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If you are thinking about applying for your first credit card then you
have a few options to consider, before applying for a credit card we
suggest that you view our Tips
on applying for credit cards.
Your first credit card is an important stepping stone for your credit
future, there are some credit cards that will charge you various fees
and charges, here are some factors to consider when choosing your first
credit card
- Typical Interest Rate
- Reputation of Company
- Annual Fee
- Interest Free Days
Typical Interest Rate
The Typical Interest Rate is the way that credit card issuers charge you interest
and this is expressed as a yearly rate.
Reputation of Company
It is a good idea to make sure that the company you are applying for credit
at has a good reputation, it is sometimes a good idea to go with a credit card
company that you have heard of before..
Annual Fee
Some credit card issuers charge an annual fee this can be anything
from £10 to £100 although most issuers today do not charge
an annual fee, if this is your first credit card then it may be worth
paying the annual fee so that you can start to build your
credit rating
Interest Free Days
When a credit card issuers says for example upto 56 days interest free it usually
means once you make a purchase you are not charged interest untill the day
that your payment is due for example a purchase is made on the 10th of January,
statement is received on the 20th of Janurary with payment due on the 10th
of Feburary. This means you will not pay interest on the purchase untill
the 10th of Feburary, this assumes that you pay your credit card off in full
every month and varies between issuers.
Please ensure that you check the terms and conditions of the
card issuers we can not be held responsible if any of the information
is incorrect.
If you are applying for your first credit card then you may want to have a
look through the Build Your Credit
History Cards.
it maybe more beneficial if you apply for more than one of these credit cards
so that
you
have a better
chance
of
being
accepted.
If you already have a card then have a look at these Standard
Credit Cards if you have several cards then it is worth looking
into the Gold Credit Cards and Platinum
Credit Cards which are suitable for people who have a fair credit
rating. |
