Sensibly Searching For a Cheap Credit Card
With over 300 credit cards on the market today, searching for a cheap credit card can seem like an understandably bewildering task. Luckily, much of the hassle has been removed by the host of financial service comparison sites popping up on the net, on an almost regular basis. These sites work by presenting all the information that you may need to know about the credit cards available on a few simple web pages. At the same time, you will be swamped by adverts about anything from mortgages to life insurance! Thankfully, the ease that these websites offer to those searching for credit card deals far outweighs this small inconvenience.
Luckily, there is a way of comparing all the credit card available in one go, which makes searching for a cheap credit card easier than it has ever been. If you simply type 'cheap credit cards', in one of the numerous search engines, you will be literally inundated with what are known as financial service comparison sites. These are identical in function to the sites that compare the price of TVs, energy providers, and so on, but solely compare all products being offered by financial services. These sites compare the best mortgage deals; the best loans; the best insurance; and, of course, the most popular credit cards. They also search through a phenomenal number of cards - one has details on over 300 credit cards!
The easiest way to compare all of the cards available would be to visit a credit card comparison site. These sites list all of the details about all of the cards in a very user- friendly format. They will provide details of: the annual percentage rate, or APR; interest free balance transfer periods; introductory offers; and so on. Once you have all of the information right in front of you, it will then be a simple matter of seeing which is the most appropriate for your needs. Some comparison sites also provide systematic pages that allow you to enter details of your individual requirements and narrow down the search results.
Another good thing to look out for are any introductory offers such as 0% on balance transfers and 0% interest on purchases. Both of these types of offer are for limited periods but can both be invaluable dependant on how you intend to use the card. The 0% balance transfers are ideal if you are searching for a cheap credit card that you can move an existing balance. The reason why people do this is that they can avoid paying high interest rates on money that they have borrowed, and therefore repay the amount faster. On the other hand, the 0% interest on purchases is best if you want to buy something immediately - as long as you know that you are going to be able to pay for it within the offer period.
It will also be worthwhile to look at introductory and long-term offers. Introductory offers may include 0 percent balance transfers, while other offers include a whole range of benefits such as cash back, free air miles or even donations to your favorite charities. Although some of these cards may not seem as cheap initially, when the package is considered as a whole it may work out better, though obviously this will depend on your individual requirements and your lifestyle.
Other popular incentives to look out for are interest free balance transfers and periods when you can make interest free purchases. If you already have an existing card then you could potentially save money on growing interest charges by transferring your balance to a card offering an interest free balance transfer period. Obviously if you don't have an existing card, and therefore an existing balance to transfer, this won't be a good selling point, so you will need to use other factors to make your decision. Interest-free periods are periods when you can spend money and not be charged interest - this maybe a good idea if you are wanting to buy a specific item, and intend to pay it back during the offer period. However, it isn't such a good idea if you think you are going to be unable to pay it off in full because once the introductory offer ends you will be subject to the standard rate.