Getting a credit card is becoming an increasingly difficult business in this period of near-recession and financial frugality. Nevertheless, it is often thought that the ease with which may people acquire a card versus the responsibility they incur on the customer is far too disparate.
Recently, the Office of Fair Trading criticised the there is a distinct lack of information concerning the finer details of owning a credit card supplied by credit card providers. Principally, there is no real standardised form of terminology for the information on the finer details of credit card selection for the customer to truly understand the distinct differences between one credit card and the next &endash; in order that the correct card is chosen for the customer's specific needs.
It's estimated that a whopping 70% of credit card owners did not shop around for their card, incurring something in the region of £400m worth of needless debt. Calculation methods between companies can differ wildly, meaning that the same APR may however end up costing different amounts. Of course, 0% on balance transfers is music to anyone's ears, and is unequivocal in its interpretation, which provides some scant silver lining to a confusing and jargon-centred area.
It is vital to shop around for the right card for you, and to not apply for a card that might turn you down &endash; which would damage your credit rating &endash; or one which you have not fully understood or researched. There are other, less discrete ways of choosing you card, too: in a time of increasing ethical and environmental awareness, it's good to know that there are plenty of credit cards out there for the conscientious consumer. The Co-operative Bank's Green Credit Card, for example, gives discount for the purchase of environmentally friendly goods, and donates to a rainforest charity.
Similarly, American Express's Red Card reflects well on your ethics: 1% of purchases go towards the tackling of AIDS in Africa. This all might seem a luxury to the hard-up consumer, but it makes a difference &endash; and, so long as a credit card can offer you the deal that you are looking for, you may as well massage your ethical-ego at the same time. Just make sure you have a proper hunt around first.
