Paying with a credit card has become de rigueur, so with 59.9 million new credit cards issued to people throughout the UK this past January. But, many are surprised to learn that not all credit cards are created equal. Different rewards, interest rates, and scores to gain a card all play into the equation. And if you aren’t careful, you can find yourself financially overextended; this is why finding the right credit card is incredibly important. To help you in your search, listed below are a few credit cards that are available right now in the UK.
American Express Platinum Cashback Everyday Credit Card
The perks to this card are literally in its name. This American Express Platinum Cashback credit card has 5% cashback on anything you buy within the first three months of having the card, with an APR variable of 26.0%. After the three months, that number goes down to 0.05% if you spend less than £10,000. More than £10,000 would put you at 1% cashback. You also get a substantial amount of rewards available, ranging from early ticket releases for concerts and shows to discounts for partnered retailers and travel.
Tesco Bank Foundation Credit Card
The Tesco Bank Foundation credit card is a great card if you have poor credit and wish to build or rebuild it, and is an ideal way to start your credit journey. The credit limit from starting out is in the range of £250 to £1,500 – and the monthly repayments can start out at being £25. Through their mobile app, you can track your spending and check up on your credit report for up to three years for free. You have to be making at least £5,000 a year to qualify for the card. Also, CCJs can qualify for the card as long as it has surpassed 18 months since introduced.
Lloyds Bank Premium Low Rate
The Lloyds Bank Premium low rate credit card has a significantly lower interest rate than most other credit cards, and there are little to no spikes within the rate. This allows you to budget easily and wisely. The representative APR is 9.9%, while balance transfers and purchases made with this card are 9.94%. And the best part is that there are no annual fees when opening this card. If you are strictly just looking for a credit card to build from and have low rates, Lloyd’s is a great choice for you.
HSBC Student Credit Card
This HSBC Student Credit Card is meant to help young people build their credit and learn the responsibilities of finance. Up to a £500 credit card limit (depending on the situation the person is in), this credit card should and only really be for important financial expenses. It also has a comparable APR variable of 18.9% – a significant drop to other credit cards out there. And like Lloyds Bank credit card, this one has a £0 annual fee. A perfect card for the younger generation who are extremely cautious when they make purchases in which they know they can pay back.
M&S Shopping Plus Credit Card
With a representative APR variable of 21.9%, along with 0% interest on any purchases and balance transfers for two years, this M&S Shopping Plus Credit Card is the best card to utilize if you wish to make a large purchase. If you plan wisely and pay off this said-large purchase, you can beat the large interest rates. You can obtain points while you shop too! For every £1 you spend at an M&S store, you get 1 point. At other retailers, you get a single point for every £5 you spend.
It is important to look over all aspects when deciding which credit card is best for you. This includes the APR rates, the APR variable, what credit limit works best with your lifestyle, and all the perks that come with it. You have to keep all of these factors in mind when settling with the right credit card for you. As long as you choose the card that best fits your lifestyle, you will be able to maintain healthy financial profile.