Money Talks » Credit Cards

Low Rate Credit Cards do Exist

chris.hough — Fri, 25 Apr 2008 16:06:57 +0000

Many people who are shopping around for credit cards believe that low rate credit cards simply do not exist, but this is not true. There are a lot of cards out there that have fantastic rates, you just have to look for them and you also need to meet some specific criteria to take advantage of them. Regardless of whether you can get the lowest rate credit card out there, chances are you can find a card that can offer you a rate that is lower than the interest rates you are paying now.

One of the worst things that we do as a people is pay too much in interest. We take out loans and use credit cards and we don’t give enough thought to the interest that we are paying on every single purchase that we make. If we thought more about interest we would have more money in the bank and we would have less debt attached to our names. For this reason, all people should look for those low rate credit cards.

If you want a low rate credit card you will not have a hard time finding one if you belong to a couple of different groups. First, if you are a student you will find that you can get a great interest rate on your credit card. Many times you will get a very low rate for the first six months to two years that you have the card and during this time you will find that it is simple to use this card and then pay off the debts because you are not paying exorbitant interest fees.

In addition to students, there is another group that can almost always find low rate credit cards and these are people with excellent credit. If you have good credit you will find that you can almost always find a credit card with a decent interest rate, and in may ways this is how the creditors thank you for your responsible credit decisions in the past.

But, what if you don’t have perfect credit and you aren’t a student? If this is the case you need to change your idea of what low rate credit cards are and simply look for a better rate. If you are paying nearly 30% interest, and some people are, why not look for something that can offer you closer to 20%? For you, this would be a lower rate and it would save you untold sums of money.

There is a lower or low rate credit card out there for everyone, you simply need to look for it. If you are paying a lot in interest every month you should look at your credit card and history and ask why. Are you paying for features attached to the credit card that you don’t use? Are there things that you can do to improve your credit? Asking these questions can help you make moves to obtain the lowest rate credit cards that you can possibly receive.

Credit Cards for the Credit Crunch

chris.hough — Sat, 19 Apr 2008 16:06:31 +0000

Are you worried about having credit cards for the credit crunch? Many people believe that we are currently in a credit crunch, one that is going to last quite awhile and spread great distances. Luckily, you can still obtain credit cards that will allow you to get through this time when obtaining credit may be quite difficult or even impossible for a lot of people.

Credit Cards and the Crunch

Not sure what the credit crunch is or what is has to do with credit cards? Don’t worry, you’re not alone. The credit crunch occurs when lenders stop lending and credit, in all forms, becomes difficult to obtain. A crunch is something to take notice of because it has the ability to do harm to businesses as well as individuals because they are not able to get the financial backing that they need to stay in and conduct business.

You may be wondering where you are going to get credit cards if we are truly in the midst of a credit crunch, but there is good news right now. Currently, when people refer to the crunch they are referring to the real estate market and not to loans and credit cards. You can still get loans and credit cards from most banks when it doesn’t have to do with real estate, though no one knows for sure if the crunch is going to spread over the whole lending business or if it will stay isolated to real estate.

The important thing to do is take action now by seeking out your credit cards for the crunch if the crunch spreads. If you seek out the cards now, then you know that you have the credit that you may need in the coming weeks and months. Once you have the card it probably won’t be taken away from you. Then you have protected yourself from the difficulties that many have had in the past when they try to obtain even the smallest limit credit cards during crunches.

A lot of people are dismissing the idea that the credit crunch is going to spread throughout the whole lending community, and while forecasters believe that it will not affect the credit card industry, you cannot be too careful. If you apply for a credit card or two then you have the satisfaction of knowing that you have the credit that you need, even if you never need it. The worst thing that happens is that the credit crunch doesn’t affect credit cards and the best this is that you need them and you have them.

Credit cards and the crunch is tricky because if the crunch is going to affect all lending institutions it will be here before we know it, and by the time many consumers act they will not be able to get the credit that they need. It is for this reason that many people have emergency credit cards that they keep all the time, so they know that it is there if they need it.

How to Compare UK Credit Cards

chris.hough — Sat, 12 Apr 2008 16:05:43 +0000

There are some things that you will need to look at when you are shopping for the right credit card for your needs. The first thing you will need to consider is the interest rate. The interest rate that you pay will make all of the difference in the affordability of the card for you, so this is a great starting point. The lower the interest rate the better, but don’t be seduced by low introductory rates. Many credit card companies will offer a great introductory rate but then after that first period it will skyrocket. This means you might be better off going with something that is just a little bit higher to start with.

The next thing you will want to look into is the credit limit. Some credit card companies may only offer you a small limit while others will offer you a more sizable limit. Bigger isn’t necessarily better, but it is a good idea to know what you can get and then go with the card that will offer you the limit that is in line with what you need and what your credit rating is.

