summarised by Paul Rodford, the head of policy for the UK Cards association:

“The APR is the total cost of credit and takes into account interest rates, fees and charges. It also reflects the risk of granting an open-ended line of unsecured credit and the possibility of bad debt in an increasingly uncertain economic climate.”

To summarise, Credit Card companies are concerned about greater risk of credit card holder delinquency due to the global economic collapse. To mitigate this risk, they are increasing the cost of credit through fees & interest rate changes.

While this is probably sensible business practice from the credit card company’s perspective, it does leave the consumer high and dry.




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Collections and Credit card shuffling – Beware

April 22nd, 2009 by Credit Card Finder UK


Credit card shuffling is a highly unscrupulous practice where debt recovery agents request you pay off debts with other credit cards from different credit card institutions. The benefit from the debt recovery agent’s perspective is that you pay off your debts straight away. The problem from our perspective is that this process involves taking on the initial debt at a higher (i.e. credit card) rate.

Into the breach steps Labour MP Andrew MacKinlay. In an interview with the Sunday Times, MacKinlay states:

“The current rules on the collection of debt are inadequate and need to be reviewed because they are not being enforced properly,” he said. “There need to be severe financial penalties if companies are found to be harassing customers and treating them badly.”

The quote comes from an article about Lloyds TSB Collections Department using unethical methods for getting money back from customers who have been adversely affected by the credit cruch; the Collections Dept were on tape threatening to ‘f**k’ customers who were missing their payments.

To reinforce his point, MacKinlay said

“There need to be severe financial penalties if companies are found to be harassing customers and treating them badly.”

I thoroughly recommend checking out the Sunday Times article, it gives a really good insight into the world of collections departments. For those who have been blessed to have not worked at a bank, it’s a valuable lessong and well worth the 10 minutes it takes to read the article.

Either way, if a collections agent encourages you to transfer an outstanding debt to a credit card, tell them to do one. If they harass you, speak to the citizens advice bureau.




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10 Credit Card Traps to Avoid

April 20th, 2009 by Credit Card Finder UK


There are quite a few nasty things credit card companies can do to wrangle a little bit more money from you, and if they do this enough over time, it adds up. So have a look through our guide and make sure you read your statement!

1) Increasing Interest Rates

The simplest thing for banks to do is to raise their interest rates. They need to inform you of this, but they can do it in a statement, so make sure you pay close attention to your credit card statement. What’s particularly galling is that this is happening right now, as interest rates hit zero percent in the UK!

2) Minimum Repayments

One really easy way to make your credit company provider happy is by making the minimum repayment on your credit cards. It can take years and years to repay your debt by making the minimum payment. The best advice is to pay as fast as you can, to minimise the amount of money you pay to the financial institutions.

3) Overseas Charges

When you use your card overseas, you can be charged up to 3% per purchase. If you take money out, they can charge you an extra 3%, meaning for each £100 you spend overseas, you can be charged £6.

4) Balance transfer fees

The dark side of balance transfers, what isn’t immediately obvious when you sign up for a 0% balance transfer is that the credit card companies will charge you when you transfer your balance. In spite of this balance transfers are still a great deal, the Virgin Credit Card charges you just under £30 for each £1,000,, but if you left that on a credit card with 16.9% p.a. rate for 12 months, you’d end up spending £169, so the Virgin credit card could save you £139 over the course of a year.

5) Negative Payment Hierarchy

The way that credit card companies make money from balance transfers, aside from the fee, is by having a negative payment hierarchy, which means that any money you repay will contribute towards the balance transfer amount, rather than the purchase amount, meaning that you always end up paying money on any purchases. The way to avoid these charges is to have 2 cards, 1 for balance transfers and 1 for purchases.

6) Late payment penalties

If you’re late in paying your credit card balance, then you’ll get charged, around £12. You’ll also get a black mark in your credit history. The simplest way to avoid this is to setup a direct debit to pay the minimum payment each month. The best way to avoid this is to pay off the entire balance each month.

7) Reducing Interest Free Days

Most people assume they get 56 days interest free, but this generally ranges from 50 days for the Virgin Credit Card, down to Zero days for the Lloyds TSB Advance MasterCard.

Cash advance charges

Each time you withdraw cash from your credit card you’ll get charged, something in the region of 3% of the amount you’ve withdrawn. You’ll also get stung with interest straight away – when you withdraw cash on your credit card, you get no interest free period.

9) Payment protection insurance (PPI)

To rub salt into the wound, Credit card companies try to sell you payment protection insurance, which is a good idea in itself, but the prices that they charge are generally outrageous; £120 a year.

10) Other charges

The credit card companies don’t just have these tricks up their sleeves. Make sure you thoroughly check your statement each month to beware of any additional charges.




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Virgin Credit Card – The Best Credit Card on the UK Market?

March 29th, 2009 by Credit Card Finder UK


At Credit Card Finder UK, we believe that the Virgin Credit Card is the best Credit Card on the UK Market at the moment.

Aside from the fantastic 16 months interest free on balance transfers (2.98% fee), the Virgin Credit Card has an amazing selection of benefits, including 0% on purchases for 6 months, and a series of added bonuses that make it the best value card on the UK Market. The fact that there’s no annual fee and a 24/7 helpline with online account management makes the package even more enticing.

The Virgin Money Credit card has another special advantage over the other credit cards on the UK; Virgin Partners. When you spend money at a Virgin partner with the Virgin Money Credit Card, you get a pretty decent discount

Where the Virgin Money Credit Card comes into its own is with the bonuses afforded by Virgin’s retail muscle. Card purchases of products and services from many of the vast range of Virgin companies are subject to substantial discounts. Whether you’re buying CDs and DVDs at Virgin Megastore, skiing trips from Virgin Holidays or gym membership with Virgin Active, cardholders can make significant savings.

The only caveat is that you’ll need to have a pretty decent credit rating to get approved. So if this sounds like you, click on the link below to apply.



Click through to Apply for the Virgin Credit Card




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Tough laws being introduced in the UK to prevent credit card limit abuse

March 19th, 2009 by Credit Card Finder UK


The British government is in the process of developing tougher laws to control credit card companies that provide credit card cheques and increase credit card limits without being requested.

The legislation has been created due to the fact that a lot of consumers assume that if companies offer to raise their credit limits then the limit increase must be affordable. This is not the case. If your company is offereing you credit limit increases or sending you cheques, be very careful about using it.

Consumer Affairs Minister Gareth Thomas said: ‘We are concerned that people may be tempted to borrow irresponsibly if credit card companies increase borrowing limits without this being requested by customers, or send out unsolicited credit card cheques.




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UK has the highest rate of credit card fraud

March 18th, 2009 by Credit Card Finder UK


It seems that with the global economic meltdown, criminals are trying even harder to steal credit card details.

Equifax, one of the largest credit reference agencies in the UK suggests that the UK has been the country worst hit for phishing attacks in 2008. These occur when scammers send emails that appear to be from legitimate organisations, requesting details. They ask for information, and if it’s provided, this info is used for fraud.

Here are some tips from Equifax to avoid phishing scams:

• Be wary when asked to give out your personal details online, if you doubt the request is genuine, contact the company directly
• Make sure you have the latest virus protection that ideally updates hourly and you have a Firewall
• Keep your PIN secure and do not use the same PIN for all of your cards and accounts and never write down your PIN
• Don’t include common verification such as your date of birth or your mother’s maiden name
• When using online banking, ensure people can’t view your details and log out of the site, rather than just closing the window
• If you are disposing of an old computer, make sure you destroy information on the hard drive
• Always check bank statements and credit card statements carefully against receipts
• Apply for a copy of your credit file to look out for any unauthorised activity




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Capital One Classic Visa Credit Card

March 18th, 2009 by Credit Card Finder UK


The Capital One Classic Visa Card is designed for people with poor credit histories. It is a very basic credit card, with a bare minimum of features and a very high APR. On the positive side, it has no annual fee and comes in a variety of card designs.

For people who are finding it difficult to successfully apply for a credit card due to credit related issues, however, the Capital One Classic Card has three significant advantages: first, due to its high interest rates those with poor credit ratings are more likely to be accepted; second, it employs a one-page online application process with a guaranteed response time of 1 minute; and finally, if you stay within your initial credit limit and make your monthly payments on time Capital One will give you the chance to increase your credit limit on your fourth statement. For more information on the Capital One Classic Visa Credit Card or to apply online please click on the links below.



Click through to Apply for the Capital One Classic Visa Credit Card

Credit Card	Card Details	Interest Rate	Cash Advance Rate	Balance Transfer Rate	Annual fee	Interest free days
Capital One Classic	This card is designed for people with bad credit ratings, this is why the rate is quite high.	Typical 34.9% APR variable	34.9% APR	34.9% APR	No Annual Fee	56 days for purchases. 0 days for balance transfers and cash.




Posted in Bad Credit, Credit Cards | 2 Comments »

Capital One Platinum Fixed Credit Card

March 18th, 2009 by Credit Card Finder UK


The Capital One Platinum Credit Card provides you with an interest rate on purchases and balance transfers that is fixed until 2012.  The credit card also comes with no annual fee.  The card is available in 8 different designs if that kind of thing floats your boat.

Credit Card	Card Details	Interest Rate	Cash Advance Rate	Balance Transfer Rate	Annual fee	Interest free days
Capital One Platinum Fixed Credit Card	The Capital One Platinum Credit Card provides you with an interest rate on purchases and balance transfers that is fixed until 2012.	Typical 34.9% APR variable	34.9%	34.9%	No Annual Fee	Maximum of 56 days




Posted in Capital One, Credit Cards | No Comments »

Credit card companies are slashing the credit card limits

March 18th, 2009 by Credit Card Finder UK


Credit card companies are slashing the credit card limits of customers all across the UK. 2.7m people had their limits reduced in the last 6 months, averaging out at £1,960 per person.

Egg led the charge, but now many other lenders are following suit, including Nationwide, Beneficial, Barclaycard, First Direct and SkyCard.

The average cut to card limits has also increased by approximately a fifth since last year, with men hit the hardest: men faced average cuts of £2,130 while women saw smaller cuts of around £1,790.

On top of this we’ve also had to deal with rising rates, with one survey suggesting that over 30% of people have had their credit card rate increased over the previous 6 months by up to 10%!




Posted in Credit Card Advice, Credit Cards | No Comments »

Easy Tips to Manage Your Credit Card Debt

March 6th, 2009 by Credit Card Finder UK


As much as we get in the trap of assuming that personal (in particular credit card) debt is part of life, this is not the case. Even though we’re having stuff sold too us all the time, every surface is covered with a message urging us to buy! buy! buy! Indeed at the end of January 2007, British borrowers owe £55 billion to credit card companies. If you’re one of those people, here are a few quick and easy things you can do to to get out of the credit card debt hole.

Stop spending on your credit card

If you owe money, then stop adding to the debt. Cut up the cards if you need to, just live off your means.

Make a budget and stick to it

You don’t need to spend money on a fancy budgeting program, just use excel, if you don’t have excel either download star office (it’s free) or use google docs. Work out all of the things you spend money on, work out how much you need to spend on each of those things, and stick to those budgets. Check your budget at least once a week to make sure you’re on target. Give yourself some money to spend as you see fit as well. This is really important, otherwise you will find it really hard to stick to the budget.

Use cash, rather than credit cards

The reason that casinos give you chips rather than cash, you don’t attach the same value to stuff that represents cash, as you do to cash. As a consequence you will spend this more freely. This principle applies to credit cards too, you don’t associate any value with the money you spend on credit cards. So next time you go out shopping, hand over cash, and feel guilty about it. This will help you be wary of impulse purchases.

Try to get a better interest rate

If you have a high personal debt, then if you transfer the balances to a low or 0% credit card, or to a personal loan you can save money. That being said, your eligibility for low rate credit offers depends on your credit rating.

Put all your extra cash on your debts

If you follow the previous 4 steps then you should have saved a fair bit of money. Any spare cash you have, you should spend against your credit card debt.




Posted in Credit Card Advice, Credit Cards | 1 Comment »

Credit Card Balance Transfer Risks

March 2nd, 2009 by Credit Card Finder UK


Credit card balance transfers involves switching credit card debts between cards to take advantage of 0% balance transfers.  This tactic allows you to save on interest payments.

The catch to this tactic is that you way not be able to carry on with credit card abalance transfers forever.  The risk is you may stop being approved for balance transfers, which could leave you trapped with a higher rate of interest (APR) on your credit card.

If you keep opening new low interest credit cards and shifting the money around, without paying off any of the original debt, the financial institutions could get worried about your ability to service the debt.  This in turn can make them less likely to provide credit for you.

If you balance transfer too regularly, it can become harder to borrow money from other non credit card lenders like mortgages or personal loans.

On top of that, any incident such as late payment or going over your limit can trigger the banks to start charging you with a higher rate of interest.

Another thing to consider is the likely fact that the 0% balance transfer rate may only apply to the balance transfer i.e. not any other money you spend on the account.  There are some exceptions to this, such as the Virgin credit card.

You should also be conscious of the fact that if you have any money on the card apart from the 0% balance transfer, it is more than likely that any payments you make on the card will be applied to that, rather than the 0% balance transfer amount, giving banks the opportunity to charge you for teh intial transfer.

As in all these things, Credit Card balance transfer is still a good idea, you just need to consider the risks when you’re doing and always make your payments on time.




Posted in Balance Transfers, Credit Card Advice, Credit Card Charges, Credit Cards | No Comments »

How do Cashback Credit Cards Work?

February 25th, 2009 by Credit Card Finder UK


Cashback credit cards have become some of the most popular credit cards in the world today and the plain simple truth of the matter is that in this particular respect, the UK is no different. There are cashback credit cards dominating their particular fields in terms of statistics in the UK and that is definitely something that people enjoy extensively because it allows them the chance to talk to their friends about exactly what they can get out of their cashback credit cards. There has been more consumer enthusiasm about cashback cards than any other credit card type when it debuted on the market, practically leveling in popularly with frequent flyer credit cards.

