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Posts Tagged ‘compare credit cards’

All across the United States, there are hundreds and hundreds of banks and credit card companies looking for your business.

This day and age, banks and credit card companies are in competition with each other, trying all they can to get your business. To try and get your business, they offer different credit cards with various incentives, rebates, and other perks.

Before you make your decision and choose a credit card, you should always compare what each company or bank has to offer you.  If you get an offer in the mail for a credit card, you should go on the Internet and look into it more.

[Compare credit cards]

You should also make sure that you read the fine print as well, to see if there are any types of hidden fees or other costs associated with that card.  Many times, with offers in the mail, credit card companies or banks will try to sneak hidden fees and costs in there.

As you go ahead and start comparing offers, make sure that you at the APR and the fees. It is important to know about the APR since this will tell you the interest rate. Ideally, you want the lowest APR as possible for you card.

If you look at a credit card that has an unusually high APR, you should immediately rule it out.  Credit cards that come with high APR rates can easily lead you on a roller coaster towards credit card debt.  No matter how good your credit may be, high APR rates can leave you with charges that are really difficult to pay.

Among the many options available to you, you’ll have three primary choices for your credit card – Visa, MasterCard, and American Express.  These three giants are the leaders in credit cards.

Visa and MasterCard don’t issue the cards themselves, they have banks and other companies issue on their behalf.

American Express, or AMEX, is the only one that does everything themselves.  AMEX issues their credit cards, maintains their own networks, and doesn’t use any type of third party.

If you like to travel, you will probably want to choose either Visa or MasterCard, as they are accepted all over the world.

American Express is the least accepted of the three, although the company is upgrading their networks every chance they get.  Before too long, AMEX will be accepted virtually everywhere.  Right now though, AMEX isn’t accepted in all areas of the world.

Discover is another type of credit card, although it isn’t near as popular as the three above.  Discover does have some great benefits to offer you, although it isn’t accepted in other parts of the world.

Most people that own a Discover card usually stay local and only use their cards for emergency purposes. If at the moment you don’t have a card and thinking about getting a Discover Card, it would be best to consider getting a Visa or Mastercard instead.

All in all, there are a lot of credit cards to choose from.  That final decision though, is entirely up to you.  There are a lot of great companies and banks out there, although it’s up to you to find the best credit card for your needs.

When looking for a credit card company, you can opt for a local company near you or go online and look for one there. As long as you know what you want and need, the Internet can be a great source of credit cards. By knowing what you want and need, you are saving yourself plenty of time and money.

Article by [Mike B.] Find out more [Here]

Credit Card Comparison

There seems to be more and more customized offers nowadays. That alone can be a confusing point. Conducting a credit card comparison before you decide is absolutely vital. It aids you in choosing which offers are the best for you.

We have written this article to offer some helpful tips on what to look for. First of all, familiarizing yourself with the terms and conditions of the offers that interest you is paramount. All too often the vital details are hidden in the fine print.

You absolutely must know what the APR is. APR is an acronym for annual percentage rate. Simply stated, it is the interest rate that is charged for carrying a balance. For any consumer wanting to carry a balance from month to month, they must first consider low interest cards.

Then you are going to want to familiarize yourself with any and all fees. Annual fees, balance transfer fees and late fees are the most common forms. There are others to consider of course, so be sure that you familiarize yourself with them all.

The grace period must also be taken into account. The number of days a cardholder has to pay their bill before being charged interest is known as the grace period. Grace periods usually last in the neighborhood of 25 to 30 days.

The credit limit must also be considered. When comparing offers you will notice that credit limits vary greatly from one offer to the next. Oftentimes small business credit cards will have higher limits than personal consumer cards.

These alone are not the only issues but they are are however, quite important. It should also be pointed out that a rewards credit card often is accompanied with higher fees. When doing a credit card comparison this is just one of the many things that you must take into account.

If you want to compare credit cards to find the best one to suit your needs it is important that you have a clear understanding of the key features and terms.

While credit cards can be a quick and easy source of cheap or free credit if handled correctly, they can also be a very expensive luxury if you do not keep your discipline. Here we set out the key features and warn you of some of the potential pitfalls before you make your credit card application.

Credit card types

When you begin to research the credit card market you’ll find that there is a huge choice of products tailored to suit certain people and certain circumstances. You will find cards for students, people with bad credit ratings and reward credit cards, to name a few. While these may have some features that appeal, it’s best to take a closer look before making any credit card application.

