How You Use Your Card
With hundreds of credit cards to choose from it is important you get the right one for your circumstances. The right choice for you depends on how you use your card.
Pay the full balance monthly
If you pay off your balance in full and on time every month you're unlikely to be concerned about the interest rate as you won't incur any interest charges. You should instead go for a card that rewards you with cashback for everything you spend.
If you expect to use your card to get cash advances, you'll want to look for a card that carries a lower APR and lower fees on cash advances. Some credit cards charge a higher APR for cash advances than for purchases.
Do not pay off the balance each month
If you spend on you card regularly and carry a balance over each month or just pay off the minimum amount on your bill, you may be more interested in a card that carries a lower interest rate (stated as an annual percentage rate, or APR).
The higher the APR the more you will pay in interest.
Existing debts on current cards
If you already have a debt on a current card you should consider transferring the balance to another card which offers a lower rate or interest free introductory period for balance transfers. In essence this means your new card provider pays off the debts on your current credit or store cards for you.
If you go for a card with an interest free rate for balance transfers you will benefit by having a few months grace before you start being charged interest on your balance. You should use this time wisely and try to reduce your debt as much as possible.
Previous credit problems
If you've had credit problems in the past you might have a poor credit rating. If this is the case, don’t worry, just specify this when using the search facility and the system will show credit cards that are available if you have a bad credit rating.
What is the APR?
APR stands for the Annual Percentage Rate and is a standard measurement for showing you the rate you will be charged if you borrow on your card. The APR enables you to determine how competitive a card is. Usually, the lower the APR the less interest you pay. The standard APR is the important one and this is the rate you'll be charged after any introductory rate expires. Rates can vary immensely between card providers, but are usually between 12% and 18%.
Compare and find the right card for you
United Kingdom: www.creditsearcher.co.uk
United States of America: www.cardratings.com