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Cashback Credit Card Basics

Most credit cards with cashback offers feature them as reedemable rewards in their rewards program catalogue. For instance, you may be able to redeem:

• 10,000 points for £50
• 15,000 points for £75

This hypothetical rewards program is using 200:1 ratio of points:dollars. This is a fairly common cash-back ratio in the UK. If you plan to use your credit card to ‘profit from cash-back’, you’ll need to spend approximately £12,500 a year simply to compensate for the annual fee. For gold and platinum credit cards, you’ll need to spend about £30,000 (assuming the average prestige credit card annual fee sits around £150).

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Details: Rebate Rate

If cashback credit cards were as simple as the above paragraph implies, there would be no need for competing cards. However, there are many details that come into it that make different cards good for different people and that is why more discussion is needed before you find the card that is best for you. The first of these details has to do with the rebate rate and it is perhaps the most impressive aspect of the card and the one that deserves the most discussion.



Simply put, the rebate rate is the rate at which you get money back when you make purchases on the credit card. When cashback credit cards first came out onto the market, most of the rebate rates were simple. That is to say that they were a straight percentage of everything you spent on the card in a year’s time and the rebate cheque was cut to you at the end of the year. Therefore, a credit card that had a cashback rebate rate of 1% would pay you 1% of what you spent on a yearly basis, no questions asked. If you spent £20,000 over the course of a year on your credit card, you would receive a rebate cheque for £200 at the end of the year.

As more cashback credit cards came onto the market however, companies realized that in the very long term they didn’t like their profit margin with this type of rebate rate. To that end, the rebate rate was amended with a maximum and therefore companies did not have to pay people beyond a certain point. This type of maximum is still in use today and in the case of most companies that employ it the maximum is £500 in the rebate, meaning that you don’t get credit for every purchase above £50,000 that you make on that particular credit card.

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Graduated Rebate

Finally, the most recent addition to the rebate rate debate has been the graduate rebate rate system. A typical graduated rebate rate might look something like this:

• £0 – £10,000: 0.25%
• £10,000 – £25,000: 0.5%
• £25,000 – £50,000: 0.75%
• £50,000+: 1%

The numerical ranges represent purchase amounts on your credit card while the percentages represent the rebate rate that you would get in that particular level. This is the most advantageous way of doing things for the credit card company and for that reason many people try to avoid these cashback card types if at all possible. It is not always possible however, so keep in mind that if you are 100% set on cashback credit card you might end up stuck with that type of deal.

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Credit Card Companies Still Increasing Their Rates!

February 24th, 2009 by Credit Card Finder UK


If you’re currently in possession of an card from Egg, you could be amongst the unlucky 500,000 Egg credit card holders who’ve recently received a letter telling them their APR will increase by a whopping 5%. If this is the case then you’re in the bank’s ‘high risk’ segment. This is due to the fact that Citigroup, who own Egg are in big trouble thanks to the global financial collapse.

But don’t feel victimised, the latest Bank of England figures state that the average credit card rate for purchases has increased 0.84% to 16.05%. On cash advances the average at 25.29% and many store cards are breaking the 30% rate!

This is in spite of the Bank of England cutting interest rates to 1%. The credit card companies are obviously feeling the pinch of the global recession, and passing that risk onto us.




Posted in Credit Card Charges, Credit Card News, Credit Cards | No Comments »

American Express cuts cashback offer on Platinum Cashback Card

February 23rd, 2009 by Credit Card Finder UK


American Express has cut the cashback rate on its popular Platinum cashback credit card.

The offer remains at 5% cashback in the first three months, however the cashback has been capped at £100, down from £200.  The 5% rate remains by far the best on the market.

Once the first 3 months are over you get 0.5% cashback on the first £3,500, 1% up to £10,000 and 1.5% for any expenditure above that.  You need to have the card for at least 12 months before you can claim the money back.




Posted in American Express, Credit Card News | No Comments »

A Guide to Credit Card Interest

February 17th, 2009 by Credit Card Finder UK


This comprehensive guide has been designed to explain the concept of credit card interest, along with all the subtle nuances associated.

What is ‘Credit Card Interest’?

No financial provider is interested in leasing credit to consumers without at least a slight return. In a literal sense, if a bank lent you £2000 and you were only required to repay £2,000 back, there’s no interest in them lending to you.
However, if you were required to repay £2,100 in return, you have been charged a 5% interest rate. As credit cards are
Unsecured Credit, banks compensate for this risk by charging interest to cover the minority who do not repay.

How is interest calculated?

Interest rates are always given as an APR (Annual Percentage Rate). However, interest is accumulated daily. For example:

• Your credit card has a 13% interest rate. You make a £400 purchase on January 1st. You completely pay the purchase off on February 28th (58 days later).
• First, find the annual percentage of the purchase as a whole (13% of 400 = 52.)
• Next, find the daily accumulation by dividing by 365 (58/365 = 0.1424657).
• Finally, multiply this figure by the amount of days between the purchase and repayment (0.1424657 x 58 = 8.2630106).

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How often is Interest Charged?

Interest is charged at the end of your credit card statement period. The length varies from card to card and bank to bank. While you should aim to pay off your statement in full, you can get by simply paying the Minimum Monthly Repayment. If you miss the minimum monthly repayment, not only will you be charged at £10-£40 fee, but repeat offenders will damage their credit score.
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How can I reduce my Interest Repayments?

There are several methods and techniques to cut interest accumulation with credit cards:

• Reduce the amount of time between the date of purchase and date of repayment
• Use a low interest credit card. These typically offer up to 10% lower rates than standard rewards, gold, platinum and no fee cards.
• Take advantage of the 44/55 day grace period which comes with 95% of credit card offers. Aim to use your credit card at the beginning of your statement rather than the end.
• Carry about a balance transfer. If you have a high balance on one or multiple credit cards, you can transfer it over to a new credit card and repay at 0-8% APR. View the best balance transfer credit cards.




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Credit Card Debt Traps

February 16th, 2009 by Credit Card Finder UK


If you’ve had a look through Credit Card Finder, you’ll have seen loads of great credit card deals, combining low APRs, long 0% balance transfer offers and generous cash back schemes. These cards are designed to catch your eye, and although you’ll never find a truly ‘cheap’ credit card, most APRs are fairly affordable.

The big gotcha is that credit card companies can change the APR of the card as and when they see fit. This is where the word ‘variable’ becomes massively significant.

The Credit Card companies will generally change the interest rate of Credit Cards due to changes in economic circumstances. That being said, they can change the rates as they see fit. This is one trap to be very wary of.

Imagine you got a new card with a low rate, and over time you sensibly spend money on it, generally making your payments on time. Credit Card companies will then increase your credit limits. You should ignore this, but sometimes it’s difficult to mitigate with all those zeros staring you in the face,

So just say you do splurge a little on your credit card, and build up a sizable debt over time, and then one day you miss a payment. Say you forget, when you remember you pay straight away, also covering the late payment fee, and you think nothing further of it. That is until you receive a letter from your Credit Card company telling you that they’ve increases your APR by 10 points! Suddenly your minimum payment no longer covers your debt, and, unless you can balance transfer, you’re stuck with that higher rate.

Find this difficult to believe? Well, this very story is happening to people all over the UK. While it sounds unethical, it’s completely legal, and unfortunately there’s not much you can do about it.

The only solution is to keep your limit as low as possible, and make sure you have a plan for making your payments on time always.




Posted in Balance Transfers, Credit Card Advice, Credit Cards | No Comments »

The truth about ‘No Annual Fee’ Credit Cards

February 15th, 2009 by Credit Card Finder UK


One of the ways the ways that credit card companies grab your attention is through the famous “No annual fee”. This appeals to our baser instincts, making us think we’re getting something for nothing. However, the credit card companies need to make their money somehow, so if they aren’t charging you money for the fee, they’re making money other ways. This may be through higher fees, through transaction charges or as is often the case, no interest free period, but if you’re looking at a card with no annual fee, look carefully at the details of the card to see what the costs of the no annual fee are.

The ‘No Annual Fee’ Mindset

When you’re first getting a credit card, you’ll probably think you’ll only use it in emergencies, and as such, there doesn’t seem much point in paying an annual fee on a card you’ll barely use. The reality of the situation is that if you only make a couple of purchases a year, you’ll probably end up paying more for that card.

Here’s an example of how this could work

If you made:

• £1000 of purchases a year on an average credit card withNo Annual Fee Comparison Chart
• £50 annual fee and
• 55 interest free days,
• And make all your repayments on time,

You’ve paid £50 for the whole year.

However, if you make

• £1000 of purchases a year on a
• £0 annual fee card with
• 0 interest free days and an
• Interest rate of 20% (no annual fee cards have higher rates)
• Which you repay after 100 days,

You’ve paid £55 for the whole year.

What if I pay off my purchases straight away?

Even if this is the case, then you don’t get any benefit of having a no annual fee card, as you might have well as made

If you do pay off your purchases straight away, it defeats the purpose of a no annual fee card, since you might as well have made a purchase on a 55 interest free day card and have paid no interest. You will also need to think carefully to be sure that you’ll always be able to pay off the card straight away.

The only time a credit card with no annual fee will help you is if you don’t own a card already, and plan to spend less than £500 per annum which you know will take you more than 55 and less than 150 days to pay off. Otherwise, you should think very carefully about the no annual fee card.




Posted in Credit Card Advice, Credit Cards, No Annual Fee | No Comments »

How much time should we spend looking for the perfect credit card?

February 15th, 2009 by Credit Card Finder UK


After spending a lot of time looking into the details of many, many credit cards, one thing that becomes quite clear is that finding the ‘perfect’ credit card is almost impossible. Unless you’re a multi-millionaire with an almost perfect credit rating, then you’ll need to make some compromises with the credit card you choose.

In this article, we’ll suggest a slightly different approach to choosing credit cards to suit you.

The ‘holy grail’ of credit cards will have the following features:

• Low interest rate
• Low balance transfer rate
• No annual fee
• Approval for bad credit
• High credit limits
• Low interest for cash advances
• An excellent rewards programme
• Long interest free periods
• Insurance
• Friendly and useful Customer Service

However, if you’ve spent a little time shopping around, you’ll have realised that finding this card is almost impossible. Financial institutions still need to make money on their credit cards, so, for example, a card with no annual fee, will probably have a slightly higher annual fee.

Why bother Comparing Credits Cards then?

So, at the risk of stating the obvious, what’s the point of spending hours pouring over credit card details if they all end up the same? Well it’s quite simple, you need to compromise; prioritise the things that are relevant to your situation, credit card companies target their cards at different groups of people or ‘consumer segments’ so more than likely there is a card for you. This helps you a lot, think about the way you actually use your credit card, for example if you’re only using the card occasionally, then high interest rates aren’t going to be an issue as you won’t need to make many payments. If you didn’t take this into account, you might end up paying more in annual fees than you would have done with the lower interest rate.

Next time you’re looking at applying for a credit card, instead of looking for the bright shiny things that the credit card companies use to sell to you, look at the worst things about that card. If the worst things about this card don’t worry you, then maybe this card is the card for you.




Posted in Credit Card Advice, Credit Cards | No Comments »

Credit Card Cash Advances

February 14th, 2009 by Credit Card Finder UK


If you’ve done your research, you’ll soon see that many credit cards offer a low rate for purchases, almost all credit cards charge a much higher rate for cash advances. On top of that, the interest free period offered for purchases does not apply to cash advances. To rub salt into the wound, financial institutions often charge you for a cash advance.

As such you need to be very careful when using your credit card for cash advances. Financial institutions will advertise a great rate for purchases to attract you, but then make their money using their cash advance rates.




Posted in 0% Purchases, Cashback, Credit Card Advice | No Comments »

Visa Debit Cards

February 14th, 2009 by Credit Card Finder UK


Although you can find debit MasterCards, as it stands, you can only apply for visa debit cards online. The benefits of having a visa debit card that you get the ability to shop in all the places that Visa are accepted, but you don’t have to worry about getting into debt.

On the other hand, the downside of having a Visa debit card are the fees, while not massive can put a negative spin on your card. Certain visa debit cards (generally prepaid cards) charge a fee per transaction, which you need to be careful of.




Posted in Credit Card Advice, Credit Cards, Debit Cards, Visa, prepaid | No Comments »

MasterCard Credit Cards

February 14th, 2009 by Credit Card Finder UK


Mastercard credit cards are amongst the world’s most popular credit cards. Mastercard is accepted in over 24 million locations worldwide. Mastercards for both personal and business are issued through financial institutions, as well as some merchants who offer co-branded credit cards.

Co-branded MasterCard credit cards often come with incentives that related to the co-brand, such as discounts on merchandise and services. Mastercard credit cards associated with non-profit organisations are called affinity cards, for these cards, a small proportion of each transaction will go to the NPOs.

Here are some of the things that you should consider when you are selecting a MasterCard Credit card:

• Take advantage of 0% balance transfer offers if you’re confident you can pay off the balance before the low rate expires
• If you use your MasterCard personal credit card or business MasterCard overseas a lot then you should look for a

If you’re just after a basic credit card, MasterCard Standard Credit Cards are probably what you’re after. If
you’ve got a good credit rating then you might want to consider a higher end credit card , such as the Gold MasterCard, the Platinum MasterCard.

If you’re looking to earn points for airline miles, hotel stays and other purchases, there are lots of options to choose from, each provider comes with a different set of benefits, so shop around.

There are lots of MasterCard designed for small businesses, mid-sized businesses and businesses with revenues over £1 billion. Take advantage of the MasterCard Purchase Optimizer, which analyzes the expenses on your MasterCard business credit cards and recommends ways to use them more effectively.




Posted in Credit Card Advice, Credit Cards, MasterCard | No Comments »

Virgin Prepaid MasterCard

February 10th, 2009 by Credit Card Finder UK


The Virgin Prepaid MasterCard from Virgin Money is a prepaid Mastercard that you can add funds to, and use these funds for normal purchases. It only costs you £9.95 to buy the card, after that you can top it up from the post office, paypoints, online or from your bank account. There is a 2.95% transaction fee for every purchase (3.5% for purchases made overseas) and there are charges for topping up the card online or from paypoints.

Cardholders also get access to the great Virgin discount package.