Annual Percentage Rate (APR)

APR is the rate of interest you pay on any outstanding balance and is a major factor in how much your credit card will cost you. This is one of the most important factors to review when doing a credit card comparison. APR is usually somewhere between 10 and 20 per cent and if you think you will have an outstanding balance on your new credit card it is vital that you find the lowest APR you can. Potentially the savings could add up to hundreds of dollars. Also, when comparing credit cards watch out for deceiving introductory APRs. These low rates will only last a few months, it is the normal rate that you will be paying after that which you have to compare.

Grace period

Almost all credit cards allow a grace period between when your monthly bill is issued and when you have to make a payment to your credit card account. If you have a grace period of 28 days you could get almost two months between making a purchase and the repayment becoming due. If you pay your credit card balance off in full by the due date on each invoice you can avoid interest charges. The grace period a very useful feature of credit cards so don’t settle for anything that offers less than the standard 28 days.

Interest Rates and Charges

If you intend to carry a running debt on your credit card you will want to familiarize yourself with how interest is charged on your card. Different cards use different finance charges and some will cost you more than others. These methods of calculation include; Adjusted balance, average daily balance, daily balance, ending balance, double billing and previous balance. The cheapest calculation method is the adjusted balance method but most issuers use the average daily balance method.

Fees and charges

When making a credit card comparison, fees and charges can make the difference between a great deal and a terrible deal. You can avoid paying any fees if you pick the right card and use it wisely. Some cards will sting you in other ways such as high annual feeds or excessive late payment or exceeding credit limit fees. Read the small print and be aware of all fees and charges before you fill out your apply for a credit card.

Rewards

Many credit cards offer rewards for using your credit card, such as cash-back, discounts and free air miles. While these can be beneficial and save you money in certain situations, rewards and incentives alone should not dictate which credit card you choose.

Article by Richard from Click4Credit.com.au

In taking steps to clear off money owed on credit cards as soon as possible, people should find they have more cash to spend on purchasing items, it has been reported.

Claiming money owed on credit cards is “the devil’s debt”, Neil Faulkner writes in a lovemoney.com article that the less interest consumers have to pay on debt will free up disposable income.

One means of getting to grips with how much is owed, he states, is to seek out a 0% balance transfer credit card. Mr Faulkner revealed that by using this feature, borrowers can transfer a balance that is currently incurring interest charges to a new home that will prevent it from accumulating any further interest.

The lovemoney.com writer also claims creating a budget to ensure more than the minimal repayments are made can be helpful, with setting up a direct debit to take money out of an online bank account an effective way of doing this.

An example of how credit card debt can be hard to shift is as follows - if you rack up a debt of £5,000 on your credit card, only making the minimum payment each month, it will take you more than 30 years to wipe the debt, after which time you will have paid over £5,000 extra in interest charges. However, by paying £200 off each month you will be debt free after 3 years.

In doing so, he asserts consumers should be able to avoid the problems that can be caused in missing a demand for payment. If just one repayment is missed, the competetive introductory rates that first made the account attractive, could be lost, as well as charges applied to the account.

Furthermore, a negative mark will be placed on a credit report, which could mean access to credit in the future could be a more difficult and expensive process.

Such claims come as Neil Munroe, external affairs director at Equifax, claimed that in the current financial climate people need to be as informed as possible when making an application for credit. Research by the firm showed requests for credit reports during the first quarter were up 9.6 per cent compared to the same period last year.

1. Keep your tyres fully pumped-up and cut your air-conditioning usage

An estimated 50 percent of all UK drivers have tyres that are under the recommended pressure levels. This causes more resistance which results in more fuel being used. The RAC claims that if you fail to inflate your tyres to the recommended levels you could be increasing fuel consumption by up to 2%.

Always make sure your tyres are fully inflated to the recommended levels by checking the pressure once a week. Consult your recommended pressure levels from your manufacturers manual.

According to the National Energy Foundation, using air conditioning will increase your fuel consumption by up to 25%, so only use it when absolutely necessary. An alternative method to stay cool is opening the air vents, or even simply opening the windows. However, if you’re travelling over 60mph an open window will increase drag which can end up costing more than having your air-con on.

