Credit Cards

Should I Get a Credit Card?

kai-money-should-i-get-a-credit-card

So I’m going to take a different approach to answer this question. I think it depends on 4 things:

  • How controlled you are?
  • How much you are earning?
  • How stable your salary is?
  • What you are getting a credit card for?

Essentially you need to decide if you can pay off the full balance every single month. This is how you should be using your credit card!

If you pay off the balance in full every month you don’t have to pay any interest on what you spend.

If you don’t pay off your balance in full, you end up paying all this interest that just seems to get bigger and bigger every month.

This is how people end up in debt with a bailiff called Steve, sorry Mr. Jones, knocking on their door at 7am in the morning. No one’s got time for that!

If you’re controlled and earn enough to pay off the full balance every month, getting a credit card can be a pretty good idea.

There are some pretty good benefits to using a credit card:

  • Additional protection on your purchases – some credit cards offer extended warranties on things you buy and allow you to return “non-returnable” items. Most credit cards offer up to £30,000 of refund protection.
  • Rewards & Cashback – you can save a lot of money from the cashback and rewards that some credit cards offer.
  • Improves your credit rating – you can build up your credit rating by paying off your credit card on time. The funny thing is, if you have a good credit rating you actually get better interest rates. So you can borrow money really cheaply!

What Are The Best Credit Card Deals

British Airways Premium Plus Credit Card
Balance Transfers
0%
Purchases
23%
Interest Rate (Variable APR)
23% APR

5,000 bonus Avios when spending £1,000 within the first 3 months of Card membership. T&Cs apply. Balance transfer facility is only available on request and at the discretion of Amex.

M&S Bank Reward Plus Credit Card
Balance Transfers
0%
Purchases
0%
Interest Rate (Variable APR)
20% APR

Get double reward points on all M&S shopping for the first 12 months and a £20 M&S voucher on your first spend. T&Cs apply. Transfer a balance within 90 days of opening an account to get the 0% deal; otherwise the rate will be 19.9% p.a. variable with a 2.9% fee.

Sainsbury's Bank Dual Offer Credit Card
Balance Transfers
0%
Purchases
0%
Interest Rate (Variable APR)
21% APR

Sainsbury's Bank may offer you a 0% interest period on balance transfers and purchases of 27, 23 or 19 months depending on your individual circumstances.

Aqua Classic Card
Balance Transfers
30%
Purchases
30%
Interest Rate (Variable APR)
30% APR

Your credit record could be improved by using a credit builder credit card and making repayments on time.

Marbles Credit Card
Balance Transfers
30%
Purchases
30%
Interest Rate (Variable APR)
30% APR

Your credit record could be improved by using a credit builder credit card and making repayments on time.

FlexiCard Credit Card
Balance Transfers
0%
Purchases
10%
Interest Rate (Variable APR)
9% APR

One simple low rate, and you can set up instalment plans online to help manage your repayments. 0% fee on balance transfers made within the first 90 days

Halifax Balance Transfer Credit Card
Balance Transfers
0%
Purchases
0%
Interest Rate (Variable APR)
20% APR

Get 0% for up to 29 months on balance transfers made within 90 days of account opening

Barclaycard Platinum Balance Transfer
Balance Transfers
0%
Purchases
22%
Interest Rate (Variable APR)
22% APR

£20 cashback when you transfer a balance of £2500 or more within 60 days of opening your account. Offer ends 5-Feb-2020. Transfer a balance within 60 days of opening an account to get the 0% deal; otherwise the rate will be 21.9% p.a. variable with no fee. The duration of the introductory offer may vary depending on your personal circumstances.

Sainsbury's Bank No Balance Transfer Credit Card
Balance Transfers
0%
Purchases
2%
Interest Rate (Variable APR)
21% APR

No Balance transfer fee applies to transfers made within your first 3 months. The charge will depend on your current offer thereafter. Sainsbury's Bank may offer you a 0% interest period on balance transfers of 16, 14 or 12 months, depending on your individual circumstances.

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