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Choosing the right credit card

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.

  • Compare costs and terms
  • Benefits can make the difference
  • How does your current credit card fare?

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) and the interest rates and applicable fees for purchases, balance transfers, cash advances after any promotional period.
  • If there is an introductory promotional rate and how long it will last.
  • The method used to calculate the balance each month.
  • Fees and charges including the annual fee, charges for service, late payments or going over your credit limit.
  • How payments to the account are allocated.
  • Whether there is an eligibility checker or whether you could be offered an alternative product based on your circumstances.


Benefits can make the difference

When rates and fees are similar, benefits can make one credit card stand out from another. For instance:

  • Reward programmes: frequent 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 account(s) 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 fare?

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.