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When you click on the credit card in the graph that best represents your credit situation you will be taken below to the credit card we believe to be best for you.



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Finding The Best Credit Card

The graph on the left is designed to help you determine the best credit card for your current financial situation. Its difficult to say that there's an all-round best credit card, as what's best depends on your spending habits.
It isn't just about low interest rates, it's about using the range of perks and deals that credit card companies offer to your best advantage. 
Some of the time these perks and deals are useless, but by understanding what's out there, and how best you can use it, you can profit. 
To take advantage of the credit card industry it's important to understand how credit card companies make their profit in the first place.

How Do Credit Card Companies Make Profit?

The majority of their profits, as you expect, comes from the interest earned on outstanding balances.
Currently, the average high street bank charges about 18% interest on credit cards and pays out between 0 .1% and 4% on current and savings accounts. Think about it:  you deposit $1000 in a current account at 0.1% interest, and the bank lends someone, possibly you, this same money for credit card debts at 18%. This means that over a year it pays you $1 and charges $180 in interest. 
Another big earner for credit card companies is the money collected from cash withdrawal fees, late payment fees, and other penalties -- so avoid these traps at all costs. Credit card companies also profit from selling " protection insurance" in the event of sickness, accidents, or unemployment. Again, this type of cover is usually more expensive than a general income replacement insurance policy.

The major source of income for credit card companies is from a charge to the  business accepting the credit card. The charge is up to 2.5% of the purchase price. Some card companies charge higher rates, which is why retailers will sometimes discourage the use of some cards, like American Express.

The most consistent way credit card companies make money is by charging businesses a fee of up to 2.5% of the purchase price almost every time a transaction is made (some cards charge a higher rate, which is why some businesses discourage credit cards.
Even if you never pay interest, your credit card company is making money from your purchase, which is why card companies can offer reward schemes and discounts. And because the retailer has incorporated the charge from credit companies into the retail price of the goods that you purchase, you should take full advantage of the rewards offered by your credit card company.   


Credit Card Scoring

Credit card companies score applicants based what makes a profitable customer. They will use information from the application form you submit and references agencies. As every credit card provider scores differently, there are no set rules that improves a credit score. 

The Pros & Cons Of Low Introductory Rate

For people who are unable to pay off their credit card debt in full each month, a low interest rate is the primary consideration for credit card selection. Currently there are many card companies offering low introductory rates to attract new customers. Some companies offer an introductory 0%, typically for three to six months. However, unless your strategy is to acquire a new 0% card when the old one runs out (which may effect your credit) consider carefully the rate at the end of the offer.

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