What Are the Best Credit Cards in the Marketplace For Me?

Sep 26 2010 Published by admin under Rewards Cards



The number of people falling behind on their monthly credit card payments is on the rise, and coupled with the fact that the cost of borrowing is on the up too, there has never been a better time to look at the current market and find one of the best credit cards available to better suit your own situation.

First, you need to assess which category you fall into. If you already owe a substantial sum of money on a credit card, it may be worth looking at a balance transfer deal. This is where you would shift the debt from one card to another, on an interest-free deal. You would then stop using the card altogether and endeavour to pay off the arrears before the introductory offer ended.

These offers are great if you are able to manage your money wisely. However, don’t be tempted to spend on a balance transfer card. This will result in your losing all the benefit of the interest-free period and you will transfer on to the much higher standard interest rate.

Remember, if you have a good credit score there are a number of great interest-free deals around, all of which will give you the necessary breathing space in which to clear your balance.

You can use one of the numerous comparison websites to look for the best credit cards available.

If you want to be able to spend as well as transfer your balance, then look for a 0% interest rate deal. Many cards offer up to 10 months interest-free on balances and transfers, but make sure you’re always aware of what the APR will move to once this period of grace finishes. However, these cards are again reserved for those with a good credit rating.

If your credit score is less than perfect, you may not be eligible for one of the top balance transfer deals. Many card providers specialise in providing credit for those with bad debt or a poor credit rating, so it is still worth a look to see if you can save money with a lower interest deal.

You may also decide to stick with your current credit card issuer, but in this case you should avoid spending and just focus on clearing the sums accrued as soon as possible to minimise the amount of interest you pay.

If you are able to pay off your credit card in full each month, it may be worth looking at one of the cashback or reward cards available on the market.

Cashback cards give you a certain amount of money back for each purchase you make. Then each year you will be given a lump sum dependent on what you have spent. In effect, you are being paid to spend money.

These cards are great if you are able to keep to your limits and repay your monthly statement each time. You can also get cards which offer discounts or reward schemes.

If giving to charity is important to you, you can apply for a card that will give a donation to your chosen trust or fund each time you spend with them. There are many charitable organisations to choose from, so there is something for everyone.

The key here is to have a full awareness of your financial situation before you apply for a card. If you are able to manage your money well and stay out of excessive debt, then the best credit cards around will be more easily accessible to you.

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What is a Prepaid Credit Card

Oct 11 2009 Published by admin under Credit Card

prepaid credit card


bly see them all the time at gas stations or advertised as a solution for people with bad credit. Prepaid credit cards act just like a regular credit card, except unlike a normal credit card there is no line of credit behind the plastic.

They are also known as Pay as you go cards. With a prepaid credit card you have a fixed amount of money you can use. Since there is no line of credit, you don’t have to worry about paying back any debt.

Credit cards are practically a necessity of life these days. When was the last time that you wrote a check. I’d wager that most of us just write one or two checks a year these days and the rest is done by card. It’s almost impossible to rent a car, reserve a hotel room, or make a large purchase without a credit card. Many businesses now require customers to have a credit card on file even if paying with cash or check. What can you do if you have bad credit or no credit?

As we said earlier prepaid credit cards are also known as “pay as you go” cards. They work in a similar way to traditional credit cards. The difference is that prepaid credit cards don’t involve borrowing money from the issuer. You preload the card with money and then use it wherever Visa or Mastercard are accepted. Late fees and interest charges are not applicable. Simply refill the card when the balance is low or depleted.

A prepaid card is much like the gift cards available from most high street chains in the UK, however, prepaid cards have a much wider acceptance, and can be used internationally. They are the same as credit cards, but without the credit. The majority of UK prepaid card providers offer cards embossed with your own name, and some are even CHIP & PIN cards.

A prepaid card is not a credit facility, so you do not need to pass a credit check. Even if you have bad credit or CCJs you are guaranteed to be approved for a prepaid card. However, you are still required to provide details verifying your identity and address (for example a passport, driving licence or national identity card plus a utility bill or an official letter with your permanent or temporary address). Some of the prepaid card issuers will even verify your details online, and give you an instant approval. By the way this is correctly called an electronic identity check, not a credit check!

A prepaid credit card such as a Visa or prepaid Master card can be used like any other credit card to make purchases. With a prepaid card, however, you load funds onto your card and use that money to make purchases and get cash — you are not borrowing money from a bank or other financial institution. The prepaid credit cards look, feel and work like a credit card but are pre-funded “stored-value” cards. This allows you to set spending limits for you or your kids.

So there you have your answer. It is a pre-paid, reloadable card can be used anywhere Visa or MasterCard is accepted — at stores, gas stations, restaurants, theaters, in the mall and online. Making a hotel and rental car reservation is a snap. You can also access cash at ATM\’s. The card is great for everyday purchases, special occasions, and emergency backup.

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