Adverse Credit Cards are a great idea right now

April 19th, 2009 by writer | No Comments | Filed in Press Releases

Just two years ago, when credit was easy to come by, there was really no need for anyone to use adverse credit cards. With banks handing out low interest cards freely, why would anyone want a credit card that charges upwards of 30% in interest yearly?

Today the many of the low interest rate cards are difficult to get and people are replacing lowered credit limits on these with free lending limits from companies that issue adverse credit cards. Why would they do this? Using information gathered at free consumer credit advice website Credit Choices, it was determined that most people are currently relying upon their credit cards as a short term loan vehicle to bridge the gap in the event of smaller persona finance crisis.

This of course representing the needs of the middle and upper middle class, those with incomes below £60.000 per year. So, why choose an adverse credit card over, say, a Natwest Credit Card? First, the credit rating need to be approved for an adverse credit card is fairly low. Almost everyone is approved for these cards. Second, the smart users of adverse credit cards are only using them for emergency funding. As with all credit cards adverse cards allow a certain length of time before interest accrues. Thus, any credit card can be used interest free as a means to deal with a short-term lack of funds. While the Natwest credit card might be a better long-term choice as it only charges 175 or so APR, the Capitol on card at 30% is no less helpful if one plans on paying off the balance promptly.

Tags: ,

Supermarket Credit Cards Are Often Interest Free Credit Cards

March 20th, 2009 by writer | No Comments | Filed in Press Releases

It is funny how people look at my Sainsbury’s and oddly when I use it to make purchases at other stores. I have no idea why they think that the card should be limited to just the supermarket. One thing they are probably unaware of is that many supermarket credit cards are also interest free credit cards. This incentive is usually short lived meaning there is a term set to the free ride on the interest but by switching cards from time to time a smart user can avoid almost all the extra charges. Supermarkets offer these great terms as an inducement to apply for their cards. Although the interest free period is usually only 6 months long it can still offer great savings. This is especially true when one needs to make a major purchase and would like a little time to save the funds for paying it off.

Supermarket credit cards and all the other kinds of cards are explained completely at CreditChoices.co.uk. Credit Choices has reviews about every credit card deal available in the UK with complete explanations of the terms and rates. You can even apply directly for credit cards from the Credit Choices site. This is far preferable to applying at your bank as with online credit applications you can choose a card that gives you a loan decision almost instantly. Before you apply for any credit card it is highly recommended that you research all of the cards available at creditchoices.co.uk.

Tags: , , , ,

0 Balance Transfers Are Not Always Interest Free Credit Cards

March 19th, 2009 by writer | No Comments | Filed in Press Releases

Most credit card holders are constantly receiving offers in the post to allow them a 0 balance transfer to another credit card issuer. These deals seem great. One can transfer the entire amount owed on one card to a new one and not have to pay any interest on the old balance for almost 15 months. If you qualify these can be great offers. However many people confuse 0 balance transfers with interest free credit cards. These are hardly the same animal. A zero balance transfer lets you move your debt sideways onto a different card. But to do so you will need to pay a premium of a few percent and should you use your card for new purchases the new charges will be subject to a higher rate. Also you must still make a set minimum payment each month or be liable to have the interest rate on your entire balance, both the old and the new raised substantially.

Interest free credit cards are exactly that. These are credit cards that charge no interest whatsoever. You will sometimes have to pay a yearly charge for having the card but if you use your card quite a bit that fee is inconsequential. As with any credit card one must really examine all the details before accepting and using the card. Oddly enough a few card issuers such as Sainsbury’s offer credit cards that are both 0 balance transfer and interest free. To compare all of the best deals on credit cards available in the United Kingdom and worldwide visit Creditchi9ces.co.uk. They are personal finance experts and never charge for their knowledge shared.

Tags: , , , , ,

Are PrePaid Credit Cards Useful? We Investigate…

September 4th, 2008 by admin | No Comments | Filed in Press Releases

 

What are PrePaid cards?


 
Pre paid credit cards are almost like debit cards, except for they may be used just about anywhere that accepts the brand of card. (For example Visa or Mastercard) The reason I say they are like a debit card, is that there is no ‘credit’ as such.
 
As the card holder, you simply load the funds onto the card as and when you need to, and spend as you will.
 

Pre paid Credit Cards – The Facts…


 
1. Pre paid Credit Cards , What Use Are They? Well, many people think that prepaid credit cards are less of a concern when taken abroad. – If the card is stolen, the thief can only take out what is loaded on the card, and so cannot run you into debt.
2. Some Pre paid cards can be taken out different currencies than your home currency… Making them great for use abroad
3. It is vitually impossible to get into bad debt with most of these cards! –Normally, you cannot go overdrawn. (But be sure to check with the provider though, NEVER assume anything where credit is concerned!!!)
4. The fact that there is no credit check needed when applying means that you can many of these cards, and not have to worry about excess credit checks ruining your credit rating!
5. Prepaid cards can be a great idea for online payments, because if a ‘hacker’ or ‘cracker’ gets access to your details, then they’ll not be able to cause you to be in large amounts of debt. (Again, check the details with each card provider)
6. Finally, another possible benefit of not having a credit check carried out on you is that anyone (over 18 usually) with decent ID can acquire a card, no matter how bad their credit score is.
 
Looking at the facts above, it is plain to see that although they can be a little more costly to use, prepaid credit cards do have their place.
 
 
 
 
—

Tags: , ,

Instant Decision Credit Cards – Are They Really Instant? Credit News

August 13th, 2008 by admin | No Comments | Filed in Press Releases

instant decision credit cards
 
 
When considering applying for a credit card, many people prefer to seek out companies with instant decision credit cards on offer. What people are often unaware of is the fact that the instant decision deals are only really on offer to those with a great credit score.
 
Most if not all of the companies offering instant decision credit cards will have a caveat stating “Subject to Status”. Only offering the instant decision deals to certain high scoring applicants is normal, and is along the same vein as only giving the advertised rate to people with the highest credit scores.
 
Whilst both of these facts may seem like an unreasonable marketing ploy, designed to get people to apply for the deal, and then in actual fact offer a deal that seems much less appealing, credit providers would argue that a person with a lower credit score is a higher risk for them, and so they need more of an incentive to take that risk. Whether this policy is fair or not, it seems that it is here to stay.
 
The best thing to do is just be aware that the APR and other rates that companies advertise, and the speed at which they say you get a decision after applying for credit are not necessarily the ones that will apply in your personal case. Be sure that you are 100% happy with what is on offer before agreeing to let the credit provider carry out a check on your credit file, as too many checks in a short period of time can in itself lower your credit score. So be sure to shop around and compare many different card, before deciding which you wish to apply for.
 

Tags: ,