Help with finding
the Best Credit Card in the UK
The aim of 1st credit card uk is to help the user
apply for a low interest uk credit card easily and quickly on the internet.
Only cards that you can apply for online are featured and with most
of them you can manage your account online. After visiting this site
you will be able to make an informed choice without spending hours "surfing".
To help the user, these shortlists have been compiled:
1. The
cheapest credit cards for balance transfers
If you already have
existing credit card debts, a balance transfer is a good idea if the new
credit card issuer offers a lower interest rate. There are some very
introductory Balance Transfer rates on the internet, Many of these
offers are Interest Free credit cards which start as low as 0 % for the first
few months. Now that there is a credit card war on, you may even be able
to get a )% deal for as long as ayear.
There are also a few card issuers offering a slightly higher interest
rate on the balance transfer until the transferred debt is paid off. If
you are a long term credit card debtor, with quite a high credit card
debt and you know that you are not going to be able to pay the debt off
within the year, then one of these credit cards
will probably be best for you. This is called a Permanent Balance
Transfer rate or a Lifetime Balance Transfer rate.
Click here
to go to our introductory 0% balance transfer shortlist
Click here to
go to our permanent balance transfer shortlist
2. The
cheapest credit cards offering low interest rates on purchases
The credit card industry has now become so competitive,
that it is totally unnecessary to pay an interest rate of 20% or more.
Now, there are some really good deals starting at 0 % for 6 months. If
you do not have a credit card debt at present, but are planning to take
one on in the future (eg plans to buy a stereo), then one of these low
interest rate cards will be very useful - especially if you can pay off
the debt in the initial six months before the interest rate goes up!!
Even if you haven't cleared the balance by the time your introductory
rate has expired, most of the cards featured here do not hike the interest
rate up to anything extortionate. If you are a long term credit card
debtor,
it may be more worthwhile to not bother with a low introductory interest
rate, but to go for a card that offers a permanent low interest
rate. This will be lower than the cards that offer the initially attractive
introductory rate, some number crunching may be necessary to work out
what is best for you!
Click here to go to our low interest shortlist.
3. The
cheapest credit cards for cash advances
Traditionally, credit cards tend to penalise you if
you draw cash out at the hole in the wall or go to the bank and make a
withdrawal. However, recently, some of the card issuers have again offered
some very attractive deals, starting as low as 2.5 % for an introductory
period. Bank Loans on small amounts (under £2000) tend to be pricey (over
15% and in some cases over 20%) and inflexible, so if you are confident
that you will pay the loan back under the more flexible terms offered,
the option of borrowing from a credit card, where you can choose how much
to pay off each month, is a very attractive option. Most issuers will
charge a handling fee of 1.5 - 2% on a cash advance - so do take this
into consideration.
Click here to go to our cash advance shortlist .
4. The
shortlist of Cashback credit cards
The cashback card is a relatively new arrival in the world of credit
cards. The basic rule is that the rewards are minor and the purchase
interest rate higher - to get cashback of 0.5 - 2% on every purchase,
generally you will have to pay an extra 3 or 4%. The way to beat this
is to pay off your balance every month, if you do not, the extra interest
charged on your balance will generally work out to be more than the
cashback earned. So, if you are that type of person that uses their
credit card a lot and pays off the balance each month, then this
probably is the credit card for you. Most pay you your cashback in a
lump sum at the end of the year. For the majority of us mere mortals,
this is a small amount totalling less than £20 per annum, but if you
are a really high spender, then it can literally amount to hundreds!
(Don't get too excited though, there is a ceiling on how much cashback
you can earn with most card companies). Still, if you never run up a
debt on your credit card, free money is free money however small an
amount!!
Click here to go to our Cashback shortlist
5. The
shortlist of Bad Credit Credit cards
So...you haven't been a good debtor in the past? Well, that may not
be a problem! There are numerous companies out there who will still
consider applicants with a blemished credit record.
Because you are a bigger risk, you will be charged a higher interest
rate. But if it is a credit card, you can pay the balance off in full
at the end of the month and not pay any interest at all.
Some credit cards offer you the chance to rebuild your credit rating.
This actually applies to all credit cards in reality. If you are a good
customer, your transaction history will be on file, thus building a
new credit profile which will go some way to counteracting previous
misdemeanours. It will take a good while, but if you build up a good
profile over a period of time, eventually, your past errors may be all
but forgotten.
All credit providers assess you in different ways. Therefore, if one
provider rejects you, another one may not. A word of caution though.
Too many applications for credit in a short space of time may itself
stand against you. So....think hard about who you will apply for credit
with, if they reject you, one or two more applications may be OK, but
don't overdo it. If you are rejected by three credit providers - then
call it a day for at least six months!!
Trying to find out why you have been rejected can be tricky. You can
ask for a copy of your credit file from Experian.com or checkmyfile.com
will also give you a credit report. Sometimes, though these can just
confuse you. However, they can tell you if you are being muddled with
a member of your family (or a person previously at your address who
has the same surname - yes it does happen!). Sometimes, it is impossible
to tell, a credit company may simply turn you down because your income
is not high enough, yet they may not have mentioned a minimum salary
requirement in their information. (You generally can borrow up to 1/2
your salary for a personal loan). So sometimes, you may be rejected
for a really simple reason, rather than that you are considered uncreditworthy.
If you are really having problems, do some detective work. There is
a lot of help out there on the internet. DO NOT pay someone to investigate
your credit problems on your behalf unless you know them to be reputable.
They could end up doing more harm than good!!
Eventually, nearly all of us can undo our past credit blunders - so
be patient and most important....BE GOOD!!
Click here to go to our Bad Credit Credit Card shortlist
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This
website is here to help you apply for a low interest UK credit card.
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