Choosing the right credit card is an important business. After all, should you choose to go for a 0% balance transfer credit card, an interest free credit card or something else? To help you make up your mind, this article looks at some common questions about credit cards.
Am I eligible?
Knowing whether you are eligible to apply for a credit card in the first place is important. There are a few criteria you need to meet in order to apply: you have to be resident in the UK, over 18 and have a bank or building society account. Some companies have other specific requirements you need to meet before they’ll give you a card, so check these out, too.
How do I apply?
Making credit card applications is relatively straightforward and usually involves filling in a form online. Alternatively, you can apply over the phone by calling the relevant customer service number, or even face to face depending on which company you’re applying to.
Which card should I choose?
Picking the right card for you is one of the most important things. Interest free credit cards are popular as they provide an introductory period where you don’t accrue any interest on your purchases, which many people find appealing.
0% balance transfer cards are also popular, particularly with people who already have a credit card but want to close their current one and transfer the outstanding balance to the new one at a 0% rate of interest.
How does the interest work?
Usually, if you pay off your card balance in full every month, you don’t have to pay any interest. However, if you spread out your payments then interest will start to build up. This is normally charged at the standard APR for your card, so this is something else you need to look at when deciding which one to apply for.
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