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This should include the interest free period, interest rate and other charges. When you are given information about a credit card, it should include a summary box with standard key information about the card. Comparing cards Key information you should get A lower interest rate may be a better deal.įor more information about APR, see Getting the best credit deal.

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For example, it may only apply if you pay your balance in full each month. Check that you are likely to qualify for the cash back. This is where you get money refunded to your card, depending on how much you spend. Check how and where the rewards can be used and think about how likely you are to use themĬash back. The points add up depending on the amount you spend and you can then use them to buy goods. If you are comparing cards, look at how long the introductory rate lasts as well as the interest rate it changes to at the end of the introductory period You’ll often see an introductory rate for balance transfers. For example, it could increase after six months or from a certain date. The rate then increases after a certain amount of time. This is where you start off paying a low rate of interest or none at all. You will usually be charged for going over your credit limit, for using the card abroad and for late payments Check in the credit agreement what other charges apply to the card. The fee is added to the amount due and you will have to pay interest on the fee as well as on your spending, unless you pay it in fullĬharges. Some cards charge a fee each year for use of the card. This is typically around 3% of the balance due or £5, whichever is higherĪnnual fee. If you don’t pay off the balance each month, you will be asked to repay a minimum amount. You should also compare other things about the cards, for example, fees, charges and incentives You can compare the APR for different cards which will help you to choose the cheapest. This is the cost of borrowing on the card, if you don’t pay the whole balance off each month. Here’s a checklist of some things to look at when you choose a credit card:Īnnual Percentage Rate (APR). Checklist of what to look out for when choosing a credit card

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If you’re struggling to pay what you owe on a credit card, find out how to deal with the debt. When new providers check your credit file, it can look like you have lots of cards already or that no one else wants to lend to you.įind out more about your credit rating and how lenders decide to give you credit. Your file will also show if an application is refused. Each time you make an application it’s recorded on your credit file.

If you’ve applied for credit cards beforeĪpplying for too many cards or regularly switching cards can affect your credit rating. Don’t forget to make sure you can afford a regular repayment.įor more information about how to choose credit, see Getting the best credit deal. In this case, you may want to choose a card with a lower interest rate. If you want to use the card for borrowing and you won’t be paying off the balance each month, you will usually have to pay interest. Even if you think you will be able to pay the balance in full each time, it’s worth planning what you’ll do if you can’t. In this case, the interest rate may not be so important but you may want to look at cards with other incentives like cash back.

If you can pay the balance off in full and on time each month, you can take advantage of the interest free period. However you choose to use your card, the key thing is whether you will be paying off what you owe every month or spreading repayments over a period. This could be to buy things on line or on holiday, to pay your bills or to spread the cost of a purchase. Start by thinking about what you want to use the credit card for. There are hundreds of credit cards available, so shop around to get the one that suits you best.

It tells you what happens when you apply for a credit card and what you can do if your application is refused.

This page tells you what to look out for when choosing a credit card including comparing cards.

Best way to compare credit cards