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The APRs below represent the lowest rate that credit card
companies could offer you.
However when you apply, you may only be offered a higher APR.
To find the card that offers you the overall lowest APR you may need to
complete several credit card applications. |
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There are about 59 million UK
credit cards in circulation 32 million of them in active use, according to
other British bankers association.
We borrow an average of £14,000 per card and
owe about £45 billion in total and nearly 80 percent
of us pay interest.
But credit card borrowers have no excuse for paying over the odds. Lenders
are desperate to attract new customers and personal finance web sites make
it easier than
ever to find the best deals. |
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Credit Card Options
Whatever your credit card habits are like compare the
below UK credit cards. And take in consideration what type of credit
card is right for you - a credit card with a low APR or a rewards credit
card.
If
the outstanding balance on one of your credit cards is £2000. Depending
on your current APR you could save over £400 in one year by transferring
your balance to a credit card account with a 0% 6 month intro APR. |
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you pay off your borrowings each month but spend quite a lot, it is far
better to look for a card offering a generous CashBack deal. The the APR
is pretty much
irrelevant. Astute borrowers are able to switch cards regularly, hoping
from 1 introductory or interest-free special offer to another. |
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can be useful to defer paying any interest on your borrowings and,
hopefully, avoid paying any interest at all. You can then repay what is
effectively a short-term loan over several months easing your cash- flow.
As for low interest
deals for example the Marbles MasterCard offers a six-month low interest period on purchases.
Capital One offer a six-month
interest-free period. With all these you can transfer your
existing balance. But remember that the interest rate will go up after the
introductory period. |
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credit card market is so flexible now there's nothing to stop you having
several cards, each for a different function. For instance, you may choose
a card with a cheap balance transfer deal for your medium-term warrant.
This will keep interest payments to a minimum. For everyday spending, you
might have a card with a good CashBack deal that you pay off each month.
And for one one-off major purchases, an interest-free card that doesn't
require you to transfer existing balances might be a good idea.
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