Click through to Apply for the Virgin Prepaid MasterCard

Credit Card	Card Details	Interest Rate	Cash Advance Rate	Balance Transfer Rate	Annual fee	Interest free days
Virgin Prepaid MasterCard	The Virgin Prepaid MasterCard from Virgin Money is a prepaid Mastercard that you can add funds to, and use these funds for normal purchases.	N/A	N/A	N/A	N/A	N/A




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MBNA Self Employed Business Credit Card

February 9th, 2009 by Credit Card Finder UK


It can be difficult to get credit if you’re self employed, however MBNA have a great card if you fit this profile. There’s no annual fee and you can view you balance and the last 13 months of transactions online. You also get access to the MBNA Business Customer Service team. On top of this, MBNA gives you free purchase protection and MBNA secure. If you’re self employed and looking for a credit card, then this is very likely to be the card for you.





Click through to apply for the MBNA Self Employed Business Credit Card

Credit Card	Card Details	Interest Rate	Cash Advance Rate	Balance Transfer Rate	Annual fee	Interest free days
MBNA Self Employed Business Credit Card	It can be difficult to get credit if you’re self employed, however MBNA have a great card if you fit this profile.	15.9% variable pa	27.9%	0% for 3 months	No Annual Fee	57 days




Posted in 0% Balance Transfer, Business Credit Cards, MBNA | No Comments »

MBNA Points Credit Card

February 8th, 2009 by Credit Card Finder UK


The MBNA Points Credit Card allows you to chose the rewards that best suit your needs, as and when you need them. The MBNA Points Credit Card rewards can be used for Travel, Entertainment, Shopping, Wine and Cash. For every £1 you spend, you get 1 reward point. You can also earn extra points on daily purchases like food, fuel and entertainment.



Click through to Apply for the MBNA Points Credit Card

Credit Card	Card Details	Interest Rate	Cash Advance Rate	Balance Transfer Rate	Annual fee	Interest free days
MBNA Points Credit Card	The MBNA Points Credit Card allows you to chose the rewards that best suit your needs, as and when you need them.	15.9% typical APR	27.9%	0% for 13 months (2.9% fee)	No Annual Fee	50 days




Posted in 0% Balance Transfer, MBNA, Rewards | No Comments »

MBNA Business Card With Cashback

February 7th, 2009 by Credit Card Finder UK


In addition to their existing comprehensive business credit card range, MBNA have created a cashback credit card that is just as effective as their best personal credit cards. It also comes with all the benefits you’d expect from MBNA. Cashback for business credit cards is a fairly new phenomena, but it makes a lot of sense for businesses; you have one account, but can have multiple cards associated with that account. You can also control the credit limits for each credit card, which maximises your ability to control your employees expenses.

The membership fee is low, and can be claimed as a legitimate business expense. In addition to the great cashback rates, you get double cashback for petrol purchases.

On top of this you get a lot of other great benefits including, free purchase protection insurance, employee misuse insurance, travel accitend insurance and travel inconvenience insurance. To qualify for a MBNA Business Card With Cashback, you’ll need to have been in business for at least 2 years. If this is the case then you should apply now by clicking on the link below.



Click through to Apply for the MBNA Business Card With Cashback

Credit Card	Card Details	Interest Rate	Cash Advance Rate	Balance Transfer Rate	Annual fee	Interest free days
MBNA Business Card With Cashback	MBNA have created a cashback credit card that is just as effective as their best personal credit cards.	17.9% typical APR	27.9%	0% for 3 months	£29.00	57 days




Posted in 0% Balance Transfer, Business Credit Cards, Cashback | No Comments »

Halifax Credit Cards

February 7th, 2009 by Credit Card Finder UK


Halifax is part of the Bank of Scotland group.  Halifax offers a wide range of credit cards and chances are there is a card that suits your needs.

Highlights include the Halifax All In One Credit Card, which offers an excellent introductory rate for both purchases and balance transfers.

Comparison of Top 10 Credit Card Offers

Credit Card	Card Details	Interest Rate	Cash Advance Rate	Balance Transfer Rate	Annual fee	Interest free days
Halifax All in One Credit Card	The Halifax All in One credit card offers a great introductory rate, and is perfect for saving you money now as well as in the future.	Typical 15.9% APR	27.95% p.a. (variable)	0% for 9 months	No Annual Fee	59 Days interest free




Posted in 0% Balance Transfer, 0% Purchases, Balance Transfers, Credit Cards, Halifax | No Comments »

Halifax All in One Credit Card

February 6th, 2009 by Credit Card Finder UK


The Halifax All in One credit card comes with an amazing introductory offer, with 0% interest rates on both your balance transfers and your purchases for a 9 months. This allows you to balance transfer money to the Halifax All in One credit card and make purchases on the card at the same.



Click through to Apply for the Halifax All in One Credit Card

Credit Card	Card Details	Interest Rate	Cash Advance Rate	Balance Transfer Rate	Annual fee	Interest free days
Halifax All in One Credit Card	THE Halifax All in One credit card offers a great introductory rate, and is perfect for saving you money now as well as in the future.	Typical 15.9% APR	27.95% p.a. (variable)	0% for 9 months	No Annual Fee	59 Days interest free




Posted in 0% Balance Transfer, 0% Purchases, Credit Cards, Halifax | 3 Comments »

Student Credit Cards

February 5th, 2009 by Credit Card Finder UK


Your child is off to college, at last! It’s a time of exploration, learning, sampling life and learning to make their way in the world. Part of that education and experience should include learning to manage their finances.

In your parents’ generation, managing finances meant dealing largely in cash, with credit cards reserved for travel or other special occasions. These days, however, the need to build a strong credit history makes it necessary to have a credit card and the earlier one starts, the better. College students can do this through careful use of a credit card or two.

Generally, the amount of credit given to a student is much less than what would be given to another adult that worked forty hour weeks. Since students often don’t have regular incomes this is understandable but not insurmountable. Many providers of student credit cards are offering incentives to get them to sign up, in the form of cash back offers, discounts and other benefits that can be useful to them. The interest rates may also be lower since providers try very hard to attract students.

It’s important that a student realize that when he or she uses a credit card to tide them over in times of economic need they are borrowing money, not merely using something they already have. If they spend no more than they can pay back in full each month, they will successfully build up a credit history that will be an asset to them. This is the goal they should keep in mind when applying for a student credit card.

That said, there are many companies willing to give students a chance to build a great credit history. The limits on these cards depend a lot on the student’s income. Many students get part time jobs while they are in school, to help pay for their education or to help support themselves while their parents foot the bill. Sometimes an emergency situation may arise where a credit card is a valuable resource-a family illness, a medical emergency or an unexpected classroom expense. In cases such as this a credit card can save time as well as solve a problem. Ideally, the student should have some funds saved to help cover the payments on this type of debt or pay it off altogether.

Now that you know the appropriate uses of a credit card and what the issuers expect of you, you can start looking over the offers available. There are many sites on the internet that allow you to compare student credit cards side by side and see exactly what each one offers and any incentives they may have for you to sign up. When you pick the one that’s most attractive, read the terms and conditions before you apply as they might contain rules you can’t or won’t abide by. In that case, move on to another card and do your homework on that one.

University is the start of a wonderful adventure! A credit card can help ease the way as you prepare for your adult life if you use it responsibly.




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Prepaid Credit Cards

February 4th, 2009 by Credit Card Finder UK


Some people find that they can’t get accepted for a credit card because of a poor credit score or a sketchy credit history. This severely limits their options when traveling, shopping online and many other things. A major credit card is required to rent a car, check into a motel, make online purchases or buy an airline ticket. A person with poor credit can still do all these things, though, if they have one of the many prepaid credit cards.

Prepaid credit cards are a very smart way to build your credit back up and create a good payment history. All you need to do is make a deposit to the account, much the same way you would with a checking or savings account. Once the money is there, you can use your credit card until you’ve depleted the money you’ve deposited.

There are a lot of advantages when you have prepaid credit cards. You can charge as much as you want as long as you have the funds in the account. You’ll never be in debt because you’re using your own money, not someone else’s and you’ll never pay interest!

On the other hand, prepaid credit cards will cost you some money. There is a fee to set up the account initially, usually about ten dollars. You’ll also be charged a fee whenever you make a deposit to the account. These fees are usually small and not an unreasonable price to pay if you need a credit card.

Another advantage of using a prepaid credit card is privacy. Whatever you purchase isn’t reported to any polls or federal agencies. If your privacy is important to you, a prepaid credit card is a great thing to have. There are also some companies that provide prepaid credit cards and also report monthly to credit agencies, thus building up a positive credit history for you.

Another type of prepaid credit card can be found at grocery stores and pharmacies. Much like a gift card, they come in varying amounts and you won’t be paying a fee like you do when you set up an account. They work just like the prepaid credit cards but you don’t get your activity reported to credit agencies so don’t build a good credit history. Another disadvantage is that every time you buy one, it’s a different account number. If you’re using prepaid credit cards to maintain an internet subscription or some other monthly expense, you’ll have to change that number in their records every time you make a monthly payment.

Some prepaid credit cards allow you to load them with several thousand dollars but some also have rather low limits. Most of them have a limit of how much you can load at one time so depending on what you want to use it for this is a very important item to consider.

Prepaid credit cards are a good way to build a positive credit history, avoid debt and enjoy the convenience of making purchases without having to handle cash.




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Online Credit Card

February 4th, 2009 by Credit Card Finder UK


An online credit card application is one of the easiest, fastest ways to get a credit card. Rather than mailing in an application and waiting for weeks to find if you’re approved, you can fill out an application online and know within hours whether you will be issued a credit card.

There are many sites you can apply at for a credit card and some even let you compare different offers side by side. There are many different types of credit cards you’ll want to investigate. Low interest cards, cash back cards, ones that give you credits toward airline tickets or gift certificates, prepaid cards and business cards are just a few of the types of online credit cards you will find. You may also want to look at balance transfer cards if you already have some credit card debt.

The bank or other institution issuing the credit card is a very important consideration. Interest rates vary widely according to your credit history and credit score rating. Be sure to read the descriptions carefully, as some low interest credit cards have a time limit, after which a higher interest rate kicks in. Some cards only require 3% of the total charges be paid each month while others may have a high minimum payment.

Once you’ve decided on an issuer, the kind of card you want and which rewards you’d like attached to your card, if any, you can move on to the actual online application.

Online credit card applications are usually very simple. You’ll give some information on the application such as your name, address, social security number, phone numbers at home and at work and whether you own your home or rent. Most applications will ask the total balance of your bank accounts and other assets, your total income and, of course, your email address so that they can notify you of their approval.

You’ll also be able to choose a credit card according to your credit rating. There are credit cards for those with bad credit, fair credit, good and excellent credit. If you have a limited credit history or none at all, you can still apply online for a credit card and get serious consideration. You’ll be able to compare cards from a number of different banks and other credit card issuers. Many sites also offer calculators and a glossary so that you’ll be able to understand the conditions and terms under which you’re obtaining your credit card.

Once you’re approved for the credit card you’ve chosen you’ll receive it within a few days by regular mail. Check carefully to make sure that your name is properly represented on the card and all the information is correct. Read the terms and conditions to make sure that they match what you read online and if they don’t, call the issuer and question the difference. It’s important to get the most advantageous interest rate, terms and conditions for your credit card.




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Low Interest Credit Card

February 3rd, 2009 by Credit Card Finder UK


A low interest credit card is a little harder to find these days than it used to be but there are still quite a few of them out there.

One of the reasons the credit card interest rates have become so high is the amount of unresolved and delinquent debt the issuers have had to deal with in the past year. Consequently, even those with good credit scores and histories are paying higher rates. New laws that took effect at the beginning of this year, though, afford consumers some protection from unexpected increases in their interest rates. Credit card issuers can only increase their rates every six months and then only after notifying the cardholder.

A low interest credit card depends in large part on your past performance. If you’ve paid all your bills on time and have a low debt to income ratio-that is, your debt is not more than twenty or thirty percent of your income-you shouldn’t have too difficult a time finding a low interest credit card.

The best way to find a low interest credit card is to go to one of the many sites that let you compare cards side by side and look at their rates. In this manner, you’ll also be able to see any incentives they offer for choosing their card over the others, such as rewards programs or signup bonuses. There are even cards that offer zero percent interest for the first six months but this may also come with a limit on spending. If you choose one of these cards, pay close attention to when the new interest rate will kick in and try to have the balance paid off by then. This is smart use of your credit, allowing you to maintain some cash reserves and accumulate some interest on them until it’s time to pay off your balance.

You may want to choose a low interest credit card that offers a rewards program. Card issuers are offering these to attract those with good credit standing that present a low risk factor. You will, of course, have to prove that you have a source of income adequate to take on the debt they allow you and have a history of paying on time. These rewards programs range from points that can be exchanged for merchandise or gift cards to cash back awards from one to three percent of your purchases. If used wisely, these cash back awards can allow you to make a profit from the card! By paying off your balance every month you pay no interest and are awarded a percentage of your purchases in cash. You can put that cash in a savings account or apply it to a balance before you pay it off.

Points rewards can also come in handy when coupled with low interest rates, especially around anniversaries or holidays. It’s nice to be able to present someone with a gift card that cost you nothing!

Be sure to read all the fine print in your low interest credit card agreement, however, so that you don’t inadvertently incur penalties or fees. You can make a low interest credit card work to your advantage!




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Credit Cards

February 2nd, 2009 by Credit Card Finder UK


Credit cards can be very convenient ways to pay for things we need and use every day. The advantage of not carrying cash around with us and the ability to dispute a charge if there is something wrong with the merchandise make having credit cards a very good method of paying for things.

Credit cards have been around for decades and have been a very good way to create a positive credit history. The earliest form of credit cards was the letter of credit that traders would carry with them when traveling away from home. These letters stated that their home banks would honor any charges made and trading in this manner was much easier than carrying large sums of money, as well as being much safer!

Today we use credit cards much the same way. By signing the charge slip, we promise to repay the credit card issuer for the merchandise or services we buy. In this way, credit cards are much like signature loans. At the end of the billing cycle we receive a bill with all our purchases listed and we write the credit card issuer a check for that amount. But what if you would rather not pay the entire balance?

Many people carry a balance from month to month on their credit cards. This might be because they have overspent their budget or they had an emergency expense. Carrying a balance is much like taking out a loan and, like a loan, interest is applied to that balance. If you need to replace an appliance or pay an unforeseen medical bill, this can be a real financial lifesaver and well worth the interest charges.

