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Choosing the right credit card

One of the most difficult choices is that of finding the right credit card. Every credit card in UK offers almost the same features but when you are choosing a credit card, you need to identify what your requirement really is. One thing that most people miss out on is that they don’t read the terms and conditions before filing their application form: online or offline.

To find the right credit card, you need to go online and compare credit cards. Comparison is important because it will help you to identify the various aspects or features in different UK credit cards. Check the key features like card fee, which is charged annually; interest charged on purchases, balance transfer fee and some cards mention 0%. So you will need to find out for how long the 0% is applicable on balance transfers and what will be the actual rate after that period. You need to be extremely cautious of the variable annual percentage rates. So if you come across credit cards with variable APR’s then try to gather as much information possible on what the variable APR’s will be down the line.

Let us look at the American Express business gold charge card. The main features of this UK card are:

  • You won’t have to pay any annual fee in the first year but from the second year onwards, you will be charged £95
  • You can save up to 30% while purchasing from their partners like up to 30% with partners as a part of their everyday savings programme. Some of the partners are Hertz rental cars, Dell Computers, Regus offices, Viking office stationery, FedEx Express and British Car Parks.
  • You will be entitled to a 39 day credit free period from the day of transaction
  • There are membership rewards too where you can earn points everytime you use the card. The points can be redeemed for gifts and even holiday packages.

While comparing UK credit cards, it is important to look for the grace period that you will receive after a purchase has been made. Amex gives 39 days on their charge card and some other cards provide 56 days.

The next important feature to consider is the transaction fee. The transaction fee is applicable whenever you take a cash advance. Some credit card companies will charge up to £5. You need to find out if this fee is charged for every transaction or on the total of all transactions in a month. Here’s another good UK credit card if you are in the auto business or if you have anything to do with automobiles:

The GM Card

They have a reward program through which you can gain points and redeem them by getting discounts on a new Saab or Vauxhall.

  • The normal APR variable is 14.9%
  • The rebate points that you will earn will be 3% of your actual purchase amount
  • 1 Rebate Point will be equal to £1 of savings
  • There is no annual fee

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