One thing that you may want to consider when you are comparing UK credit cards is to look at their balance transfer program. If you already have credit cards you may find that you can decrease your overall debt by consolidating all of your debt onto one card with a lower interest rate. If this is something that you are interested in doing you’ll want to look at what the interest rate is on transfers, how much you can transfer, and if there are any fees associated with the transfer services.

Last but not least, when you compare UK credit cards you should look at their rewards program if any. If you are not interested in a rewards program you don’t need to consider this, but if you are you may want to see which card will benefit your needs the most. Some cards offer cash back programs, others point systems, and still others a reward system that involves prizes of your choice based on accumulative purchases.

As you can see, there are many different things for you to compare and contrast for each card that you are considering. Some cards may fit you better than others, and that is why it is important to shop around and see what is out there. Shopping around will allow you to save money as well as take advantage of great features!

UK Credit Cards Offer Buying Power

chris.hough — Fri, 04 Apr 2008 16:05:42 +0000

All over the world there are problems with the economy that are leaving many of us without the liquid cash we need to buy the things that we want and need. While you may not have the cash that you need on hand right now, UK credit cards can give you the financial backing that you may need at the time of the purchase and allow for you to pay the debt off as you go. Many people believe that they should steer clear of credit cards, but the fact is that if you approach them in the correct manner you will be able to increase your buying power despite what the economy looks like at any given time.

UK Credit Cards = Buying Power

The great thing about having any of the UK credit cards out there is that at any time you will be able to pay for something when you need it. For instance, if you have just made payments on your home and your car you may not have the money that is needed to visit the hospital if you get sick or injured. However, when you have a credit card on hand you can pay the bill on the spot. Then, you can make payments on the debt as you are able or when you get paid again you can pay off the bill entirely.

When you charge something on your card and then you pay it off in a reasonable time you are actually increasing your buying power. What you are showing creditors is that you are capable of purchasing something with their money and then paying them back on their payment schedule. When you do this you become a great candidate for more credit when you need it. If you are able to maintain good standing with your credit card company at all times you will be amazed at how fast they are willing to offer you more credit, if and when you need it.

Many people do not take their buying power seriously enough. A lot of people simply use their credit cards and then don’t bother to pay on them while other people don’t ever consider what UK credit cards can do for them. Whether you misuse them or never use them at all, you are doing yourself an injustice. Later on when you want to buy a home or a car you may not be able to get the financial support that you need to make it happen. If you apply for a credit card or two now and use them wisely and pay them back as indicated, you will find that your buying power is truly unlimited in the future as long as you are not trying to buy way outside of your means. Credit cards, when used properly, really can do wonders for you whether you are in a cash crunch, need to pay a bill or want to make a big purchase.

Always Compare UK Credit Cards

When you need a credit card you shouldn’t go out and simply opt for the first one that you come across. Instead, you will need to take time to compare UK credit cards. There are hundreds of them to choose from and it’s important to realize that they are not all created equal. Many people naively assume that credit cards are one size fits all, but this is simply not true. There is a card for everyone out there, all of which are just a bit different.

New Year, New Mungo!

chris.hough — Mon, 14 Jan 2008 08:52:22 +0000

It is with great pleasure that I announce the relaunch of Mungo Money UK.

Both Mungo Money and the Money Saving Blog (Money Talks) have been redesigned and updated to offer a better slection of credit cards, personal loans and saving accounts.

The look and feel of Mungo has been totally re-engineered so that you can find the product you need quicker and easier. We’ve got a brand new star rating system in place so users can review products that they have applied for, letting new customers know the real deal!

So Happy New Year from Mungo Money UK and enjoy the new website!

Saving Money on Credit Card Debt

chris.hough — Thu, 10 Jan 2008 12:08:08 +0000

Credit card debt may seem like a big problem, but it doesn’t have to be. In today’s world, most people need to have at least one credit card, even if that card is reserved mostly for emergencies. You only run into problems with credit card debt when you start taking on more than you can handle and when you don’t make smart borrowing decisions.
Let’s look at way to have that credit card debt without the problems.
Choosing the Right Card for You
The bottom line is that you can’t accept every credit card offer you receive. You should shop around. A little searching should tell you that not all credit cards are created equal. For example, some credit card debt will incur interest at very high rates which means you’ll have a harder time paying back that debt and you’ll end up paying a lot more for it.
To determine the right credit card debt, ask yourself this question: How do I pay back my credit cards?
If you pay your balance every month and don’t accrue any interest charges, then look for a card that will reward you for making those purchases and forget about checking the interest rates.
Everybody else, you need to pay attention to those rates. Avoid high rate cards. Look for the best offer you can possibly get. Of course, the interest rates available to you will be determined by your existing credit scores so your options could be limited if you’ve had some debt problems in the past.
Keeping Interest Low While Carrying a Balance
Most of us do carry our credit debt with us but that doesn’t mean we have to end up paying huge amounts of interest in exchange. One way to keep your interest amounts low is by transferring balances between cards that have a 0% interest period. For example, you might move your balance first to the MBNA Platinum card that offers 0% interest on balance transfers for 12 months then before that period is up transfer the balance to the Halifax 9.9% card which has no annual fee and no interest on balance transfers for 9 months. Since the Halifax card has a lower interest rate, you could keep the balance here or you could switch again.
Either way, you’ll be saving yourself interest for a full 21 months. That gives you a long time to pay down that balance. Once you find a card with a low interest rate and decent rewards for your purchases, then stick with it and continue using it wisely.