Credit cards are also fairly easy to get. You can apply online and be approved within hours if you have a positive credit history. If you have less than stellar credit, you can still get a card but it will likely have a higher interest rate and stricter repayment provisions. You may have to apply for a “secured” credit card in which your available credit depends on the amount of money you have deposited with the issuer. After a few months of on-time payments, your balance may be increased without your having to back it up with your own money and eventually your funds will not be required once you show that you are a responsible client.

Some credit cards also charge a yearly fee. Depending on the card you have, this fee can be well worth it. If you are paying the fee without any extra benefits, though, it would be better to find one with no fee.

Today there are many credit cards that give you incentives such as a percentage of your charges returned to you, usually 1-3%. You can take this cash back reward and apply it to your balance or accept a gift card. Some credit cards award points rather than give cash back that you can apply toward airline tickets or gift cards.

Before you choose among the many credit cards available, be sure that you’re getting one with as many extra advantages possible.




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Credit Card

February 2nd, 2009 by Credit Card Finder UK


A credit card can be your ticket to a great credit score or it can cause a lot of headaches. Before you decide to get a credit card you should do some research and make an informed decision.

The reasons people have credit cards are many, but the main one is for convenience. With a credit card you don’t have to carry cash and since many establishments no longer accept checks, the card provides a way of paying that’s convenient and fast.

A credit card can also be costly! Many card come with annual fees that you pay just for the privilege of having them. Depending on the card, these fees can be a waste of money or a good investment. One famous credit card charges an annual fee but also gives you benefits like a free rental car should you be involved in an accident that disables your own vehicle. In this case, the fee is well worth paying for the benefits you receive!

If you want a credit card, look carefully at all your options and study the offers you get. Some cards offer you cash back, typically 1-3% of your purchases. You can take that incentive as a check, a gift card or apply it to your balance. Some even apply your incentive to your mortgage or other bills!

However, getting an incentive for using your card won’t be very profitable if you carry a balance from month to month. Credit card companies make money by charging interest on unpaid balances. They hope that people will use the card and pay only the minimum each month so that they can charge interest on the unpaid balance. That interest charge can be as much as 22%! If you have a balance of two thousand dollars and make only the minimum payment it will take you fifteen years to pay it off and you’ll pay a total of $4,240 assuming an interest rate of 20%. That’s a lot of profit for the credit card company and a lot of money out of your pocket!

If you use your credit card responsibly it can be a real asset. Most car rental companies refuse to rent to people without a credit card. This can be a problem if you need a car but don’t have a card. A credit card is very useful for making purchases over the internet, too. Just make sure that the site is secure and encrypts your information. With a credit card, you can make airline reservations, buy stamps and groceries or go shopping for nearly anything imaginable without leaving your computer! As you can see, having a credit card is a real advantage both in time and convenience.

Most credit cards are accepted all over the world so you can travel easily with them. You are also protected from fraud with a credit card; if it is stolen and you report it within a certain time frame that varies from card to card, you are only liable for the first fifty dollars of purchases made on that card. On many cards, your liability is zero!




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Credit Card Transfer

February 2nd, 2009 by Credit Card Finder UK


If you feel as if you’re drowning in debt, a credit card transfer might be the beginning to solving your financial problems.

You’ve probably seen advertising for balance transfer cards and if you haven’t looked into this new product, you probably should. A credit card transfer to one of these cards can save you a significant amount of money that you would normally spend paying interest rates on your balances.

Many of these balance transfer cards charge little or no interest. If you can get one with no interest, you’ll save even more. By transferring your high-interest balances to one of these cards you’ll have just one payment each month instead of several. Credit card transfer is an excellent way to begin managing your debt and paying it down.

Finding a credit card transfer is a lot like shopping for a credit card. You will find that there are different terms and conditions depending on the credit card issuer. Many low or no interest cards have a clause stating that if you add new charges to the card, you will incur interest charges not only on those new purchases but on the entire balance that you transferred onto the card! So if you do a credit card transfer read the terms and conditions very carefully and abide by them to the letter.

Most people don’t realize just how much they can save by transferring their debt onto a low or no interest credit card. If you have a two thousand dollar balance on your card and pay just the minimum payment each month, it will take you fifteen years to pay off that balance and you will have paid another two thousand dollars in interest! By doing a credit card transfer and not charging anything else on that card you will save hundreds, if not thousands, in interest charges and be out of debt more quickly.

You may even find a balance transfer card with added value such as a rewards program on the purchases you make with it. Not all credit card transfer arrangements prohibit new purchases, so if you get one that you can use for everyday expenses be sure to get as much bang for the buck as you can. Some have an annual fee, which is probably not a card you want to have, and some are even offering signup bonuses for new customers!

Be sure that you know how long the no or low interest rate is good for. There is usually a time limit, and the issuer will not remind you that it’s approaching! Most of these cards also charge a fee for transferring a balance that averages around four percent. Take care to make all your payments on time; if you are late or even skip a payment the full interest rate kicks in and could be as high as 25-30%.

By shopping around and carefully reading the terms and conditions of a credit card transfer, you can get a handle on your debt and begin to pay it down.




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Credit Card Rate

February 2nd, 2009 by Credit Card Finder UK


A credit card rate, or interest rate, is one of the most important considerations in choosing a credit card. There have been quite a few changes recently in credit card rates, some people reporting that their rates have been nearly doubled with no warning or reason.

Interest and fees are how banks and other financial institutions make money through lending. A credit card is essentially a loan that you can pay off every month or stretch out over several months or even years. You can see how it would be to your best advantage to pay off the balance each month but when you can’t, you are charged a rate of interest on the balance that depends a lot upon your past credit history and your credit score. Fees can also be applied to that balance in order to service the account.

One of the reasons that interest rates are so high is that issuers are trying to recoup losses they’ve been suffering during the recent global recession. Others have packaged up their credit card debts and sold them to speculators, losing billions of dollars in the process. Increased interest rates are a way of compensating for that loss. With delinquencies higher than they’ve been in a decade banks are raising their fees and rates accordingly.

Another reason a credit card rate may rise is the way companies assess their customers. Once you’re accepted and are issued a card, the company begins to track your spending habits-how much you borrow, whether you miss or are late on payments and even the type of merchandise you buy. For instance, if you charge fifty pounds per month but about twenty pounds of that was spent at a liquor store, your credit card issuer won’t care that you have to entertain business clients or that you’re having a large family gathering. They only see that you’ve apparently picked up some bad habits and may pose a credit risk. Thus, your credit card rate increases.

The good news is that as of January 1st, there are new rules for credit card companies. One of the fair principles instituted is that nothing can be changed in your contract for the first twelve months. After that the rate can change only every six months and you must be notified of the impending interest rate. This is a big step in favor or beleaguered consumers!

If you want to avoid high interest rates be sure to carefully compare credit cards before you apply. Do not apply for several at a time, as this will lower your credit score. Never make a payment late or miss one altogether and try to pay your balance in full each month. Carefully read the terms and conditions of the card you decide to get before applying for it! You may change your mind once you read their rules. You would also do well to remember that credit cards are a great spending and budgeting tool but a terrible way to borrow money!




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Credit Card Offers

February 2nd, 2009 by Credit Card Finder UK


Credit card offers seem to be everywhere you look these days-in your post box, in the newspaper, on television and even on your cell phone! Perhaps you are new to credit cards or you want to take advantage of a credit card offer that gives you better rewards than any of your present cards. How do you wade through all these credit card offers?

First, figure out why you want a card. It is a low or no interest card that you’ll use to consolidate and pay off all your debt? Does it have better rewards than the card you have now? Are you just starting out and need to build a credit history or need one for traveling? Which card you choose will have a lot to do with your reason for wanting it.

You might have to travel frequently for business, for example. Your business reimburses you for covered expenses but you have to pay them up front. It makes sense to pay those costs with a credit card that rewards you with cash back. You’ll actually make a small profit on your travels! Or if you are a casual traveler you may want to sign up for credit card offers that reward you with airline miles or deep discounts with hotels.

If you are looking for a card with a low interest rate, those can be a bit harder to find but you’ll surely find a rate competitive with what you are paying now. Many of these low interest cards also give you instant discounts in many shops both brick and mortar and internet based.

Points based credit cards award you a certain number of points for each pound you charge. You can redeem those points for travel, shopping or even cash in some cases.

One thing you must watch for when looking over credit card offers is not only the interest rate but how much you will be charged should you need a cash advance. Some cards charge significant fees for withdrawing cash while other charge a percentage of the amount you withdraw. When you need emergency cash, you don’t need the added burden of extra expense!

New laws that went into effect on January 1 state that credit card issuers can change your interest rate only at six month intervals and must notify you beforehand. Make sure that you’re getting the best interest rate possible, because it is sure to go up in six months!

Are you looking for a low interest card on which to transfer your other balances? Then be sure you look at credit card offers which feature positive payment hierarchy! This means that if you add a charge to the low or no interest card that holds your credit card debt, any payment you make will affect the newest charges. Most cards favor the opposite, or negative payment hierarchy, in order to rack up interest on the recent purchase while paying off the debts that are not making the card issuer as much money.

Choose carefully from all those credit card offers and be sure to read all the fine print!




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Credit Card Instant Approval

February 2nd, 2009 by Credit Card Finder UK


Credit card instant approval is an attractive idea, especially when you’re anxious to start building a good credit history. But is it really instant? Well, no, but compared to applying for a card at a bank or by mail it’s nearly instantaneous!

When you apply for a credit card online you can wait anywhere from a couple of hours to more than a day for approval. This is because your information must be checked, your references investigated and your address and employment information verified. Credit card issuers try to make the process as fast as possible but it’s necessary to protect themselves against fraud as well as verify that you are a good credit risk.

Two terms are generally used when talking about the approval process, one of which is “instant approval”. The company you applied to makes a quick review of your credit report using the internet and gives you their decision on whether or not they’ll extend credit to you. This takes a matter of an hour or so and is called instant because of the very brief time period in which it occurs.

The other method, “instant decision”, refers to the practice a bank or other company issuing credit cards employs. They will tell you almost immediately if they plan to approve you and then do a background check into your information and credit history. The initial decision is, in fact, instant but the final say is delayed until more facts are gathered.

You may still find a few isolated instances of “instant credit”, too. You receive instant approval and are provided with a temporary credit card number so that you can transact business over the telephone or internet but most issuers have forsaken this practice because of being burned by fraud.

You may be wondering if these “instant approval” applications are safe and secure and whether sending an application through the mail would be safer. You can be sure that your information is safe by looking for a lock icon on your browser bar before you start typing your information. If you click on it and it shows some security information, it is a secure site and your information is safe. All your sensitive facts are encrypted, unable to be read by anyone except the owners of that site, not even by a computer decryption program! If you mail an application, there are many stops along the way where a determined and resourceful thief can steal that envelope and your information. Applying online with a secure site is much safer than using the mail system.

Credit card instant approval can come in handy if you need a card within five to seven business days. That is usually how long it takes from the moment you complete your online application until you open your mailbox and find your card! This is quite an improvement to the way it used to be, taking weeks to get a card. Just be sure that your mailbox is secure so that your card is safe, or use your work address to receive it.




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Credit Card Debt

January 30th, 2009 by Credit Card Finder UK


It’s very easy to rack up credit card debt. Financial emergencies, an appliance that needs replacing, car repairs and other unforeseen expenses can force you to charge more than you can repay in one billing cycle. Perhaps you went overboard for the holidays and now find yourself facing a bigger credit card balance than you expected. Whatever the reason, you’re now faced with a debt you can’t pay immediately.

Credit card debt doesn’t have to be unmanageable, though. Sitting down and studying your expenses is a good place to start whittling down that debt. Where can you cut down so that you’ll have more money to pay off your credit cards? If you go to the movies a couple times a week, you might save money by renting a DVD and watching it at home. The money you save can be used to pay down your debt. Other ways to overhaul your budget will doubtless become apparent as you go down your list of expenses. If you buy your lunch, pack it yourself at least three times a week. Likewise, if you patronize a coffee shop you can save a lot of money by making your own coffee at home and carrying it to work in a thermos.

Once you’ve seen how much extra money you can apply towards your credit card debt you’ll be able to plan out your budget and start paying down that debt! The best way to do this is to make extra payments toward the principal, which is the base amount that the company is charging you interest for. You can do this by making the minimum payment then specifying a certain amount be applied to the principal. The less the principal, the less interest you’ll be charged and the quicker the debt will be paid off.

If you have more than one credit card with a balance, consider making the minimum payment on the one with the lowest interest and put all your efforts towards the ones with higher rates. Or you can consolidate your credit card debt by transferring it to a low or no interest credit card. As long as you make no new charges on the new card, the interest will remain low. Some cards offer low interest for only a specific period of time so be aware of the deadline! They certainly won’t remind you of it; they make their money from the interest so protect yourself by being aware of all the terms and conditions of the card.

If you’ve done all of this, cashed out your savings, borrowed from family and friends and you still don’t have control of your credit card debt the best thing to do is call the credit card companies and try to negotiate with them. They don’t want you to file bankruptcy and they don’t want to write off the debt. Most companies will work with you if you’re honest with them.




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Credit Card Deals

January 29th, 2009 by Credit Card Finder UK


There are a lot of terrific credit card deals right now, largely due to the slow economy. In order to attract new customers, credit card issuers are offering a lot of incentives to those who sign up for the cards.

One card that’s relatively new is the balance transfer card. These credit card deals allow you to take balances from a high interest card and transfer them to a card that, many times, has zero interest for a certain period of time. You can find these cards with little or no interest for periods of up to a year, allowing you to pay off your debt over that time and save a lot on finance charges. Be very careful, though, to read the terms and conditions. Many of these cards have a clause stating that adding new charges to the card will cause interest rates to be applied not only to the new charges but to the entire balance on the card. Balance transfer cards are great financial tools if you know and abide by the rules.

Other credit card deals might offer you reward programs. These can save you quite a bit of money, too. While 1-3% cash back may not sound like a lot, it can really add up. If you use the card for everyday expenses like groceries, pay your utility bills and buy your gas with it you can amass quite a bit of cash! You can use that cash to add to your savings account or even apply it to your monthly balance.

