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How to Choose the Right Credit Card?

There are so many credit card choices available that actually choosing the right one for you can be a challenge. Therefore, you need to look carefully at what you want from a card before selecting one and getting locked into terms that may not be right for you. Use a comparison website such as compareandsave.com to get a good idea of what is available.

If you expect to pay off your balance at the end of the month then you may be tempted by a cashback card. This is one that offers a small percentage cashback on all purchases either for a period of time or permanently. There are only a few providers that offer cash as opposed to vouchers of selected discounts and these include MBNA and NatWest. Each offer slightly different cashback arrangements so look carefully at the conditions necessary to qualify before you choose.

If you want to look at earning rewards other than cash then there are many to choose from. From money off telephone bills through to contributions to the World Wildlife Fund the options are bountiful so take your time to review the offers before applying.

If you plan to borrow on your credit card by not paying off the full balance then the interest rate charged must be compared. Rates range from 0% for a period of time through to an average of around 16% APR. Therefore, if you plan to pay off a large purchase over a few months, consider an interest free option.

If you already have a card with a large balance at a high rate then you may consider switching to another provider offering a free transfer. You may have to pay a fee (typically 2% of the balance) and have anything from 3 months to 15 months at a zero or low interest rate in which to pay off the balance. Beware, though, that any new purchases typically attract interest at their standard rate and any cash you pay off will be credited first to the interest free portion of the balance.

If you have had some debt issues in the past it may be difficult getting a new card approved by a lender. Most providers have tightened up their application procedures since the credit crunch and have started sharing information to prevent customers `card hopping` to get the best deals. This makes it all the more important to select the right card first time as changing may be more difficult than in the past.

If you do have a poor credit history then there are a couple of cards that will help you to rebuild your track record. Arguably the best of these is the Vanquis Visa card. It allows a small amount of borrowing and charges interest at 39.9% on any balance so it encourages you to get into the habit of paying off your balance every month to ensure that you have free cash left over. After a period of time, the positive experience with them will rebuild your credit history and help to get a better credit score when you apply for loans, mortgages or other cards.





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