Compare Credit Cards
The credit card is a highly differentiated product
but they tend to fall into two types of categories.
1. Standard cards are characterised by low “barriers
to entry” in terms of minimum age at application,
income and credit history.
2. Gold and Platinum cards are tailored for older
applicants with credit histories and above-average
incomes. They offer higher credit limits or freebies
like travel accident insurance. They have the
same conditions as the standard credit card in
terms of minimum age and income.
In reality, there is a great deal of inconsistency
with credit cards and the distinctions between
the competitors are often cosmetic. Below is a
quick examination of the different types of credit
cards that are publicized as a different product.
1. Zero-Interest Cards: the idea is that the cardholder
can benefit from zero-interest on balance
transfers and/or zero introductory rates on all
purchases. This offer is available for a limited
time period following the card being issued, where
after the permanent interest rate level is imposed.
These zero-interest offers can be found on various
grades of cards.
2. Reward Cards: These “loyalty” cards
come in three forms being standard, gold or platinum.
The benefits that the cardholder will receive
are cash back payments (e.g. supermarket vouchers)
and general rewards (e.g. air miles) that are
proportionate to the cards usage.
3. Donation Cards: These Charity or Affinity cards
are issued by a variety of charities (e.g. Oxfam,
Cancer Research, RSPCA, Nationwide Comic Relief,
NSPCC, etc).The theory is that the affiliated
charity receives a rebate from a fixed amount
on first use of the card, followed by a percentage
of the transactions charged to the card.
4. Student Cards: This is a new concept as few
banks cater for the student and graduate credit
card market due to the financial risk the pose.
Their interest rates are very high on the financial
scale due to the uncertainty of the cardholder
meeting repayments. The eligibility for a graduate
to get a credit card through this scheme will
most likely depend on them meeting a minimum income
restriction.
Taking the characteristics and intentions into
consideration, there are many credit cards on
the market that remain ambiguous and deceitful.
Therefore, having researched the very latest credit
cards available for application, we at Credit
Cards UK recommend the following ‘flexible
friends’ to save you money.
Morgan Stanley Credit Card
This credit card offers a 0% interest rate on
all purchases for the first six months. You are
also able to transfer your current balance over
whilst still enjoying the 0% rate for that limited
period. The standard rate is a competitive 14.9%
APR and there are no annual fees to pay. With
1% cash back on all purchases too this is a great
all round package that many cards are unable to
match.
Capital One Platinum Credit Card
All new cardholders of The Capital One Platinum
Credit Card will be amazed by the 0% interest
free payments. This limited offer for six months
can be applied for online so that a quick decision
can be made. With a credit limit as high as £25,000,
this card has all the features you would expect
from a market leading credit card provider.
Citibank Platinum Credit Card
Citibank has created a credit card that offers
0% interest for the first six months on all purchase.
You can transfer your balance from you previous
provider to this one and benefit from potentially
large savings due the generous 0% APR on the introductory
period. With a very competitive standard rate
of 13.9% you should feel assured that you have
one of the best deals on the market.
Lloyds TSB Create Credit Card
This is the first credit card that puts you in
control of your own interest rates; cash back
rewards, credit card design and what annual fees
you must pay. For instance you may choose an interest
rate of 0% on balance transfers for a fixed period
of 6 months, initiate an APR of 12.9% after that
period has concluded and then get cash back percentage
through all the purchases you have made. With
free purchase protection, travel and accident
insurance and the ability to manage your account
online, the benefits are very rewarding. In conclusion,
the opportunity to create a package that suits
your circumstances, the ‘Create’ credit
card from Lloyds TSB demands, and duly deserves
great consideration.
Loans UK can find you the
right loan at the most competitive rates.
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