2. Service your vehicle

By failing to service your car on a regular basis you may be lowering engine economy by more than 10 percent. Some of the key areas that must be covered are changing the air filters, as according to the RAC, dirty filters can seriously increase fuel usage; and regular oil changes, as clean oil will reduce the wear caused from friction of all the moving engine components, thus improving fuel economy.

Both of the tasks mentioned above are inexpensive and can help to drive your fuel costs down.

3. Change your driving habits

By making small changes to the way you drive you could significantly reduce the amount of fuel you use, and this goes further than simply pulling off the accelerator.

Try to keep you gears higher. This will allow the engine to not have to work as hard and thus reduce the amount of fuel required. When using this technique ensure you are in a safe environment to do so, as using higher gears gives you less control over the car.

The RAC claims that if you avoid braking sharply then accelerating, you could save you up to 30% on fuel costs. The National Energy Foundation advises that to get the best fuel economy, drivers using a petrol car to change up a gear at 2,500 revs per minute, and 2,000 for a diesel. When starting from a stopped position, accelerate slowly as this will keep your revs down.

If you drive at 85mph you will use approximately 25% more fuel than at 70mph, so keep to the speed limit, especially on long motorway journeys.

4. Eliminate unnecessary weight and reduce drag

Take anything out of your car that is not required for the journey, such as removable seats, roof racks, gold clubs etc. Reconsider installing accessories that will add significant weight to your car and wide tyres that will add rolling resistance. According to the website save-petrol.co.uk, on average, each additional 50kg in weight will increase your petrol consumption by 2%.

Novelty flags and fancy sun roofs will also effect the aerodynamic drag of your car, thus increasing how much fuel your car will guzzle. Something elese that's worth noting is that fuel itself adds to the overall weight of your car, so driving around with a full tank will require more fuel than only filling up half way.

It is well worth doing a bit of research into which stations generally have the cheaper prices. Prices can vary quite a lot and that few pence could save you significant amounts every month. But don’t drive too far to find the best rates, as this will cancel out any savings you make. Try to tie your trip to the petrol station in with a regular trip, such as your weekly supermarket shop.

5. Lower your emissions and cut fuel costs

Try to get out of the habit of using your car unnecessarily for short trips as these can be the least fuel efficient of all, especially when driving in towns ad cities as you are constantly having to stop and start. Cars also use more fuel when cold, so a car that would usually do 40 miles to the gallon when motorway driving, may fall as down below 15 miles per gallon on a short journey. If you could walk or even cycle these short journeys you will notice the difference.

If you have to use your car to commute to work, if possible it is definitely worth considering car sharing with a colleague, as this can cut your fuel bills in half. Alternatively, look into park-and-ride schemes. If it is not possible for you to do either of the above, make sure you're using the best route, and check traffic reports before leaving to avoid hold ups.

Something also worth noting it that a small car will consume a litre of fuel every hour when stuck in a traffic jam, but larger cars guzzle double this amount

When looking to buy a new car, look around for the greenest in your price range as this will not only give you major savings in fuel costs, but also give out lower CO2 emissions which directly effects how much your car will cost to tax.

6. Clubcard points on fuel

Supermarkets tend to offer the most competitive fuel prices, and they are very conveniently placed allowing you to kill two birds with one stone by doing your grocery shopping and filling up in one journey.

Supermarkets not only offer competitive fuel prices, but most also give the option to opt in for clubcard rewards, allowing you to earn points for every pound spent, either in store, or on fuel. This means that if you use the same chain when filling up your car, you can collect points that can later be used to pay for goods in store or even on fuel.

To increase your reward points you could take out a Tesco Clubcard credit card, offering 5 points for every £4 spent. At the end of each month you receive clubcard vouchers based on the amount of points you’ve earned, which can be spent in-store on your petrol or at Tesco Direct. You can even turn Points into Airmiles!

The Tesco Credit Card also comes with a range of other attractive features and discounts, so it might be time to switch your card and make the most of your savings.

About the Author: UK Price Comparison website Which4U – Compare Credit Cards, Savings Accounts, Compare Fixed Rate Bonds, Bank Accounts, ISAs, Loans, Mortgages, Insurance, TV & Broadband and Gas/Electric bills to find the best UK deals

With the financial crisis continuing to affect many of us, one expert revealed that Brits are taking a more sensible approach to managing their finances.