Other reward programs offer points that can be turned in for gift cards. These can come in quite handy during the holidays or a loved one’s birthday! Sometimes you can profit more from points programs than cash back rewards. If you get five points for each dollar spent and need 2500 points to get a $25 gift card that means you’ll only have to spend $500 to get that reward. Compare that $25 card to the $5-15 you’d get if you chose a 1-3% cash back reward and the choice is pretty clear which one you should choose.

There are also cards that offer airline miles for every dollar spent and if you like to travel this might be a good choice for you. Be careful to choose a program that doesn’t allow your miles to expire after a certain period or black out certain days when you might want to use your miles.

Credit card issuers are also forgoing annual fees in an effort to attract new customers. Many “premium” cards have reduced or done away altogether with their annual fees but kept the services or perks that those fees helped to pay for. Shop around enough and you can find a card that pays to insure your rental cars or provides trip insurance when you travel.




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Credit Card Consolidation

January 28th, 2009 by Credit Card Finder UK


Credit card consolidation can be a real lifesaver if properly used. No matter how you amassed your credit card debt, you need to get it under control and credit card consolidation is a great tool to get out from under it.

One way to consolidate your credit cards is a secured loan from a bank. But what if you don’t have collateral? If you don’t own property or your automobile isn’t paid for it will be very hard to qualify for a consolidation loan.

It may be easier to apply for a zero or low interest balance transfer card. These are credit cards but you are able to transfer all of your debt onto one of these cards and make one payment a month instead of many. The payment will usually be lower than your former payments combined amount, easing your financial burden and at the same time taking positive steps toward paying down your crushing debt.

When you apply for a no or low interest card it will be about the same experience as when you applied for your credit cards. However, you’ll be scrutinized much more closely. Your debt to income ratio will be calculated, you’ll have to disclose your assets and liabilities and your credit score will have a much greater impact now than it did when you first applied for your credit cards. Since the card issuer is taking more of a chance-trusting a person who is already in debt to repay all of those funds-you may have to try more than one issuer to get accepted.

Once you apply for and receive a balance transfer card, you’ll usually have sixty days in which to make the transfer. If you miss that deadline the regular interest rate could kick in, negating the benefits of the card.

When you successfully move all your balances onto your new card, you will have one monthly payment with significantly lower-or no-interest. This can save you hundreds of pounds a year and perhaps thousands over the lifetime of the loan. Make sure that you know how long you’ll enjoy those low rates, though. Most cards limit the low rate, anywhere from six months to eighteen months. Watch the date carefully, too, as the issuer will not remind you that it’s about to kick in those higher rates.

If you cannot get your credit card consolidation paid off before higher interest begins to apply, start looking for a similar card six weeks before the interest deadline. Some people go through three or four cards before they successfully conclude their credit card consolidation, but they do manage to get it paid off by using these cards.

As with every other financial tool, be sure you understand all the terms and conditions of your card. Know what penalties there are for late payments or missing one altogether; those things often trigger high interest rates and may be combined with fees that are unexpected if you haven’t read all the fine print before you sign the contract.




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Credit Card Application

January 28th, 2009 by Credit Card Finder UK


Filling out credit card applications used to be time consuming and usually required information you had to dig out of your files or call your bank to get. Now you can apply on the internet or just open the mail and find a brief, half-page application that asks surprisingly little information!

When you complete a credit card application online it only takes a few minutes, especially if you have an auto filler feature. You’ll be asked for your name, address and phone number, of course, and your birth date and social security number. It will also ask you how much your assets are and whether you own or rent your home. That’s it! Once you click the “submit” button, you’ll know within hours whether you’ve been approved.

While online credit card applications are quick and convenient, you should never enter any information on a site that is not secure. If the webpage you are on has an address that begins with “http” do not enter any information! If it begins with “https” that means that the page is secure and uses encryption to protect the information you enter. You can also look for the picture of a lock in your browser bar. That indicates that the site is secure but be sure to click on that lock. Many fraudulent sites put a lock icon on their page to give you a false sense of security. If you click on a lock icon you should be able to see some information about the site’s security. If not, leave that page immediately. Once someone gets hold of your information they can open accounts in your name and you may be liable for them! Identity theft is becoming epidemic so take care to protect your information.

If you prefer to fill out credit card applications that come in the mail there are also a couple of precautions you should take. Do not put the completed application in your mailbox for the mail person to pick up, but hand it personally to him or her or mail it yourself. One of the ways that thieves still your identity is to take applications from your mailbox. If you decide not to complete the application, don’t just throw it away. All offers of credit should be shredded, burned or completely destroyed in some manner. If you will not be at home when your new credit card arrives it is best to have it sent to your office. Just check the “change address” box and enter the information. You can change it to your proper address once the card is safely in your possession.

You should also remember that every time you apply for credit it is reflected in your credit history. This brings your score down, so if you plan to fill out some credit card applications try to keep it to a minimum.




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Compare Credit Cards

January 27th, 2009 by Credit Card Finder UK


Like most people, your mailbox is probably inundated with credit card offers. You see them on television, hear about them on the radio and notice them plastered on billboards all over the city. So which one should you get?

It’s important to compare credit cards and see what each one offers. There are several places on the internet that allow you to compare cards side by side, much easier than gathering all the material you’ve been mailed and trying to see the differences!

Some cards appear to have very few differences from each other but have varying terms and conditions. Others offer cash back rewards but one may give you just one percent back while another gives you three percent. These small differences can add up to a lot of money!

You should also look at cards with different types of rewards. If you travel a lot you should probably consider a card with an airline mileage reward program. Other cards might offer a points system that you can convert into gift cards after accumulating enough. Sometimes these points systems are more profitable than the cash back awards!

When you compare credit cards you can also see some of the other advantages they may have. Some cards will give you free trip insurance when you travel or insure any rental car you might need. This is a very useful benefit if you like to travel. There are several extra features you can choose between when you compare credit cards.

Probably the most important thing to look for when comparing credit cards is the interest rate. If you have a good credit score you’ll be able to get a more advantageous interest rate but if you have a poor credit history you will likely have to settle for a fairly high rate of interest. A point or two may not seem like much but if you plan to carry a monthly balance it can be very important. If you carry a balance of $2,000 for a year and pay 18% interest, you’re giving the credit card company $328.76 for the privilege of owing them money! That same debt load at 15% interest is only $269.88, quite a difference for just a few points. So when you compare credit cards, pay close attention to the interest rate you’ll be charged.

Credit card issuers also offer incentives for choosing their card over all the others. Those with points rewards will sometimes offer a one time award of several thousand points just for signing up for the card. There are also credit cards centered on particular companies that let you apply your reward points to a gift certificate from that company. An Avon Visa credit card, for example, lets you get a percentage of your purchases back as an Avon gift certificate.

Whatever credit card you choose, be sure you read and understand all the terms and conditions so that you can get the maximum benefit of using that card.




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Business Credit Card

January 26th, 2009 by Credit Card Finder UK


Having a business credit card is a good way to conserve your cash reserves while supplying your business needs. More than half of all businesses have credit cards to purchase supplies and equipment.

There are several advantages to having a business credit card but the main thing to remember is that it should be used solely for business purposes. It’s easier to document your expenses this way, for tax purposes as well as to keep your budget under control.

Business credit cards typically have higher limits than personal ones, some as high as fifty thousand dollars. Many business owners distribute these cards to key employees who are out in the field and need to buy supplies or pay travel expenses.

Having a business credit card can also give your credit score a boost if you do business with suppliers who report to the credit bureaus. This will really come in handy should you decide to apply for a loan to expand your business.

Your business credit is kept completely separate from your personal credit when you use a business credit card. You’ll also avoid having to sort out your personal expenses from your professional purchases. It’s also a good way to control employee spending and keep an eye on how they are dealing with expenses. At the end of the year, it’s simple to use your statements to itemize your tax deductions, too. Having a business credit card makes it easy to organize your bookkeeping.

Many business credit cards have reward programs attached to them, letting you rack up airline miles or take advantage of discounts at restaurants and hotels. These rewards can really pay off when you need to entertain clients or travel. Your business credit card also shows that your business is growing and promotes it at the same time.

Shopping for a business credit card is much the same as for a personal card. Look at different offers from credit card companies and compare their fees, reward programs, interest rates and grace periods. If the card has an annual fee, find out what you get for that fee. Many cards offer free rental car insurance in exchange for their annual fee or other incentives your business can take advantage of. Just like having too many personal credit cards can adversely affect your credit score, the same is true of your business.

Be sure to read all the terms and conditions before applying for a business credit card! Just as with a personal card, you need to know the interest rates the issuer will charge if you carry a balance, know if you’ll be charged fees for cash advances and if the card offers a grace period for making payments.

A business credit card can be a wonderful asset and a real help in managing expenses. Your accountant will love it, too, when it comes time to file taxes!




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Best Credit Cards

January 25th, 2009 by Credit Card Finder UK


The best credit cards are, obviously, what’s right for your particular circumstances. A card that’s perfect for your needs may be a bad deal for someone else and vice versa. To find the best credit cards for you, you’ll have to decide exactly what features are important to you.

Does the card you want have an annual fee? Some credit cards charge $25-300 per year for the privilege of having the card. If the issuer won’t waive this fee or refund it if you charge a minimum on your card, consider another card. Is there an application fee to apply for the card or a fee if you get a cash advance? These fees can add up quickly, so if your credit card charges any of them-or they apply to a card you’re thinking about getting-you should look elsewhere and investigate other credit cards.

Are you going to be using the card to make everyday purchases or just for big ticket items? You will have to consider this before applying for a card. Many people use their cards for everyday items like groceries, gas and even to pay utility bills because they get a certain percentage of their purchases refunded to them as part of a rewards program. In a case like this, those are the best credit cards for them! But maybe you don’t want cash and would prefer another type of award like airline miles or gift cards. You can find a card like that, too.

If you want the card in order to purchase an item such as an appliance or an entertainment center, you’ll want one with a very low interest rate. On the other hand, if you plan to pay the balance in full each billing cycle the interest rate won’t really matter. Choosing the best credit cards is easier to do if you know exactly what you’ll be using them for.

Remember, a credit card should be an asset, not a burden. You can make it work for you instead of against you by researching terms and conditions as well as key features, comparing them side by side. For instance, one credit card’s terms and conditions may state that you’ll be charged a late fee if your payment is received even one day after the due date while another card may have a ten day grace period. Not reading the fine print for a card you’re interested in will inevitably cost you money!

Being able to find the best credit cards will take a little longer than just picking one at random but it can pay off big for you! Consider a cash-back rewards card that pays you three percent of your purchases. That’s only three cents of every dollar and doesn’t sound like such a great deal, does it? However, if you use it for all your expenses you can run up about twelve thousand a year and receive $360 back! A little research and time will insure that you’ll be able to find the best credit cards for you!




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Balance transfer credit cards

January 25th, 2009 by Credit Card Finder UK


Balance transfer credit cards are becoming quite popular with those who want to pay off their credit card debts while saving significantly on the interest charged. There are several cards that charge no interest at all but do demand a handling fee, usually about 2% of the balance you are transferring.

When you decide which balance transfer credit card you would like, be aware that many of them have a requirement that you move your debt onto the card within sixty days of opening the account. Be sure that you know how long your have to pay down your debt before the interest rate increases. Some cards will charge you little or no interest for just six months; others extend the deal for twelve months or longer.

If you expect to take longer to pay off your debt than the deal allows, you will have to find another card to take its place and then another until the debt is eventually paid off. Or you can find a lifetime balance transfer card that charges you a very low, flat interest rate until you pay it off completely. There is usually a transfer fee but that low interest rate for as long as you need it is worth the small expense.

Whether you have conventional transfer credit cards or a lifetime balance transfer card, make sure you know the rules about new charges you might be tempted to make. Some cards will change your low interest rate to that of a more conventional card if you add new charges to the card. Others will quietly shove the new charges into the background where they accumulate interest while your monthly payments are applied not to the entire new balance but just the old, low interest one. This is a favorite trick of credit card companies that you’ll have to be leery of.

When you apply for and get one of the new balance transfer credit cards, be sure that you don’t miss a single payment or even make a late payment. Most cards’ terms and conditions state that late or missed payments will automatically forfeit the low or no interest rate of the card. And it’s up to you to read all the fine print that states such rules; the credit card companies won’t go out of their way to make sure you know how to play the game!

One of the things you’ll be offered with balance transfer credit cards is payment protection insurance, or PPI. This will sound like a great idea in case you lose your job, have an accident or illness that prevents you from working or if you die. The PPI would make your payments for you should any of these things occur but they are outrageously expensive and adds about ten percent per year to the cost of your credit card.

When your special interest rate is about to expire, be sure to allow yourself at least six weeks to apply for and obtain a new low or no interest card. You can transfer what’s left of your debt onto that one and avoid paying usurious interest!




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Easy ways to improve your credit rating

January 25th, 2009 by Credit Card Finder UK


As you probably know, credit card applications approvals are determined by credit ratings, those numbers have such a huge impact upon our ability to get credit. Many of us wish for better credit ratings, there’s not much reason to concern yourself with a perfect score, if your score is already excellent.

Attaining a perfect credit score is very difficult and very rare, and as such it’s not really worth bothering to try to attain, and indeed there’s no real benefit to going that extra mile from excellent to perfect, as there’s not usually much of a change in rates. Therefore if you’re already getting a fair rate on credit when you apply, there are probably many other better things to focus your energy on than improving your credit rating. This is not to say you should ignore it, but rather continue doing what you’re doing.

However for those of us who have been denied a credit card or loan due to a low credit rating, there are a couple of things you can do to improve your rating.

Be sensible with your credit use
Even if you pay off your credit balance every month, you could still have debt on the day your credit rating gets assessed. By only using small amounts of credit, you can be sure that when your rating is checked, your use of it will appear sensible. You should aim to only use about 25% of your available credit.

Minimise the number of credit applications you make
While credit card companies may flood your inbox with offers, and it may be very tempting to take advantage of these offers, you should try to avoid this practice. Those people with the best credit ratings apply for credit on average, less than twice a year. In turn, if you have an excellent credit score, you’re more likely to get the credit cards you actually want.

Keep on top of your creditors
Even if you always pay your bills on time, it won’t do your credit rating any good if your creditors don’t report it. If you do get a late payment fee charged, make sure you follow up with your creditors to make sure the fees are reversed.

