Exclusive Credit Cards
Credit cards are a really convenient method of payment. What's more they enable you to spread the cost of purchases if you can't afford to pay for them in full.
However, with hundreds of different cards to choose from, how do you know which is right for you?
What type of card is best for me?
There isn't a single credit card that is perfect for every individual so before you apply think about how you'll use the card:
Are you looking for a card to spend on and if so will you be able to clear your balance in full each month? Maybe you've already got an outstanding debt on another card and are looking to make a balance transfer, but do you want to spend on the card as well? These are all vital questions which will help identify the best card for your needs.
How credit cards are used
There are basically three ways of using a credit card: straightforward purchases, moving an outstanding debt over from another card (known as a balance transfer), and withdrawing money from a cash machine.
If at all possible, try to pay off more than the minimum each month - otherwise it could take years to clear your debt.
It’s a good idea to pay by direct debit - that way you will always pay on time and avoid incurring a late payment fee.
It may be tempting, but try not to use a credit card to withdraw cash from an ATM - you'll probably be charged a higher rate of interest than on purchases and this will be charged from the day you make the withdrawal. You'll also be hit with a withdrawal fee.
Keep an eye on your spending and make sure you stick within your agreed credit limit.
It's well worth using a credit card for purchases of £100 or more because you have greater protection than if you pay with cash or a debit card. Under Section 75 of the 1974 Consumer Credit Act credit card issuers and retailers take joint responsibility for faulty purchases. This applies to purchases between £100 and £30,000. If the retailer goes bust or the goods are faulty when they arrive you can claim a refund from the card provider.
We're free and independent, as well as offering exclusive deals you can't get anywhere else.
Moneysupermarket is a credit broker – this means we’ll show you products offered by lenders. We never take a fee from customers for this broking service. Instead we are usually paid a fee by the lenders – though the size of that payment doesn’t affect how we show products to customers.