According to Motley Fool director David Kuo, consumers "have been scared into being responsible" due to constant reports about the possibility of rising unemployment rates.

He also pointed towards the possibility that as many as one in ten Brits who can work will be jobless by the end of the year.

As a result, consumers are focussing on doing on of, or both of the following to improve their financial status.

One of these, Mr Kuo highlights, is making moves to repay as much debt possible, which could include that accrued on credit cards.

By doing so, he states that should consumers eventually find themselves to be out of work then the burden of what they owe "is not as great".

Such moves to pay down debt comes as the Motley Fool director states that borrowers are taking advantage of the base rate standing at an all-time record low of 0.5 per cent.

He goes on to claim people will begin to spend money more once they see signs of unemployment rates easing, although those who are looking to fund major purchases straightaway may want to consider making use of a credit card that offers 0% purchases.

In addition, he said that there has been an increase in the amount of cash put aside into savings accounts.

Britons looking to compare savings accounts to ensure they receive an attractive rate of return may be interested to hear the Motley Fool’s advice that people should look to set aside between six and nine months worth of expenditure to see them through in case they lose their job.

Taking the time to increase the amount placed into savings accounts and reduce debts, Mr Kuo asserts, "can be no bad thing for the UK because the only way that the UK can dig itself outside of this hole is to get consumer debt down to a more sensible level".

His comments follow statements by Hargreaves Lansdown pensions analyst Laith Khalaf that the recession will hopefully remind people of the need to have a significant sum of money tucked away into a savings account.

UK Price Comparison website Which4U – Compare Credit Cards, Savings Accounts, Compare Fixed Rate Bonds, Bank Accounts, Individual Savings Accounts, Loans, Mortgages, Insurance, TV & Broadband and Gas/Electric bills to find the best UK deals

An appeal in the House of Lords is due to begin this week that may determine the future of overdraft fees incurred by millions of customers across Britain.

The main banks in the UK put the appeal forward after a decision was made earlier in 2009 by the Appeal Court and is to be heard by five Law Lords.

The ruling upheld from last year gave the Office of Fair Trading (OFT) the power to decide whether or not bank account charges were fair.

There are currently around one million people waiting to find out if they can reclaim previous bank charges.

Banks make around £2.5 billion of income every year from charges applied to customers accounts as a penalty for going overdrawn without permission or paying a cheque or direct payment that bounces, billing up to £40 a time.

Marc Gander of the Consumer Action Group (CAG) said: “I hope the House of Lords will make a very clear finding that the bank charge terms are subject to the Unfair Terms in Consumer Contracts rules.”

The hearing comes nearly two years after the OFT and the banks made a joint decision to go to court in order to resolve the legality of bank charges.

This happened after banks became inundated by angry customers that felt the charges were 'unfair'. These claims were being fired both directly and through the courts.

Banks paid out an estimated £784m to around 378,000 customers before the test case agreement in 2007, rather than opposing the attempts made by customers contesting the fees.

But after both sides to the case agreed to the litigation, the Financial Services Authority (FSA) and the courts made a decision to halt any future claims until the case reaches a verdict.

Nick Spooner of the campaign group Legal Beagles said: “It’s going to be a very significant outcome, either way.”

The banks have always defended the charging system, describing them as reasonable, fair and legal.

If they are successful in the appeal, it will be a big blow to the OFT and campaigners involved in the bank charges case.

The banks employed Jonathan Sumption QC to represent them in the case – one of the UK’s top civil barristers.

Ray Cox QC – a barrister specialising in banking said: “If anyone can do it for the banks, he can, but he’s got an uphill task. But you can never be sure; the Law Lords will certainly not rubber-stamp the decisions of the other courts.”

The worst outcome for the banks could see all charges abolished, but this could force banks to charge account keeping fees.

Other effects caused by this outcome would be a mass refund to millions of customers dating back over at least the last six years, amounting to billions of pounds.

Some banks, including RBS, have put in contingency plans to allow them to be ready should the outcome fall against them, helping them to be ready for all scenarios.

Mr Spooner said: "A victory for the OFT would swiftly open the door for refunds of past charges.".

“If the OFT rules they were indeed unfair, I believe they will have to be refunded in total, as the unfair terms triggering the charges will be unenforceable.”

