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There comes a time in most people’s lives when they decide to make their first credit card application. If you’re at that stage at the moment, there are several things you should know – so take a look at this useful advice.
Compare and contrast
Applying for a credit card can be slightly daunting, if you’re not used to the process. That’s why it’s a good idea to compare credit cards online, as the will help you find the best deals and discounts online. Many companies will allow you to compare their whole range, whereas other sites will show you cards available across the web.
Search for a low interest rate
Looking for a new bit of plastic to put in your wallet? Then look for a card with a low interest rate – or APR. This represents the amount you’ll be charged if you carry a balance over from a previous month and is usually show in percentage form. Reputable credit card providers such as MBNA, also offer 0 per cent on balance and money transfers for a set period of time, so keep a look out.
Look for a card with a grace period
With some cards, you’ll be given a set amount of time to pay your debt off before interest is charged. This is known as a grace period and could save you a lot of money in the long-run, so it’s important to do your homework. If a card doesn’t have a grace period, interest will be charged as soon as you make a purchase and this could prove expensive.
Make sure there’s no annual fee
While some companies charge an annual fee, others don’t, so keep this in mind when you’re searching for the type of card you want. Don’t forget to read the small print before making an application and always contact the credit card company if you’ve any questions that need answering.
Find a specialist card
Do you have a season ticket to watch Manchester United play at Old Trafford? Perhaps you regularly go to the Emirates Stadium to cheer on the Gunners? Whatever the case, a football credit card could be just what you need. You’ll earn reward points whenever you make a card purchase and these can be redeemed against a wide range of football goodies. A number of other specialist cards are also available, so find out more today.
Applying for a credit card can be exciting, but there’s plenty to consider.