Picking the Best Credit Card for Your Needs

chris.hough — Wed, 02 Jan 2008 12:05:03 +0000

Credit cards can be a hazard to your financial health. However, they can also be powerful and useful financial tools that allow you to save money not just pack on the debt. The problem is most people don’t understand that not all credit cards are created equal. By using one card for all your needs, you’ll end up paying more and getting less.
That’s why we need to talk about how you can choose the right credit cards for your needs.
Which Credit Cards Do I Need?
Answering this question depends on your own financial habits. If you use your credit cards mainly for balance transfers then you need a different card then if you want to make purchases. Likewise, if you want to hold onto a single credit card for a long time you’d want a different card than someone who doesn’t mind switching cards periodically.
For example, if you want to do a balance transfer, then look for a credit card that offers you a long interest-free period on these types of transactions. The Abbey Credit Card card offers twelve months while the Royal Bank of Scotland card offers 13 months. Try to pay off the entire balance during that interest-free period so you can save money.
If you have store credit cards, it’s a good idea to transfer those balances. Most store credit cards have very high interest rates, even for customers with good credit. Transferring the balances will allow you to take advantage of the store card’s benefits and save money on the interest.
Remember if you do have a separate card for balance transfers, then that card should never be used for anything else. Most of the cards which use these offers to entice new customers to sign up have other ways of getting money from you IF you use the card for purchases.
When you want a card for purchases, then what you want depends on how you pay your debt. If you pay the balance every month, shop around for a card that gives you the best rewards. Cash back programs that return a percentage of your spending to you annually are a good choice. If you prefer to keep your credit revolving, then look for a low-interest rate so you don’t pay more than you have to for your debt.
Another Important Point for Travelers
Traveling in foreign countries usually involves dealing with exchange rates, but if you have a Visa or a MasterCard then using those cards can make it easier for you. Plus, if you choose cards that are designed specifically for this type of use then you can save a significant amount of money during your trip.

Good Deals on Balance Transfers

chris.hough — Sun, 30 Dec 2007 12:03:01 +0000

When you have a credit card, you’re going to use it. As a result, you’ll probably end up racking up a tidy balance and accruing interest every month unless you’re one of those few people who pay off their entire balances. However, you can find ways to cut back on that interest if you know a few tricks.

Making Balance Transfers Work for You
Balance transfer refers to the payment of one credit card balance with another credit card. As a result, you end up with no balance on one card. Let’s say you owe £1000 on Card A and you have a high interest rate – maybe 18%. If you keep paying on Card A, you’ll end up paying off the balance eventually along with a large amount of interest. That interest adds up and makes repayment take a lot longer which means you’ll pay more interest and so on.
The only way to break that cycle is to transfer your balance to Card B, preferably a card that offers you a period of interest-free repayment. For example, the Barclaycard Football card offers 0% interest for 12 months on balance transfers. Even if you continue paying just the minimum balance – which, incidentally, is never the best idea – you’ll be able to lower that balance considerably before you begin being charged interest.

Other Important Points
You need to realise one important thing: credit card companies view balance transfers as a separate type of transaction. They usually charge less interest and offer longer periods of no interest on these types of transactions then they do on purchases. If you combine balance transfers and purchases on one card, then all of your payments will be applied towards the transfers first so you end up paying a lot more in the long run.
The best idea is to have two separate credit cards. One is just for balance transfers. The other is just for purchases. That way you can find the best deals for each separate type of transaction. With a card for purchases, you want to find a low interest rate and also any rewards you can receive for making purchases, such as a cash back option.
Now after you transfer your balance, you should work hard to pay the entire thing over the interest-free period. You should also avoid racking up large purchase debt on the other card so you don’t end up paying off one balance just to have to contend with another.

