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Switch to a
better credit card deal
As a consequence of huge competition in the marketplace,
there are a now a myriad of credit card special offers and enticements
which have encouraged many consumers to switch
from their existing provider to a credit card offering
lower rates and a better deal.
The objective of this site is to present an
overview of the UK credit cards available and to help you
seek the best one for your particular situation. You'll see at a
glance who offers the most months at 0% on balance
transfers and purchases, who offers the lowest APR or most
generous rate of cashback.
Using cards to borrow money can be expensive and is a commitment.
A significant proportion of the population is apathetic towards choosing financial products, many simply go to their bank for a credit
card, however these cards are often some of the least competitive
around.
Only a few years ago the UK credit card market was
dominated by the major high street banks and choices for
the consumer were limited. However in recent times
competition has come from American banks including Capital
One and MBNA and internet banks such as Egg and Cahoot.
The new players to the UK market have sought to win
customers by offering introductory rates and low interest
credit cards as an incentive to switch providers.
A significant change has been the emergence of 0% credit
card offers
and much lower rates for credit card balance transfers.
Capital One introduced a 0% rate in October 2000, at the
time they were the first company to do so, now many
providers offer a 0% introductory deal for balance
transfers and purchases for periods of up to 12 months,
although in recent times many firms have introduced fees
for transferring a debt.
The importance of getting the best deal shouldn't be
underestimated. If everyone switched to a cheaper card,
the Department of Trade and Industry (DTI) estimates that it could result in a saving of £400
per household.
There is a perception that changing card provider is time
consuming and a big hassle, this is not the case as the
process is very straightforward. Take advantage of the low
introductory interest rates offered and save money by
switching today!
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Hot Topics
 Beware of the balance transfer trap - Increasing numbers of credit card users are falling foul of the small print in credit card terms and conditions, which prevent them from undertaking a credit card balance transfer to a card lender within the same group of companies. |
 Credit card companies seek to recoup £1 billion of lost revenues - As a consequence of rising bad debts, a growing number of 'rate tarts', plus an Office of Fair Trading investigation into penalty charges, card issuer profits have taken a few knocks this year.... |
 Cardholders are reining in their spending and concentrating on repayments - A report has revealed a shift in cardholder behaviour - spending on credit cards is levelling off whilst credit cardholders concentrate on making repayments... |
 Shred your credit card cheques - Nearly 4 million people have used a credit card cheque in the past year, but they can be expensive way to pay for goods. A cheque can attract a higher interest rate, there is often no interest free period as interest is charged as soon as the cheque is processed and additional fees are often levied... |
 Credit card repayment protection (CCRP) - A dirty card trick - Credit card repayment protection (CCRP) protects a borrower's ability to keep up the payments in case of accident, sickness or unemployment. However CCRP is very expensive, a Citizens Advice Bureau's report last year called Payment Protection Insurance a "protection racket"...
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 Penalty charges fall following OFT investigation but rates rise - Following an investigation by the Office of Fair Trading, penalty charges for late payment have fallen but many card providers have upped their interest rates to offset the enforced cuts to their penalty fees... |
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