Credit Cards Guide

The credit card industry is big business globally with just about every global banking organisation offering its own credit card to customers. In fact, the credit card industry is not only big but also growing. Figures from Visa, one of the world’s largest credit card processing companies, shows this. In March of 2007, Visa credit cards alone accounted for $4.8 trillion in global card sales volume, an increase of $0.7 trillion over 2006. Furthermore, Visa processed 59 billion transactions in March alone.

A large industry means that there is plenty of choice for UK customers looking for a good credit card deal. The difficulty is not finding a credit card, but finding the right one for you. This is where Bullhorn’s dedicated credit card comparison website can help. Bullhorn can rapidly search the market for you to find the best deals on offer that match your needs. All you need to do is spend a few moments filling in your credit card requirements and Bullhorn can collate a list of the best options in seconds. You can then review the user-friendly, interactive list to pick the right credit card for you.

So, what does the current UK credit card market have to offer customers? As stated above there is abundant choice. All the major high street banks offer credit cards and there are also a number of international financial services companies active in the UK credit card market. In addition, credit cards can also be taken from a number of other sources, such as retailers and even sports clubs. Bullhorn’s credit card comparison service covers them all, ensuring that you will find the best credit card on the market for your individual needs.

In terms of card features there are a number of aspects to think about. For most customers the biggest issue is the annual percentage rate (APR) offered. This rate determines how much interest you will pay on your credit card balance. Rates can vary greatly, with the lowest on offer around 10% to a high of around 30%. However, special ‘0%’ deals are common at the moment. Many credit card providers are currently offering 0% deals on either balance transfers or purchases for a designated period of time. Some provides are offering 0% on balance transfers for the life of the balance, while the longest terms for purchases are around 12 months. Such deals can make using a credit card very cheap if the customer manages their balance well. However, check out the rules relating to these deals. Often a balance transfer deal will require the customer to pay-off the entire balance transfer before paying-off any purchase balances. The reality of this is that while the balance transfer sum may be interest free, the credit card is accruing interest from purchases as long as the balance transfer has not been cleared.

If you don’t want to consider special deals but, instead, want a credit card that offers set long-term conditions, then you can use Bullhorn’s credit card comparison site to find the best long-term low APR deals. Credit cards in this group typically offer APRs in the region of 10% to 15%. Also for consideration are credit cards with bonus features such as cash back, loyalty points, air miles and priority treatment. Finally, when selecting a credit card, don’t forget about annual usage fees. Many credit card providers no longer charge an annual fee, but don’t be lulled into thinking that this is the case with all credit cards.