The PRC for Credit Card Information.
The PRC is your starting point for credit card information. Here we look at this form of payment and what kind of cards are available on the market today.
Credit Cards – the best way to pay
Credit cards have provided millions of people around the globe with a useful way to pay for goods and services. They are relatively safe and every payment can be tracked. They are secured with an even better system since the late 1990s with Chip and PIN. Each card carries a line of credit, and this has a specified limit depending on your circumstances and status. This means you are able to spend money up to that limit and this must be paid via a monthly bill. Paying in full and on time is what is required but of course it is easy to be late on payments which means you can end up with a poor credit rating. Worse still the bills could spiral out of control leaving you in serious debts. Most credit cards have strict eligibility requirements but nowadays most people will be able to find a provider willing to take them on. It is definitely worth thinking about how good (or bad) you are at managing spending habits before applying for a credit card.
Capital One Cards
Capital One is a well-known highly advertised credit card provider and you can see if you are “pre-qualified” via an online form that takes a minute to fill out. There is a large range of cards on offer, including those for people who already have a good credit rating and others for those who wish to strengthen their rating. APR rates vary according to card – for example the Capital One Classic Visa Card carries a typical APR of 34.9%. On this card, there is no annual fee and the ability to increase the credit limit based on good account management. You can even choose your own card design! The Capital One Platinum card carries a much lower typical variable APR of 15.9% but is aimed at those with an excellent credit rating. This card carries no purchase fee until October of this year and no balance transfer handling fee.
MBNA Cards
MBNA offer personal and business credit cards from their easy to navigate website. There is 0% on balance transfers for over a year on the MBNA Platinum card and 0% on card purchases for the first 3 months. MBNA offer 6 cards and are in conjunction with American Express. The APR rate on these cards varies from 15.9% typical variable to 21.9% typical variable. Three out of the six MBNA cards have extra rewards schemes attached to them which is great for that extra boost. Only the Rewards Platinum American Express card carries an annual fee though this is not payable the first year. After that it is £40 which is more than reasonable compared to some other cards on the market.
Natwest Black Credit Card
This card is the luxury card we all wish we could get our hands on. It carries many exclusive benefits including travel insurance for you and your family, breakdown cover, a personal assistant available around the clock, executive airport lounge access and a minimum credit limit of £15,000. The benefits on this card total at the value of over £1,300. Even more exciting, the APR rate is low at 12.4%. But of course a card like this is only available to those with excellent credit ratings and an annual income of at least £75,000. The annual fee is around £200 but this is not high for a card of this kind. With the exclusivity it gives the cardholder, it is certainly no large price to pay.