Choosing the right credit card
With so many new credit card and balance transfer offers around, working out the best one for your needs can be time consuming. Before you apply for a credit card, and to get the most out of it, it’s important to decide how you intend to use it and compare credit cards. Below are a few things to consider before you decide which card is best for you and which credit card offers will suit your particular circumstances best.
What this guide covers
Compare costs and terms
To be sure you understand your credit card review the terms. Differences in rates, fees and other terms can make a big difference to the cost of your credit. Compare:
- The APR (annual percentage rate) for purchases, balance transfers, cash advances and the standard rate after any promotional period
- Whether the rates are fixed or variable, with variable meaning subject to change
- If there is an introductory promotional rate and how long it will last
- The method used to calculate the balance each month
- Fees and penalties including the annual fee, late payments or going over your credit limit
- How payments to the account are allocated
Benefits can make the difference
When rates and fees are similar benefits can make one credit card stand out from another. For instance:
- Rewards programs: frequently flyer miles, cash back, money off or other rewards
- Service—convenient and flexible especially if you’re travelling. Secure Online Card Services is a great way to access your accounts conveniently 24 hours a day
- Discounts—cardholder discounts and competitions
- Shopping—great value discounts with a particular shop or brand.
How does your current credit card fair?
Find out what your current credit card terms are to ensure you’re getting the best deal. You’ll find the information on your credit card statement.
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