How to Choose the Best Credit Card: Enjoy Low Interest Rates and Interest-Free Balance Transfers

In order to enjoy the best credit card offers, it is essential to have a good credit rating. Consumers with bad credit can still choose from a range of adverse credit cards, but the rate of APR will be higher. It is possible to enjoy interest-free balance transfers, low interest introductory offers or even credit card rewards that allow a cardholder to enjoy cashback, store reductions or free air miles.

How to Choose the Best Credit Card

A fundamental part of selecting the best credit card deal involves an assessment of personal spending habits. Consumers struggling with credit card debt may wish to consider an interest-free balance transfer or a low interest rate offer. Those who spend large amounts or travel regularly could opt for one offering credit card rewards, such as free air miles or cashback on purchases.

The Best Credit Cards Charge Low Interest

The best credit cards offer a customer a low interest rate. CreditAction.org stated in it’s report that the average APR on credit card debt was 17.92%, you may be better off with instant payday loans. Customers enjoy anything up to 56 days of interest-free credit on new purchases, but interest is charged on the outstanding balance. Consumers should trawl the market using a comparison site, such as uSwitch.com. A low interest rate is not a priority for those who settle their balance in-full each month.

Interest-Free Balance Transfers

Consumers that have a large balance will find that the best credit card is the one that offers an interest-free balance transfer. Virgin currently offers a card that allows it’s customers to benefit from the non-payment of interest for up to 16 months. This would allow someone to enjoy interest savings of £1,792 on a £7,500 balance over the full 16 month term.

Credit Card Rewards

Those who settle their balance in full each month should consider credit card rewards as interest payments on credit card debt aren’t a priority. It is possible to earn a range of incentives, including cash back, store discounts and free air miles in return for making purchases. Consumers that regularly spend large amounts are likely to find that this is the best credit card for their needs.

The best credit card deal is the one that the customer personally stands to benefit most from. Individuals that make the minimum monthly payment should normally opt for the best balance transfer deals. Conversely, those who pay-off their bill each month should opt for the most favourable credit card reward deals.