Check your credit report
Checking your credit report can be a bit of a pandora’s box, but, unlike the box, it’s better to know what’s inside. The important think to do is to review the report and address any of the issues to the best of your abilities.

While we can’t guarantee that following the above advice you’ll end up with a perfect credit score, it should at least improve it over time.




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Bad Credit Credit Cards

January 23rd, 2009 by Credit Card Finder UK


There are many people who have suffered setbacks recently and whose credit might have suffered. Naturally, they’d like to repair their credit but aren’t sure where to start. The best way to build up your credit and gain a good reputation again is to prove you can pay your bills on time and the easiest way to do that is to have a credit card.

Even if you have bad credit you may be able to get a credit card. You probably won’t be able to get a large line of credit but in time you can build that up, too.

The first type of card you may be able to get is a secured card. This card is backed up by your own money to insure that the payments are made. The credit card company will determine how much your credit line is depending on how much money you are able to put up front. If you want a five hundred dollar line of credit, you will send them a check for that much and they will keep it. If you miss a payment it will be used to make that payment and your line of credit will be reduced. Some card issuers even have a clause that forces you to forfeit your collateral if you miss a payment so be sure to read everything carefully before you sign up for such a card.

Another type of bad credit credit card, and much more common, is a high interest card. Whereas a typical credit card charges anywhere from 12 to 18 percent on unpaid balances, a credit card for someone with poor credit may have a rate as high as 28%. Of course, if you pay your balance in full each month you won’t be affected by the interest rate, no matter what it is. A high interest credit card is an excellent way to rebuild your credit if pay the entire balance each month.

You may also be interested in a credit card that works more like a debit card that you can re-load any time you like. The company reports your activity to the credit report agencies, improving your score while you avoid going into debt.

When you are researching bad credit credit cards you will need to be wary of people that will try to take advantage of you. Never, ever pay a fee up front for a credit card; reputable companies don’t operate that way. This is a common scam usually done by telephone and the best thing you can do is just hang up.

Try to avoid paying application fees. There are a number of legitimate credit card issuers that charge an application fee but you should probably put these at the back of the line. Remember that each time you apply for a card, that activity is reflected in your credit history so choose carefully and try to keep your applications to a minimum.




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Bad Credit Cards

January 22nd, 2009 by Credit Card Finder UK


There are some bad credit cards out there but with a little care you can avoid being a victim of one. Most bad credit cards aren’t gotten by choice but because the applicant didn’t read the terms and conditions of the credit card before they completed and submitted their application.

Obviously, a high interest rate is the most obvious indication of a bad credit card but that can be avoided by paying the balance in full every billing cycle. The worst feature of a bad credit card and one that keeps dipping into your wallet is the annual fee. This fee can be as high as a couple hundred dollars a year! Sometimes fees give you a return for your money; one very prestigious credit card charges a yearly fee but provides you a free rental car should you be involved in an accident. If you have a credit card with an annual fee that isn’t providing you any kind of benefit in return, it’s probably time to find a way to get rid of that card.

What makes bad credit cards even worse is that when you close an account, it reflects negatively on your credit score. You wouldn’t think this would be so but when you close an account you alter your credit utilization ratio. Let’s say you have six credit cards with a total of $50,000 available and you owe $10,000 on those six cards. Your credit utilization ratio is now 20%. If you cancel a couple of those cards, you might bring your available credit down to half of what it had been and your utilization score rises to 40%, making you appear to be a bad credit risk.

If you have no intention of applying for any type of credit, taking a hit on your credit utilization score won’t be a serious matter. The effect of cancelling a card doesn’t usually last more than a couple of months so in this case it might serve your best interests to cancel a bad credit card.

You can also play a waiting game with the credit card issuer, hoping they will cancel it on their own. This is happening frequently in these tough economic times; people who don’t use their cards at least once a month sometimes find them cancelled by the issuer. This won’t look good on your credit! It’s always best for you to take action rather than depend on someone else to do it for you.

It’s best to avoid getting a bad credit card in the first place. No matter how small the print is or how many pages it takes up, read the terms and conditions before you sign up for that card. Companies are counting on your not reading those documents! You will find out what the penalty is for a late or missed payment, any annual fees for the card and what the interest rate really is on unpaid balances. Taking a few minutes to read the terms and conditions can save you a lot of trouble, aggravation and expense!




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Apply for Credit Cards

January 21st, 2009 by Credit Card Finder UK


If you’ve decided to apply for a credit card there are some things you need to watch out for before filling out that information. Credit cards, used wisely, can be a valuable financial tool but there are some little tricks and unfair practices that can also make a credit card your worst enemy.

Recently many credit card issuers have cut back on the minimum payment allowable on a balance. Formerly, they demanded at least three to five percent of the balance as a minimum payment but now a few of them have reduced that amount to 2%. This is definitely not cause for celebration! At that rate, if you carried a balance of one thousand pounds and made that minimum payment it would take you 33 years to pay it off, assuming your interest rate was 18.9%. By adding just ten extra pounds to your minimum monthly payment you could pay that balance of in just six years and save 2,193.23 pounds in interest! So if the card you’ve decided to apply for has a very low minimum payment, do yourself a favor and either pay more than the minimum or avoid carrying a balance.

Cash withdrawals can also cost you dearly. Recent changes in card issuers’ terms mean that not only are you charged a fee of 2-3% of the amount you withdraw but you pay higher interest on that cash. How high? Typical interest rates for cash withdrawals can run as much as 35%! So if you need cash, it’s best not to use your credit card to get it.

When you apply for a credit card, be sure you know what the APR, or annual percentage rate, is going to be on that card. Many credit card companies have increased their APR’s as well as their cash withdrawal rates, for present cardholders as well as prospective ones.

Another pitfall you may encounter when applying for a credit card is negative payment hierarchy. Let’s say you have transferred a balance from one card to another with no interest or very low interest with an eye to paying it off. If you make another charge with the intention of paying that charge in full at the end of the billing cycle you may think all is well. But since your card has a policy of negative payment hierarchy, that payment is applied toward the balance you transferred that has little or no interest applied to it. The company has now reduced the debt that is the cheapest for you and saddled you with debt that is accumulating a high amount of interest. You can avoid this trap by making sure of the terms and conditions of your card and strictly abiding by them.

You must also watch out for unfair practices regarding interest. If you intend to pay off your balance each month but accidentally underpay, your credit card issuer may just charge you interest on the entire amount, not just the outstanding balance. Be very sure to accurately pay your bill!




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0% Credit Cards

January 21st, 2009 by Credit Card Finder UK


Zero percent credit cards are a fairly new development in the financial market but are becoming more common as banks and retailers try to get people to spend more money.

When you’re looking for a zero percent card, you’ll see a lot of them out there and you may think they’re all pretty much the same. Nothing could be further from the truth! Some are strictly balance transfer cards meant to consolidate the balances from your credit cards. This can save you quite a bit of money! There are also zero percent cards that act as regular credit cards but do not charge you interest on the purchases.

There are several things you’ll need to pay attention to when shopping around for 0% credit cards. The first is the initial fee charged, which can be as much as 3-5% of the total amount that you transfer to the card. If you’re not transferring a balance but merely getting the card for future purchases, find out if an annual fee will be charged.

Be sure that you know the terms and conditions of the card you choose. If you’re using it to transfer balances to, make sure there is not a penalty for using the card to make purchases. Many 0% credit cards begin to charge interest-sometimes double or triple the normal rate-if you make new charges to the card! If you are getting the card for everyday use be sure that you know the penalty for late or missed payments. Again, you could trigger some very large interest rates if you fail to make a payment on time.

0% credit cards use what are commonly called “teaser rates”, a low or no interest rate to entice you into getting the card. The credit card companies don’t necessarily want you to get into debt, but merely to spend money since they make their money not only from interest charged but from processing transactions. Merchants pay fees for the ability to accept credit cards and those fees are the bread and butter of the credit card industry.

You may find out there is a time limit on your no interest credit card. Typically, companies will keep the interest rate at zero for six, twelve or eighteen months but once the target month comes the rates rise to “normal” rates. It’s up to you to keep track of when to stop using your card in order to avoid interest charges; the credit card companies certainly won’t remind you!

0% credit cards generally require an applicant to have a good credit score. Your score tells them how you handle money and if you’d be a good risk. If you pay your bills on time consistently, have a low debt to income ratio, don’t have many open accounts and don’t often apply for credit you will most likely have a decent credit score.

You can find a 0% card on the internet or you may get an offer in the mail. Choose carefully, remembering that applying for a card will affect your credit score. Be sure you know all the terms, conditions and fees associated with the card you choose before you apply for it.




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What Credit Card should I get if I have Bad Credit?

January 20th, 2009 by Credit Card Finder UK


Having a bad credit rating drastically reduces your credit options; however there are a few options available to you. The major caveat is that these options can do more harm than good.

Before the credit crunch, most companies weren’t terribly fussy about who they gave credit to, giving out large amounts of credit to anyone who wanted them. However now that we’ve got a credit crunch, the financial institutions are a lot for picky.

Compare and contrast bad credit cards

In spite of that, there are still a few options available to you if your credit ratings poor, that, in addition to proving you with the option to improve your credit rating.

Bad Credit Cards
In spite of the slightly alarming name, they’re not actually ‘bad’ (although they’re not great), instead this phrase refers to credit cards for people with bad credit. Often the credit limit is a lot lower than a normal credit card. As these cards are designed for people with high credit risk, they also come with larger fees, larger minimum payments, higher rates and fewer benefits. Still, if you really need the card, this is one option.

Prepaid credit cards
Prepaid credit cards rely exclusively on money you’ve paid on the card, they’re not actually credit cards, although they do use the same payment facilities as normal credit cards. This is a great way to manage your expenditure (it’s impossible for you to get into debt), while giving you the opportunity to rebuild your credit rating.

Additional cardholder
If you’ve got a loved one with a good credit rating who’s willing to help you get back on your feet, consider asking them if you can be an additional cardholder on a credit card. Be warned though, if you mess up, the debt will be against their name as well as yours.

Store Cards
Store cards generally have less stringent requirements than normal credit cards. This is offset by the generally high APR, as well as restrictions on use. This is a pretty bad option, but it is an option.

What to watch out for with Credit Cards for Bad Credit

The standard rule of “If it looks too good to be true then it probably is” applies here.

Here are some things to watch out for

Upfront Fees
If they ask you to pay a fee before you get the card, you’re being scammed. Don’t even consider the card if this is the case.

High Fees
If the annual charge is disproportionately high against the amount of credit that’s supplied, you should consider your options.

Short Interest Free Periods
The interest free period is the time between when you make a purchase and when they start charging interest. If the interest free period is less than 25 days, you should seriously consider shopping around a little more.




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British Airways American Express Premium Plus Card – 46% APR!!!

January 19th, 2009 by Credit Card Finder UK


The is now charging a disgusting 46% APR. Particularly obscene considering the interest rate is less than 1/20th of that.

If you have this card, destroy it immediately, and transfer your balance.




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American Express British Airways Credit Card

January 18th, 2009 by Credit Card Finder UK


The combination of British Airways miles and American express credit provides an excellent offer, if you can keep you balance in the limit and make your payments on time. When you sign up, you’ll get 3,000 bonus British Airways miles, then you get 2 miles for every £1 you spend on your American Express British Airways credit card for the first three months. Once this has wrapped up, you’ll get 1 BA mile for every £1 spent. On top of that, once a year, you’ll get a companion ticket.



Click through for full product terms and conditions for the American Express British Airways Credit Card.

Credit Card	Card Details	Interest Rate	Cash Advance Rate	Balance Transfer Rate	Annual fee	Interest free days
American Express British Airways Card	1,000 bonus BA Miles when you use the card for the first time / 1 BA Mile for every £1 spent.	19.9% APR	27.9% p.a.	19.9% APR	No Annual Fee	56 days for purchases. 0 days for balance transfers and cash.




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How do I get a credit card if I have no credit rating?

January 18th, 2009 by Credit Card Finder UK


In a similar fashion to people with bad credit, people with no credit history can have a difficult time getting a credit card, or any type of loan.

People who don’t have credit ratings generally fall into a couple of categories; students / young people and immigrants. Students have a slightly easier time of it as financial institutions perceive them as a decent risk, based on the earning potential once they finish Uni. As such Uni students often get inundated with offers, if you’re a student, the issues is more likely to be around chosing the right offer, rather than trying to find a credit card.

Young people who don’t go to uni may have a harder time getting access to credit cards, which puts them in a difficult situation.

The final significant group of people who may find themselves without credit history are immigrants. Credit histories aren’t shared between countries and when you arrive in a new country you’re effectively starting at zero.

There are a few other options (people who’ve chosen not to seek credit before, or people who’s credit rating has disappeared through lack of use.

If you find yourself without a credit rating or history, irrespective of which category you fall into, there are a few options available to you, including prepaid credit cards, like the cashplus prepaid Gold MasterCard, or credit cards for people with bad credit, or without a credit history, such as the Vanquis Visa card.

As long as you keep on top of your card payments (paying the maximum amount you can, and always on time) you should build up a good credit rating over time.




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How credit cards for bad credit can improve your credit rating

January 18th, 2009 by Credit Card Finder UK


If you get stuck in the cycle of bad credit, it can be really difficult to get out. If you do have a bad credit rating, then you can only get loans with higher interest rate, to offset the risk of giving you credit. These higher rates make it more difficult to pay your minimum balances on time, which then has a negative effect on your credit rating.

If you’re stuck in the cycle I’ve described above, don’t give up. With patience and hard work, you can rebuild your credit rating, by using credit cards for bad credit.

Credit card companies assign risk values based on your credit score. The assumption that they make is that for every range of credit scores, X% of people will default on their loans. So in order to ensure they make a profit, they increase or decrease the rates they charge; people with excellent credit ratings will get charged less for their credit cards, as they provide the companies less risk of defaulting, conversely people with lower credit ratings, will get charged more for their credit cards.

For the people with the lowest credit ratings, there are essentially two options:

• Credit cards for Bad Credit
• Prepaid credit cards

Credit cards for Bad Credit

Credit cards for bad credit are cards which exist with a high interest rate, such as the Vanquis Visa Card, to offset the risk of giving out credit.

