Credit Cards Are Pretty Popular And In Widespread Use In UK

Category: Finance, Credit.

Credit cards are pretty popular and in widespread use in UK. As in the US, UK credit cards too are on offer from various banks and financial institutions.

Credit cards are accepted at most shops and other merchant stores/ outlets. Again, UK credit cards too offer a number of benefits which vary from one UK credit card to another( though there are a lot of common benefits too which are same across various UK credit cards) . There are some UK credit cards that offer 0% balance transfer for 9 months and there are others that offer 0% for 6 months. Due to the fierce competition in the UK credit card market, various UK credit card suppliers offer attractive balance transfer schemes too. However, the catch here is that these UK card credit suppliers differ on their standard APR rate i. e. the APR rate which comes into effect after the expiry of the introductory 0% balance transfer offer. Some UK credit card suppliers combine 0% offers with accrual of points on a rewards programme. Further there are some UK credit cards that do not offer a 0% balance transfer but instead offer a better standard rate( APR) throughout.

Another popular thing among UK credit cards is to combine cash back offers with balance transfers. You also have a few UK credit cards that can be procured by people with bad credit history too( of course, the decision on approval of such a credit card application will lie with the credit card supplier) . Then there are some very attractive offers which give 0% not only on balance transfers but also on Purchases( for a short period like 5 month or so) . So what does one do if one wants to transfer balance to another UK credit card. You need to take stock of your current financial situation and determine if a period of 6 months or 9 months( or maybe even 12 months) would be sufficient for you to fully payback the dues on your UK credit card. Well, it s quite simple.

If the answer is in the affirmative, just go ahead for the UK credit card that offers 0% balance transfer for this period( even if the standard APR rate is a bit higher) . Otherwise, the choice of a higher standard APR will hit you very hard and you will be in deeper trouble. However, the assumption here is that once you payback the debt on your UK credit card, you will stick to controlled spending and will pay your credit card bills in full amount by the due date for payment. However, if you think that 9 months is not sufficient to pay back the debt on your UK credit card, then you should look to strike a balance between the zero APR period and the standard APR rate, and choose a UK credit card which leads to the least total outgo( you will need to sit with a calculator and calculate the total outgo on various UK credit card offers) . Other things like 0% on purchases, reward programmer points etc are secondary things. This is the most basic aspect that you need to consider before you decide on which UK credit card is the best for transferring balance.

Read more...

But This Is Typical Of The Lies That We Tell Ourselves When We Dont Want To Face Our Credit Card Balances - Cheri Rubel's Finance and Credit blog:

Credit cards are an easy way to manage your monthly expenses, and get through a day without having to carry much cash.

Bad Credit Is Contagious - Manuela Mewborn's Finance and Credit blog:

It is more than likely that you are familiar with the negative aspects of credit cards debt. Plastic cards are the most common means by which people enter into credit cards debt, and the situation can quickly lead to an overall state of bad credit and a need to take out loans for debt.

Do You Even Need Their Credit Card - Finance and Credit Blog:

Imagine this.