About The Author: UK Price Comparison website Which4U – Compare Credit Cards, Savings Accounts, Fixed Rate Bonds, Bank Accounts, ISAs, Loans, Mortgages, Insurance, TV & Broadband and Gas/Electric bills to find the best UK deals

Those looking to find a great value holiday with a bit of adventure this year should definitely consider Iceland, as their money will now stretch more than 40% further than last summer. This is due to the collapse to the Icelandic krona, pushing this holiday spot to the top of the annual Post Office Travel Services’ Best Value Holiday Destinations report.

Another great option is Poland, as the pound is currently worth nearly 19% more than 2008, making this a fantastic holiday destination for 2009.

Hungary also joins Iceland and Poland as the only destinations in Europe offering British tourists more holiday currency for sterling this year.However, in some cases the pound has fallen in value by less than 3%, making a number of other destinations a definite option. 

For example, the Czech Republic and Turkey offer a good selection of bargains – rated by the Post Office’s Holiday Costs Barometer survey of tourist staples as one of the best buys available this year.

Turkey is fast becoming this year’s top UK holiday choice – with a 60% year-on-year increase in Post Office currency sales based on data taken from the last 5 weeks. 

Holidaymakers that wish to travel further afield may want to consider Jamaica and Kenya, currently rating as top contenders for tourists as sterling is currently matching the value against these currencies from 2008. Impressive discounts on holiday packages could be the reason behind sales of Kenyan shillings which were up 97% in May and both destinations fall in Top 10 Fastest Growing Currencies at the Post Office. 

However, some of the countries that made it to last years Top 10 Best Value Desinations have fallen right to the bottom of the table due to the dramatic changes to the financial economy over recent months.  For example, the USA has fallen from fourth to 17th place as a result of the dollar now worth over 20% more than this time last year. This is the same scenario among many other ‘dollar destinations’ such as Dubai, Hong Kong and the East Caribbean are ranked lower too as these countries currencies are affected by the state of the dollar.

Despite this, data gathered from currency sales indicate that some of these destinations are still in demand – with the East Caribbean dollar for destinations which include St. Lucia and Antigua are currently second only to Kenya in the latest Post Office Fastest Growing Currencies table.

Sarah Munro, Post Office head of travel services said: “Our spending power may not be what it was last year but when you look back to 2002 - when trips to the USA were as popular as they have been recently - it is clear that a similar rate, around US$1.43 to £1m, did not deter UK holidaymakers from crossing the pond.”

“Holidaymakers looking for best value should choose destinations where they can get more for their pounds.  These include Iceland,which has been expensive to visit in the past, as well as Turkey and Kenya, rated as best buys in our cost of living surveys.  But they should not waste these savings by buying currency at the airport, where they will pay commission and get a poor rate.”

UK Price Comparison website Which4U – Compare Credit Cards, Savings Accounts, Fixed Rate Bonds, Bank Accounts, ISAs, Loans, Mortgages, Insurance, TV & Broadband and Gas/Electric bills to find the best UK deals

Let’s get straight to the point. Credit card companies don’t want you to compare credit cards. They want to get you locked in with a card and have you make the minimum payments possible each month, because that is the way they make their money. However, if you wish to compare credit cards with alternative providers, you could find yourself saving thousands of dollars in interest during the course of it’s use.

Did you know that in most credit card contracts there is a clause that means your card provider can raise the amount of interest you are paying if you simply miss or are slightly late with only one payment? You may have previously had low interest on your credit card payments, but if you have missed or been late on a payment before, you could find your rate jump to over 20% overnight.

Now if you have had this happen to you, one of the best things you can do is transfer the balance over to a new balance transfer credit card account, which could have a 0% interest rate for the life of the transferred amount. What this means is that you can be paying 0% interest instead of the 20% or even more you might have been paying up until now.

This strategy will not be effective if you use your card for spending, as balance transfer credit cards only have low or zero interest on the transferred amount, and usually have a very high interest rate attached to further spending. And this is how the credit card provider will make money from you. If you want a card for regular spending such as groceries, you can reap some great rewards from certain credit card accounts that provide low interest for your everyday spending along with an interest free period, and also rewards according to the amount you have spent.

With any credit card you need to make sure you keep up with, at the very least, the minimum monthly repayment. If you use it regularly, it is recommended that you only spend what you already have in cash and can afford on the card, and pay this amount off fully each month. This way you still benefit from the rewards for spending, but you will not get behind and owe interest on top as well.