Best Credit Cards

HOME PAGE. Menu
FIXED RATE BONDS
TOP SAVINGS ACCOUNTS
BEST SAVINGS ACCOUNTS & FIXED RATE BONDS
CHEAP INSURANCE COVER
INSURANCE
CHEAP TRAVEL INSURANCE
BEST PET INSURANCE
CAR INSURANCE
HOME INSURANCE
BANKS,UK BUILDING SOCIETIES,INSURANCE COMPANIES
BANK ACCOUNTS
COMPARE UNSECURED PERSONAL LOANS
BAD CREDIT HISTORY LOANS
COMPARE BEST CREDIT CARDS
CHOOSING THE BEST SAVINGS ACCOUNT
BEST MONEY SAVING TIPS
SHOPPING DISCOUNTS AND CHEAP DEALS
Save money on airport parking

Welcome to the credit card section where you find the the bad, the good and the very good plus a few interesting statistics about credit cards.

 Facts about credit cards in the UK
The first credit card was launched in the U.K on the 29/06/2006 by Barclaycard. It was not until 1971 that the Access card was launched.
 
Latest Statistics at December 2008
Credit outstanding was 65.5 billion.
72.5% of credit card balances attracted interest
At the end of december there were 66,692,000 cards in issue of which 27,063,000 were visa cards and 39,630,000 were mastercards.
 
 

The bad
According to moneyfacts.co.uk the average interest rate on credit cards is 17.7% and considering that the average debt per credit card holder is estimated at 1856 that is a lot of interest being charged.

The good
There are some very good advantages to credit cards particularly if you pay the outstanding balance off the card at the end of each month.
Some of the advantages of credit cards are
1/ Many credit cards give you protection on your purchases as under section 75 of the consumer credit act the company is jointly liable along with the merchant if an item is faulty or fails to get delivered. (this does not apply to debit cards or charge cards) 
2/ For those who pay off their cedit card bills in full each month they get the advantage of interest free borrowing on their purchases until the bill arrives and the conveinience of not having to carry cash around.
3/ Credit cards can also be a good way to establish and keep a good credit rating which is a valuable asset to have.
4/ Because of point 1 they are a better option when buying goods over the internet.
 

The very good
So are you one of the 73% of the UK population with an outstanding balance on their credit card?
 
If so consider moving the balance to one of the cards that offers a 0% balance transfer. An example of the savings that can be made by doing this would be for someone who has a 3000 balance, is paying 150 per month (the minimum) and takes out a 12 months 0%  balance card. The potential savings in this case would be 249 a figure which is certainly worth pursuing. With all these things though the best deals go to those who have a relatively good credit record and it is certainly worth checking you file to make sure there are no hidden nasties on it before applying for a new credit card. Fortunately you can get to see what is on your credit file for free here .
 
Having checked to see that your credit file is ok take a look at the link below to see the credit card options available to you and just how much you might be able to save. 

Credit Card Suppliers

Further information is available on
 
Vanquis-they provide credit cards for those with a poor or a non existant credit rating.
 
 
 
 
 
 
 
 

credit cards finding the best deal to get a cheap credit card deal and the best credit cards for balance transfers

None of the information contained in this website constitutes,nor should be construed as Financial Advice
 
 
Your home may be repossessed if you do not keep up repayments on your mortgage