Prepaid credit cards

Prepaid credit cards have no credit facility as such; they don’t allow you to borrow money, instead they function a bit like bank accounts, only allowing you to spend the money that is put on the card. While these don’t offer credit, some of them, such as the cashplus Gold MasterCard provide a facility to contribute towards rebuilding your credit rating.

As you make regular payments on time, paying off as much as possible each month, your credit rating will improve. It will take some time, depending on how poor your rating is, but each month, if you keep behaving well, your rating will improve. It is also very important to stay up to date on all your other bills, including rent, gas & electricity. We highly recommend setting up a direct debit facility on your account to prevent any payments from being missed.

After you’ve done this for a while, your credit rating should have improved sufficiently to allow you to have a better, unsecured credit card. If you do apply for an unsecured credit card, don’t make the mistake of slipping into bad habits and making late payments, or all your hard work will be undone.

If you keep this up, year after year, your credit rating should continue to rise. Eventually your credit card will allow you to qualify for loans and so forth. But again, don’t undo all your hard work by slipping into bad habits.

A history of continuous credit improvement benefits your score; make sure you use your older cards every now and again to keep their records active.

Aside from the benefits directly to your credit rating, improving it can save you a lot of money, as those with the highest credit scores get loans at the lowest rates.




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How do I manage credit card debt?

January 16th, 2009 by Credit Card Finder UK


Credit cards can be a really useful tool, but if you’re not careful, debts can pile up and you can end up with bad credit. Credit card debt management is pretty straightforward; you just need to make sure your incomings are less than your outgoings. But we’ve compiled a few tips below to point you in the right direction.

Credit card debt management
This is something you can do yourself, but first you need to cut up your cards, delete all your online shopping accounts and create a budget. There are a number of really useful budget applications, including quicken. But to be honest, Microsoft Excel does a perfectly reasonable job.

Credit Counselling
If you’re not confident in your ability or discipline in terms of debt management, there are many services that can help you out. Some of them are even free. The Citizens Advice Bureau is one such service, they provide free debt counselling and advice.

Debt Consolidation
One good option is to consolidate all of your debts into one loan; most financial institutions offer this to help manage debt. Make sure you destroy your cards if you do proceed with this

Beware of credit card debt management scams
Unscrupulous credit card companies can try to exploit people with bad credit ratings, by charging excessive fees and/or high rates. Make sure you read the fine print before you sign up to any card, and make sure you understand every aspect of what you’re signing up for, before you do it.

Other credit card debt management advice

There are a couple of other things you can do to manage your debt:

• Debt management is not magic; it takes hard work and commitment. Anything that seems too good to be true probably is.
• If you’re debt is spiralling, cut up your cards, straight away.
• Be sensible about your budgeting, allow yourself some small treats, otherwise your plan will be difficult to sustain

Good luck!




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American Express Platinum Moneyback

January 15th, 2009 by Credit Card Finder UK


The American Express Platinum Moneyback Card gives you money back on all your card purchases. For the first 3 months, for the first £4,000 you spend, you earn 5% of your total spend back, after which you earn 1.5% of your total spend. There is no limit to the amount your earnings, and the money is paid to you annually.

It also comes with the standard Amex benefits, including up to £20,000 purchase protection, refund protection up to £200, online fraud protection, free additional cards and 24 hours customer service line. The interest rate is pretty competitive too.



Click through for full product terms and conditions for the American Express Platinum Moneyback.

Credit Card	Card Details	Interest Rate	Cash Advance Rate	Balance Transfer Rate	Annual fee	Interest free days
American Express Platinum Moneyback	5% cashback on purchases in your first three months (up to £4,000 of spend). Thereafter, earn 0.5% on the first £3,500, 1% on £3,501 to £10,000, and 1.5% after £10,001.	18.9% p.a.	27.9% p.a.	18.9% p.a	No Annual Fee	56 days for purchases. 0 days for balance transfers and cash.




Posted in American Express, Credit Cards, Money Back | 1 Comment »

What not to do when your credit cards are maxed out

January 15th, 2009 by Credit Card Finder UK


With the credit crunch drastically limiting our ability to find new credit, we’re becoming more and more reliant on our existing credit sources. But what happens when you run out?

No matter how you got your card maxed out, the first and most important step we should all take is to make a plan. The plan should provide a clear guide to getting back ‘out of the hole’.

Below is a list of the key things you should do to avoid getting into a worse situation with your credit cards:

Don’t miss any payments or make any late payments
When you’re running low on cash, even making the minimum payment on your credit card can put a strain on your wallet, particularly if you’ve got other bills piling up. We’re not going to say that your credit card is the first bill you should pay, but if you miss payments, your credit rating will worsen, which can lead to the financial institutions reducing your credit limit, increasing interest rates and increasing minimum payments. Be very careful about making your payments on time. You should also consider the amount of time it can take for the payment to arrive on your credit card, or for cheque payments to clear. To minimise the risk of having a late payment, you should make your payment at least a week before it’s due.

Don’t get more credit
The least sensible thing to do when you’re at risk with your credit is get into more debt. There is obviously a difference between getting more credit and transferring your balance or consolidating your debts in a personal loan. If you do proceed with the latter, make sure you cancel all of your credit cards straight away, to remove any temptation.

Store credit cards are also a big no-no. Aside from regularly having fairly outrageous rates (25%+), they restrict your spending to one store.

Re-mortgaging, or using your property as a new line of credit, for the reasons above is also a poor choice. Particularly with the property market crashing at the moment, you run a significant risk of running into negative equity, which happens when your debts exceed the vale of your assets. Which, needless to say is really bad and will prevent you from getting any new credit.

Don’t spend any unnecessary money
Unnecessary is the operative word here. Be as frugal as possible with your expenditure, but don’t completely stop spending money (unless you absolutely have to).

With eBay, Craigslist, and a variety of second hand shops, charities, garage sales etc, there are a whole host of ways for you to buy the stuff you really need for a lot less than you’d pay if you were buying new from retail. Freecycle is an even better option, which deals exclusively in free stuff, you can get amazing things here for no cost.

Conversely, be sensible with your expenditure, don’t just stop spending money, reduce your TV or Internet plan, go out less, have friends over for dinner rather than going out. All of these little things (and we’re sure you can think of many more) add up to big savings. If you cut all the fun out of your life, unless you’re super disciplined, you’re much more likely to not stick to your budget. You need something to look forward to, you just need to moderate your expenditure.

Don’t try to do it by yourself
Getting out of debt is hard and stressful, so don’t assume you can do it by yourself, speak to your friends and family about your situation, as they’re probably in the same boat, or at least have been before.

Budget
Make a budget and stick to it. This is so important. Plan all your purchases a month before you’re due to make them so you can ensure you’re covered for all of your activities. Allocate some spare money to deal with unexpected events. Allocate your income into buckets; work out what you’re spending your money on each month (Electricity, Gas, Shopping, TV License etc) and then allocate cash against those pots.

This process is made a lot easier if you pay your bills by direct debit, as usually you’ll know how much you need to pay each month in advance.




Posted in Bad Credit, Credit Card Advice, Credit Cards | No Comments »

Capital One Fixed Rate credit card

January 13th, 2009 by Credit Card Finder UK


The Capital One Fixed Rate Credit Card offers you a card with no fees, low fixed rate on balance transfers and an amazingly low APR. The card also includes a free identity theft service. Obviously with all this great stuff, you need to have an excellent credit rating to qualify for the card.

Credit Card	Card Details	Interest Rate	Cash Advance Rate	Balance Transfer Rate	Annual fee	Interest free days
Capital One Fixed Rate	8.5% on balance transfers & purchases until Aug 2012. Free ID Theft Service, Free ID Alerts (No BT Fee).	Typical 8.5% APR (variable)	25.94% p.a.	8.54% until August 2012	No Annual Fee	56 days for purchases. 0 days for balance transfers and cash.




Posted in 0% Balance Transfer, Capital One, Credit Cards | No Comments »

Virgin Credit Card

January 11th, 2009 by Credit Card Finder UK


The Virgin Credit card is one of the most competitive cards on the market, with massive 16 months for 0% balance transfers (2.98% fee), 3 months for 0% on purchases, no annual fee, 24/7 helpline , and online account management.

On top of the standard credit card features, the Virgin Credit Card offers an amazing set of rewards from Virgin partners:

• Your first month with Virgin Media for free If you’re in an area that Virgin cable covers, and buy all 3 Virgin Services (Cable TV, Internet, Landline), if you only have 2 services for £19.99 you still get the month free and a free TV Box. You’ll need to pay with your Virgin Credit Card.
• 10% discount on Virgin Wines When you pay for Virgin wines with a Virgin credit card you get a 10% discount. Nice.
• A free month with Virgin Active Pay for membership with Virgin Active with your Virgin Credit Card and you get a month for free. Woo!
• 10% off Virgin Holidays Any holidays you book through Virgin Holidays and pay for with your Virgin Credit Card you get 10% off.
• 10% off Virgin Trains More of the same, book for Virgin Train Fare with your Virgin Credit Card and get 10% off
• 20% discount at Virgin Experiences Book a Virgin experience day, including including high-speed driving, flying lessons, bungee jumping, pamper and spa days, hampers and more, pay for it with your Virgin Credit Card, 20% off.
• 10% off Virgin insurance for Car, Home, Pet & Annual Travel Are you noticing a theme here? 10% off Virgin Insurance when you pay with your Virgin Credit Card.
• Choice of Card Designs.



Click through to Apply for the Virgin Credit Card

Credit Card	Card Details	Interest Rate	Cash Advance Rate	Balance Transfer Rate	Annual fee	Interest free days
Virgin Credit Cards	The Virgin Credit card is one of the most competitive cards on the market, with massive 16months for 0% balance transfers (2.98% fee), 3 months for 0% on purchases, no annual fee, 24/7 helpline , and online account management.	0% for 6 months	24.90%	0% for 16 months	No Annual Fee	50 days




Posted in 0% Balance Transfer, 0% Purchases, Business Credit Cards, Rewards, Virgin | 7 Comments »

Virgin Atlantic American Express White Credit Card

January 11th, 2009 by Credit Card Finder UK


The Virgin Atlantic American Express White Credit Card is designed for people who fly regularly, providing you 3,000 flying club miles when you start use the card, as well as 1 point for every £1 you spend on the card. The miles can also be redeemed for many other Virgin partner offers, including hotels, car hire and travel.



Click through to Apply for the Virgin Atlantic American Express White Credit Card

Credit Card	Card Details	Interest Rate	Cash Advance Rate	Balance Transfer Rate	Annual fee	Interest free days
Virgin Atlantic American Express White Credit Card	The Virgin Atlantic American Express White Credit Card is designed for people who fly regularly, providing you 3,000 flying club miles when you start use the card, as well as 1 point for every £1 you spend on the card.	17.90% Typical APR (variable)	20.90%	0% for 6 months	No Annual Fee	46 days




Posted in 0% Balance Transfer, Rewards, Virgin | 1 Comment »

Credit Cards for Bad Credit

January 9th, 2009 by Credit Card Finder UK


If you’ve got a bad credit rating and you need a credit card, more than likely you’re in a bit of a fix.  There are, however a few options.

Option 1 – Prepaid Credit Cards

Prepaid credit cards are great if you’re worried about limiting your spending.  Prepaid cards need money to be transferred on to them before they can be used.  One of the best prepaid cards on the market at the moment is the cashplus prepaid gold MasterCard,which offers comparable to a standard credit card, but with the benefit of being prepaid.  One of the key benefits of the cashplus card is its feature called ‘CreditBuilder’ which allows you to improve your credit rating by using the card.  Prepaid credit cards have a pretty low standard for acceptance, because there is no risk of debt defaulting.  The negative aspect to a prepaid credit card is that they don’t provide any credit.
Pros

• No risk
• Decent features
• High chance of approval

Cons

• No credit

Option 2 – Credit Cards for Bad Credit

With either option, you have a good opportunity to rebuild your credit rating. Just make sure you keep your payments on schedule, and over time, your credit rating will improve.  Credit cards for bad credit usually have very high interest rates, as the risk for providing credit to people with bad credit ratings is much higher.
Pros

• Credit (!)
• Opportunity to rebuild your credit rating

Cons

• High interest rate

Below is a list of two of the Credit Cards for Bad Credit that we recommend:

Credit Card	Card Details	Interest Rate	Cash Advance Rate	Balance Transfer Rate	Annual fee	Interest free days
cashplus prepaid gold MasterCard	The award winning prepaid card with no credit check or bank account needed.	Funds in your Account will not earn interest	Prepaid only – N/A	Prepaid only – N/A	£59.40 p.a. (£4.95/month)	Prepaid only – N/A
Vanquis Visa Card	Vanquis Visa Card is designed for people with no credit history or who have previously had bad debt.	39.9% APR variable	39.9%	39.9%	No Annual Fee	56 days
Capital One Classic	This card is designed for people with bad credit ratings, this is why the rate is quite high.	Typical 34.9% APR variable	34.9% APR	34.9% APR	No Annual Fee	56 days for purchases. 0 days for balance transfers and cash.




Posted in Bad Credit, Credit Card Advice, Credit Cards, Vanquis, cashplus, prepaid | No Comments »

Vanquis Visa Card

January 7th, 2009 by Credit Card Finder UK


If you’ve had an application declined because you’ve got a bad credit rating, because you’ve got no credit rating, because you’re self employed or have a low income, Vanquis provide a good option. Their service is designed for people who fall into these categories. Vanquis describe themselves (somewhat alarmingly) as “a UK bad credit credit card provider”, what they mean is that they provide credit cards for people with bad credit.

The card amount is permanently fixed, which ensures you stay in control of your debt, and the range of services they offer are pretty fair, considering their proposition:

• No annual fee
• Up to 56 days interest free on purchases
• Free additional cardholder
• Free fraud monitoring
• Online and phone payment
• UK call centres
• 100% acceptance guaranteed*

*Subject to applicant providing acceptable identification, being resident in the UK, aged 18
years or older if primary cardholder, or 13 years or older if additional cardholder.



Click through for full product terms and conditions for the Vanquis Visa Card.

