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Summary Of Popular Credit Cards
A credit card is a very convenient and simple way to make purchases without having to carry around cash or a cheque book, and over recent years credit cards have become increasingly popular, with a wider range of credit cards coming onto the market. These days there are many different credit cards available, with something to suit all needs and circumstances, and it is important that you look at the different credit card options in order to find the card that will best meet your needs.
You should remember that there are many different providers that offer credit card facilities, and the rates, benefits, and terms of the credit cards can vary widely. By learning more about the different credit cards and making a more informed choice about which credit card to opt for you could save a fair amount of money on your borrowing, or in some cases you could even make money from your credit card provider simply for using the credit card. Below are some of the popular credit cards that you can choose from:
Balance transfer credit cards: These credit cards are designed to allow those with existing credit card balances on high interest cards to transfer the balance onto a low rate or interest free card. With a 0% balance transfer credit card you can enjoy a specified period of interest free credit on your transferred balance, giving you more time to repay your balance before you are charged any interest. With a life of balance transfer card you can enjoy a very low rate of interest for the life of the transferred balance.
Cash back credit cards: With a cash back credit card you can enjoy earning a percentage of cash back for every pound that you spend on the card, and the level of cash back that you get per pound spent can vary from one provider to another. You should bear in mind that if you do not repay the balance on your card in full each month then this card will not benefit you, as you will end up paying far more back in interest than you will ever earn in cash back. No cash back is earned for cash withdrawals of transactions on these cards.
Rewards based credit cards: There are a number of rewards credit cards that work in a similar way to the cash back credit card, where you earn a certain amount of points per pound spent on the card. Rewards can include travel rewards, discounts, gift vouchers, air miles, and more. Again, if you do not repay your balance in full each month this may not be the best card for you, and also no points are awarded for cash withdrawals or transactions.
0% purchase credit cards: A 0% purchase credit card offers a specified period of interest free credit for purchases made on the card, which means that you can spend on the card, spread your repayments, and get away with paying no interest providing you repay the balance in full within the interest free period. The interest free period offered can vary from one provider to another, so you should compare the different deals to see what it on offer.
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