The UK credit card industry has matured into one of the most
lucrative and sophisticated in the world. There are now so many
providers and options for customers to choose from that there
should be something on the market for pretty much everyone. No
matter what your personal circumstances or financial situation,
you will most likely be able to find the perfect credit card
that fits your conditions.
Here is a brief explanation of some of the most popular or
important types of credit card available on the UK market.
First of all there are the 0% credit cards. These have sky
rocketed in the last number of years. They aim to entice
customers with offers of 0% on either balance transfers or
purchases or both. Most lenders will be able to provide you with
a 0% credit card if you seek one, and meet the qualifying
criteria.
Balance transfer cards specialise in giving you a very low, or
perhaps zero rate, on balance transfers for somewhere between
five and nine months usually. This means that if you were
currently paying a lot in interest to your credit card provider,
then the balance transfer card would allow you to switch to them
and have a period of time in which no interest at all is due.
Cards for those with bad credit also exist. If you have any kind
of negative credit history you will probably be aware of the
difficulty involved in getting a credit card. Luckily however
there are credit card providers that take a flexible approach to
credit assessment and may still be willing to lend to you. You
will be charged a higher rate of interest for using one of these
credit cards but they do provide a useful means of getting your
credit back on track. By meeting your payments on time and in
full you can begin the path to improving and repairing your
credit history. However, use the card wisely and do not allow it
to compound your existing debt problems.
Cash back credit cards are very popular, particularly with those
who do not have a difficulty in repaying their credit card in
full each month. If you do repay the entire balance on your bill
as soon as it arrives, then you will not need a low interest
rate, as you do not pay any interest. Therefore signing up to a
card that rewards you with cash or some other reward will make
sense.
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