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| Which credit card? | |
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Back to the biggest question of them all - which credit card should I go for? You could phrase it slightly differently - which is the best credit card? Or perhaps, which credit card provides the best deal? The questions are all pretty much the same - and the answer is the same as well. There is no general “best credit card deal”. What it comes down to is why do you need the credit card in the first place? Some of the best deals on the market today can be found on the credit card deals page, but still, you need to be 100% aware of your motives. Here’s a list of a few things you may be looking for, and I’ve given one suggestion for each option. This is by no means a “this is best for you” guide - the idea is you use this as guidance and do more research. a) I just need access to money (and I have a decent income) If you have a regular income and you just need access to money to cover you for short periods of time then you have lots of options. You’ll probably want something with a low interest rate and lots of perks. Balance transfer offers won’t be much use. Have a look at the Post office credit card and the Virgin credit card. The virgin one has lots of perks and discounts. b) I need access to money but I don’t have a good income. If this is the case you’re more limited - credit card companies are going to be less inclined to lend to you as you don’t have the oncome behind you (which to them is a sign of how easily you are going to be able to pay back any debt). Cards such as the Vanquis credit card, and Capital One are worth looking at. c) I need to move my debt around - but don’t want to use it for purchases The classic balance transferer. You’ve got a debt on a credit card but don’t want to pay interest on it - and rightly so! There are a number of balance transfer cards these days, have a look at Virgin, RBS and Egg for the longest balance transfer deals and no interest periods. d) I want perks! Again - there are lots of cards that give you discounts, cashback, airmiles etc. If you can get an American Express card then you can get air miles if you spend money using your AMEX, or alternatively the BMI credit card and the Ryanair credit card give you miles on their respective airlines. If you want cashback then Amex or Barclaycard’s cashback card are the best bets - but you have to have good income and credit score to get these. Virgin as mentioned do great perks such as 10% of some virgin items and products, check them out at the virgin credit card information section I doubt everyone will fit in with these stereotypes, so will try and add to this post with more information, but the basic advise is to think about the underlying reasons you want a credit card, to be brutally honest with yourself, and then to research based on your requirements. Good luck! |
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