It could be for a son or a daughter, or for yourself, even, but, sooner or later, the time will come when you want to sort through the mirasmus of information on credit cards, to make sure that you’re making the right choice. In that case, factsheet credit cards can help you.
While credit may not be as easy to come by as it has been in the past (and that could be a good thing), there’s still a good chance that even those with bad credit can find someone willing to offer a credit card. But knowing facts about fees, charges etc … can help you understand better what the general credit market looks like, and decide whether you’re getting a deal that makes sense for you.
Most factsheets include information about the minimum credit limit, minimum payment calculations, interest rates for purchases, cash advances and balance transfers, the maximum interest-free period, annual fees, late payment fees.
Currently interest rates in the UK can range from below 10% (that’s about average) to much higher (anywhere between 30-50%), though this will depend, obviously, on your credit history.
If you’re thinking about making a balance transfer, to take advantage of low introductory rates, you should still expect to pay around 2.5% for a balance transfer fee.
New laws prohibit credit card companies from charging exorbitant late fees. Expect around £12.
You may want to look into your credit card companies insurance policy (for broken or stolen goods) which can come in handy, especially when traveling.
While the easiest route may be to just get a credit card from your bank, looking at factsheet credit cards can help you decide whether other offers may not better suit your buying needs!