Find the Cheapest Credit Card deals

Whether you are looking for a credit card to make everyday purchases, to make a balance transfer or just a simple to use credit card, you can use an online credit-card comparison website to find the card that is right for you.

A credit card can be a convenient way to buy everyday items, here are some things to consider when applying for a credit card.

What features and benefits can I expect?

A credit card is a flexible and convenient way of borrowing money in the short term. It can offer interest-free, short-term credit on purchases, as long as you always pay the balance in full and on time. It’s a safe and versatile way to pay for goods and services and offers protection against fraud. Some credit cards allow you to transfer higher interest debt to another card with a lower interest rate, however, you may be charged a balance transfer fee for this service.

Your credit-card limit is based on an assessment of your income and borrowing commitments. The credit card provider will tell you your limit after your application is accepted and this figure will appear on your monthly statements. If you prefer a lower limit, this can be reduced. After you have had the credit card awhile you can review your credit limit based on an assessment of your ability to pay the new amount. Providers offer a variety of credit cards, all with different features and benefits as well as online services.

What commitment do I need to make?

Your biggest commitment is to pay back what you borrow plus any interest charged and stay within your credit limit. Each month you must repay at least the minimum payment on time as shown on your statement. Please read the terms and conditions carefully so you understand how your credit card works.

Are there any risks?

Even if your card offers an interest-free period on purchases, if you don’t pay your bill in full each month you will be charged interest on your purchases. By only paying the minimum each month, you pay more interest over a longer period and it takes longer to clear your balance. Interest charges will apply on any balance transfers or cash withdrawals made on your credit card even if you pay your balance in full.

To help avoid late payment fees, you can pay a fixed amount or the minimum or full amount by Direct Debit each month. It’s also important you keep within your credit limit to prevent incurring a charge. Always keep your payments up to date to make it easy to obtain future credit.

What else should I think about?

If you need to take money out of a cash machine, remember that a credit card isn’t the best method and you’ll be charged interest and a fee. If you withdraw cash overseas, you’ll also incur an additional fee. Don’t forget, you can close your credit card account at any time, most credit cards have no tie-ins. However, you must clear any outstanding balance first. Credit cards have many advantages but they may not be for everybody.

You should always find the right card for you. Shop around for the Top 10 Credit Card deals and see how you can save money.

Comparision websites: Compareandsave, GoCompare, MoneySupermarket, Comparethemarket.

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