Credit Card	Card Details	Interest Rate	Cash Advance Rate	Balance Transfer Rate	Annual fee	Interest free days
Vanquis Visa Card	Vanquis Visa Card is designed for people with no credit history or who have previously had bad debt.	39.9% APR variable	39.9%	39.9%	No Annual Fee	56 days




Posted in Bad Credit, Vanquis, Visa | 3 Comments »

cashplus prepaid gold MasterCard

January 7th, 2009 by Credit Card Finder UK


This card is great if you are struggling with your credit rating, as it has guaranteed approval, and it doesn’t let you spend any actual credit.  You need to pay money onto this card before you spend it, but with the addition of  ‘CreditBuilder‘  it can count towards improving  your credit rating.

There are a couple of other great features of the cashplus prepaid gold MasterCard including purchase protection, online banking, telephone banking and SMS transaction listings.



Click through for full product terms and conditions for the cashplus prepaid gold MasterCard.

Credit Card	Card Details	Interest Rate	Cash Advance Rate	Balance Transfer Rate	Annual fee	Interest free days
cashplus prepaid gold MasterCard	The award winning prepaid card with no credit check or bank account needed.	Funds in your Account will not earn interest	Prepaid only – N/A	Prepaid only – N/A	£59.40 p.a. (£4.95/month)	Prepaid only – N/A




Posted in Gold, MasterCard, cashplus, prepaid | No Comments »

MBNA Business Card with BMI Miles

January 5th, 2009 by Credit Card Finder UK


This card is designed for businesses that travel regularly, who are also in need of a good value credit card. The MBNA Business Card with BMI Miles allocates 1 destination mile for every £1 spent on the card.

The card has a number of other great features including:

• 20,000 free destination miles when you sign up
• Multiple card holders
• Free worldwide travel insurance
• Online banking
• Low rate for balance transfers and credit card cheques for a limited time
• Low annual rate
• Free Purchase Protection Insurance
• Employee Misuse Insurance
• Free legal and tax help



Click through to Apply for the MBNA Business Card with BMI Miles

Credit Card	Card Details	Interest Rate	Cash Advance Rate	Balance Transfer Rate	Annual fee	Interest free days
MBNA Business Card with BMI miles	CARD DETAILS	15.9% APR(variable)	27.9% p.a. (variable)	0% for 12 months	No Annual Fee	50 days on card purchases




Posted in 0% Balance Transfer, Business Credit Cards, Rewards | No Comments »

Alliance & Leicester Business Credit Card

January 5th, 2009 by Credit Card Finder UK


The Alliance & Leicester Business Credit Card is tailored for flexibility, with an introductory offer of 0% on purchases for 3 months, 0% on balance transfer for 9 months and a competitive rate of 15.9% p.a. (variable). The annual fee is waived for the first year.

Credit Card	Card Details	Interest Rate	Cash Advance Rate	Balance Transfer Rate	Annual fee	Interest free days
Alliance & Leicester Business Credit Card	The Alliance & Leicester Business Credit Card has been designed for flexibility to make business purchases.	15.9% p.a. (variable)	24.90%	0% for 9 Months	No annual fee for 12 months	57 days on purchases




Posted in 0% Balance Transfer, 0% Purchases, MBNA, Travel Insurance | No Comments »

Credit Card Charges to Avoid

December 30th, 2008 by Credit Card Finder UK


Let’s cut right to the chase, there are many ways that Credit Card companies can charge you for using their cards. We’ve outlined some of these below, so be very careful to avoid these:

Late Payments / Returned Payments / Exceeding credit limits

Generally banks will charge you a fee for paying off your balance late, for paying off your card with a bounced cheque or for exceeding your credit limit. The best way to avoid these charges is to check on your card weekly. Internet banking makes it fairly easy to regularly monitor your credit card status. Access to internet or phone banking should be a key requirement when selecting your credit card. These fees are generally around £30.

Balance Transfer Fees

Most institutions will charge a balance transfer fee, this is more likely if they are offering a 0% balance transfer rate. Be sure to double check for this when you’re signing up for the card. At Credit Card Finder UK, we try to always flag these fees when we are reviewing credit cards. The rate of this fee is often around 3% of the amount transferred.

Foreign Currency Fees

If you make transactions in currencies other than the sterling, your bank will generally charge you a fee for that transaction, in the vicinity of 3% of the value of the transaction in pounds. This can hit doubly hard as generally the exchange rates on card aren’t favourable, so your charged once for the foreign currency amount, then a charge is levied on top of that.

Payment Protection Insurance

While payment protection insurance can be a handy thing to have, it will incur additional charges against your card. Be aware that when signing up, banks often include this as a default option.

Ultimately we all need to pay close attention to our credit card situation to make sure to avoid these charges. We suggest checking your credit card balance and recent transactions at least every week. We also highly recommend making your card payment at least 5 working days before it’s due, just to be 100% sure that the payment goes in on time.




Posted in Credit Card Advice, Credit Card Charges | No Comments »

Top 10 UK Credit Cards

December 23rd, 2008 by Credit Card Finder UK


Don’t have the time to find the best credit card? Let us help you out. Below are the best credit cards on offer based on lifestyle and financial situation in a comparison table.

Note that our rating of ‘Best’ is subjective. For instance, we may not say the card in the UK with the lowest cash advance rate is the ‘Best Cash Advance Card’ as it has a higher annual fee and other features to cancel out its beneficial cash advance rate.

Comparison of Top 10 Credit Card Offers

Credit Card	Card Details	Interest Rate	Cash Advance Rate	Balance Transfer Rate	Annual fee	Interest free days
Halifax All in One Credit Card	The Halifax All in One credit card offers a great introductory rate, and is perfect for saving you money now as well as in the future.	15.9% APR	27.95% p.a. (variable)	0% for 9 months	No Annual Fee	59 Days interest free
Virgin Credit Card	As well as a great rate, the Virgin Credit Card comes with: A discount scheme Travel Accident Insurance Purchase Protection Insurance	16.6% APR (variable)	27.9% p.a. (variable)	0% for 16 Months (2.98% fee on balance transfers)	No Annual Fee	50 days on card purchases
Capital One Classic Visa	This card is designed for people with bad credit ratings, this is why the rate is quite high.	Typical 34.9% APR variable	34.9% APR	34.9% APR	No Annual Fee	56 days for purchases. 0 days for balance transfers and cash.
Virgin Atlantic White Card	As well as earning Flying Club miles which you can spend on brilliant rewards like flights, upgrades, car hire and more, a Virgin Atlantic Credit Card gives you up to 46 days interest free on card purchases.	17.9% APR typical rate	20.9% p.a. (variable)	0% for 6 months (2% handling fee)	No Annual Fee	Up to 46 days on card purchases only.
credit-cards/ Virgin Prepaid MasterCard	The Virgin Prepaid MasterCard from Virgin Money is a prepaid Mastercard that you can add funds to, and use these funds for normal purchases.	N/A	N/A	N/A	N/A	N/A
American Express Platinum Moneyback	5% cashback on purchases in your first three months (up to £4,000 of spend). Thereafter, earn 0.5% on the first £3,500, 1% on £3,501 to £10,000, and 1.5% after £10,001.	18.9% p.a.	27.9% p.a.	18.9% p.a	No Annual Fee	56 days for purchases. 0 days for balance transfers and cash.
Vanquis Visa Card	Vanquis Visa Card is designed for people with no credit history or who have previously had bad debt.	39.9% APR variable	39.9%	39.9%	No Annual Fee	Up to 56 days on card purchases only
cashplus prepaid gold MasterCard	The award winning prepaid card with no credit check or bank account needed.	Funds in your Account will not earn interest	Prepaid only – N/A	Prepaid only – N/A	£59.40 p.a. (£4.95/month)	Prepaid only – N/A




Posted in Credit Card Advice, Credit Cards | 7 Comments »

Credit Card Balance Transfers

December 20th, 2008 by Credit Card Finder UK


Have you been spending too much recently? Is your credit card debt or store card debt looking a little scary? By changing credit cards regularly and transferring your balances, you can save £100s or even £1000s of pounds.

Read through our step-by step guide to learn how to start saving now! We’ll take you through the best tips and tricks to the banks taking all your money. We’ll also show you the best offers, updated daily, and tell you what to watch out for with balance transfer.

• What is a balance transfer?
• What is a balance transfer?
• Balance transfer FAQs

What is a balance transfer?

Balance transfer is when you transfer the outstanding balance from one card to another. This can save you money as the card you are be transferring too should have an interest free period. This means that you no longer have to pay of the interest the first card is charging you.

For example:

• Frank has a £2,000 debt on his Binkley’s bank credit card, which he is paying 20% interest i.e. £400 p.a.
• He opens up a new card with Capital bank, which has 0% for the first 12 months.
• He transfers the £2,000 from his Binkley’s card to his Capital Bank Card, saving himself £400 in the first 12 months

The best balance transfer deals are applied when you start a new card, as the banks want you to transfer your debt to them. However there are a few deals for existing customers that can be very handy when using existing credit.

There’s a big difference between cutting the interest rate and paying less money each month. The minimum repayments indicate the minimum monthly repayment amount.

How do I choose the right balance transfer deal?

There are many different factors which effect this decision, including your credit score and your ability to repay the debt.

Balance transfer FAQs

• How do I transfer my outstanding credit card balance?
• Will I pay less each month?
• How much should I pay off?
• If I don’t reduce my payments by balance transfer, then why should I bother transferring my credit card balance?
• What should do if I can’t get enough credit to cover my existing debts?
• How will the credit crunch effect balance transfers?
• How many times can I transfer my credit card balance?
• When should I apply for a new balance transfer?
• Does changing credit cards regularly harm my credit rating?
• Can I spend money on my new credit card?
• Can I still not spend money on the new card if it’s got a cheap deal for spending too?
• Is the balance transfer fee interest free as well?
• Which cards give the largest credit limits?
• Why was I rejected? I’ve got a great credit score.
• Why did I receive a different card to the one I applied for?
• What else should I look for when choosing a credit card for balance transfer?
• What other risks do I need to think about when transferring outstanding credit card balance?

How do I transfer my outstanding credit card balance/s?
The first step is to apply for a new credit card. In the application, there will usually be a section which asks if ‘you want to transfer debts from other cards’. In this section, you should put the details of the cards that you wish to transfer the balance from. If the application is approved, the new institution will automatically pay off the original debts. If you don’t do it as part of the original application, most cards will allow you a period of grace of up to 90 days where you will be able to transfer outstanding credit card balances.

FAQs

Does having a new lower interest rate mean I pay less each month?

Not necessarily, the minimum payment and the interest rates are separate issues. The minimum payment calculations vary from card to card.

FAQs

How much of the credit card balance should I pay off each month?

You should pay off as much debt as possible. Even though you are not paying interest on the card, you should still work as hard as you can to get rid of the remaining debt. You need to make sure you’re paying more than the minimum payment each month as well.

FAQs

If I don’t reduce my payments by balance transfer, then why should I bother transferring my credit card balance?
If the rate of interest is lower, more of your money goes towards paying off the original capital, rather than to the bank. This means that you’ll get out of debt faster.

FAQs

What should do if I can’t get enough credit to cover my existing debts?
You should move what you can to the new card, and either apply for a second card, at the risk of having a damaging impact on your credit score, or accept the fact that you’re paying less interest than you were before.

FAQs

How will the credit crunch effect balance transfers?
The credit crunch means that financial institutions are less willing to give credit, which means that it’s harder to transfer your balance. The risk is that as it becomes difficult to get higher credit limits, people will need to use multiple credit cards to cover all their debts. This means more risks, and also more applications, which can also have a negative impact on your credit score. The best solution for this is to look for one cheap, long term deal to ensure you have access to that rate for as long time as possible.

FAQs

How many times can I transfer my credit card balance?

A. As many times as you like, you can balance transfer from card, to card, to card. The only limiting factor is whether your credit score is high enough to be accepted for new cards.

FAQs

When should I apply for a new balance transfer?
The best time to apply is roughly six weeks before your current 0% deal ends. This gives you enough time to apply, find out if you’ve got the card, and shift the debt, while your other card is still at 0%. Use the Tart Alert to remind you when.

FAQs

Does changing credit cards regularly harm my credit rating?
If you keep applying for credit cards, especially close together, especially when you have large outstanding debts, you are more likely to not get approved. The solution to this is to spread out your applications. If this is the case, most people with normal incomes and no missed payments should be able to transfer balances as they see fit.

FAQs

Can I spend money on my new credit card?
NO! You should never spend money on a balance transfer card, as it means you’re incurring new debts which add interest.

FAQs

Can I still not spend money on the new card if it’s got a cheap deal for spending too?

Practically, yes, realistically, no. Remember that the Financial Institutions want to make profit on your credit card, so it is highly unlikely that a card will have a low rate for both balance transfers and purchases. Even if they do, it’s likely that the lengths will be different e.g. 0% for 6 months on purchases and 12 months for balance transfers and you don’t pay off the debts in time, you’ll end up in the same place you were originally, with high debts at high interest rates.

FAQs

Is the balance transfer fee interest free as well?
This varies card to card, usually you do pay interest, but it’s usually arranged so that your first monthly repayment covers this fee, which means the interest is negligible.

FAQs

Which cards give the largest credit limits?

Reputation suggests that Barclaycard offers the lowest credit limits and MNBA offers the highest, but in
reality the amount differs wildly according to the financial institution’s profitability requirements at that time. There’s no practical way to accurately answer this question.

FAQs

Why was I rejected? I’ve got a great credit score.
Lenders choose customers on profitability, not just risk. You should always check your credit file, but sometimes it’s hard to understand why a decision was made, unless you’re a bank manager.

FAQs

Why did I receive a different card to the one I applied for?
Beware: Some credit cards companies will be offer you a card based on their credit score of you. This means that you can apply for one card, and get sent a different one, which may be completely unsuitable for you.

FAQs

What else should I look for when choosing a credit card for balance transfer?
It is worth considering whether the card offers existing customer balance transfer deals This is a useful as it offsets the risk of being rejected due to a poor credit score.

FAQs

What other risks do I need to think about when transferring outstanding credit card balance?
If you don’t shift all the debt in time you’ll end up paying the full APR (up to 30%) on all the outstanding debt. You will have undone all of your hard work transferring balance. It’s very important that you monitor your cards closely to avoid getting stung with debt.

If you can be strict with your balance transfers, you can ignore the APR as you should have either paid off the debt or paid off the debt by the time the interest free period is over.




Posted in Balance Transfers, Credit Card Advice, Credit Cards | 3 Comments »


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