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24 March 2006
Choosing the right card can be more complicated than you think, says a financial information provider.
Despite rises in the level of bad debts, competition is still rife within the credit card market and many providers are continuing to launch "best buy" deals, says Moneyfacts.co.uk.
There are many factors to consider when choosing a credit card, says the company, including the rate, introductory offers, balance transfer deals and fees and consumers looking for a multi purpose card may find it difficult to find a card that offers competitive terms across the range of account facilities.
'Providers often dangle one carrot by way of a competitive deal either on balance transfer rates, introductory or standard purchase rates in the hope the consumer will feast upon other facilities, and this is often where providers can earn,' said Andrew Britchford, credit card analyst from Moneyfacts.co.uk.
Consumers should take the time to choose a card which best matches their spending needs, advises the company, and should try to keep separate cards for purchases and balance transfers, in order to maximise their savings.
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