Getting Money Back for Your Credit Card Fees

chris.hough — Thu, 27 Dec 2007 12:01:12 +0000

Many of us have learned the hard way that getting your credit card payment in the post on time is no guarantee that you won’t be charged a late payment fee. Plus, if you’re already near your limit that extra fee could send you over the limit even by just a small amount and that means you’ll be charged an additional fee for that.
Those fees add up, plus you have to pay interest on those fees every month until you pay them down. And you’ll keep racking up fees until you get back under the limit.
At least that’s how things were, now things are a little different. The Office of Fair Trading believed those fees were too exhorbitant and worked with the UK government to make them unlawful. Now if you had to pay any of those outrageous fees during the last six years, you could get your money back.
The Steps to Follow to Recoup Credit Card Fees
To get your money back, you first need to know how much you paid in fees. Obviously, a guess isn’t going to do the trick. If you haven’t kept your last 70+ statements (and most of haven’t) then you can call your credit card company and ask for a comprehensive list of all your charges. This is your right under the Data Protection Right.
Before you do anything else, you need to be prepared for the credit company to close your account in retaliation. Just transfer your balance to a low-interest card and you’ll be in good shape. If that’s not an option and your card is closed, file a letter of complaint.
Next, write a letter to the company requesting your money back. When you make your claim, add in interest. If you get to court, you could be entitled to up to 8% interest on those fees so asking for it now could be a good idea. You may get your money back immediately or a reduced offer. If not, you’ll need to take the company to small claims court or a financial ombudsman service.
Avoiding These Fees & Using Your Winnings
Even though the fees were wrong, they are generally a sign of other financial problems. To prevent paying these types of fees in the future, you should try to set a budget and stick to it. Don’t borrow more money than you afford to pay back and always make your payments on time. It’s also a good idea to keep your balances low enough that a missed or late payment won’t send you skyrocketing over the limit.
If you are finally victorious in reclaiming your money, then consider putting it into a savings account. You’ll be surprised how quickly it can grow and, after all, saving your money is a good habit to start.

Best UK Credit Cards for the January Sales

chris.hough — Wed, 26 Dec 2007 14:58:23 +0000

With the ebbing of the festive month of December, when you have calculated amount of money in hand, January Sales comes as a real blessing. With a plethora of cheap yet essential commodities available, you shall have a wide choice. Take your pick from among these indispensable commodities at a throwaway price. Items ranging from gifts for your beloved to the essential equipments of your household are on display. After a huge burden of Christmas expense, you may want to have goods at a low price. January Sales, which does not essentially require usage of your credit cards, is apt for you during this time. Enjoy shopping at the January sales even if you have a shoe-string budget, since it would not burn a hole into your pocket.

Cash Back Credit Cards is one of the best options for you for use during the January Sales. This credit card allows you to spend a specific amount of money and the main advantage of using this credit card lies in the fact that you shall have an opportunity of getting the balance amount which is indeed a saving! Since the occasion of festivity tends to lead you into unnecessary debts, it is always advisable to use the Credit Cards. Once you ensure that all the gifts and items have been purchased, the balance in your credit card would add to your bank balance.

If you use Alliance and Leicester Platinum Card, for example, you don’t even have to pay even 1% on balance transfer, that too for a period of 12 months! Similarly, Barclaycard Breathe Credit Card and Barclaycard Purchase Card do not charge any amount for your balance transfer. Moreover, at attractive rates you can avail them. Well, if you obtain Egg Credit Card, then you would get an attractive 0% charge on purchase, 0% on balance transfer until April 2008.

If you opt for Bank of Scotland One Credit Card then you shall be getting an attractive 0% on card purchase for 9 months and even 0% on balance transfer! You shall be getting an instant discount on Virgin Credit Card over every shopping. If you are on an outing, or want to get wine, music or DVDs, then you can easily pay with your Virgin Credit Card. Well, if you need that 50 interest free days that are on offer with this card then bag it now. The MBNA Platinum Rewards Card charges an average interest rate but a wonderful reward scheme that comes with it, is simply alluring.

The Nectar Credit Card comes with the assurance of American Express. This card allows you to score points on your purchases which can easily be exchanged for money off vouchers. This would surely enable you to buy more products in a lower cost.

Some people likes to use the opportunity of January Sales to buy all their yearly requirements. Another great option for you may be the Low Interest Credit Cards. If you use them, you shall not have a least worry about the high rate of interest. The interest charged for these credit cards is very low. Therefore, at a low rate of interest you shall be able to have a credit card of your own. For a January Sale this Low Interest Credit Card is indispensable.

You can also obtain the Secured Credit Card or an Unsecured Credit Card. This is actually in accordance to the type of purchase and your affordability. Prepaid Credit Cards with its close similarity with debit cards is also a common option.

So, don’t waste more time. If the January Sale is ahead, then opt for any of the above January Sale Credit Cards and have a splendid shopping experience.