Comparison websites enable you to compare credit cards

Feb 22 2010 By Mary Barabe

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If you’re one of the millions of people who have a credit card which charges an exorbitant interest rate, you may well have been tempted to reach for the scissors and cut up your plastic. But before you do, have you considered using a comparison website to compare credit cards?

Although shredding your credit card may be emotionally satisfying, if you are willing to invest some time, you should be able to find a credit card that better suits you and your lifestyle.

There are more than 100 million credit cards in circulation, a dozen or so major lenders and over 300 cards on offer. Is it any wonder that finding the best credit card for your needs is so daunting?

Credit card comparison websites offer you an independent and unbiased service, designed to make it easier for you to find the most appropriate credit card deal for your individual circumstances and requirements.

You can use their online search facilities to compare deals on purchases, balance transfers and rewards from all the leading UK credit card issuers.

The tables and rate listings are regularly updated to ensure you have the most current information to hand.

All of the cards listed usually also provide an online application service to make the transition between providers even easier.

In order to find the top deals, you will need to select the criteria which is important to you in a credit card in the comparison facility. You will then be given a comprehensive list of leading card issuers tailored to suit your needs.

You will, of course, need to review each product, then select the one that you feel meets your requirements best and apply online.

Many credit card providers now offer an introductory rate that is fixed below the card’s standard rate for a limited duration. You can use the search options to determine the latest 0% credit card deals if this is what you are looking for.

Should you be worried about debt, taking some time to compare credit cards is vital. You should aim to change to a card that charges 0% on balances for an introductory period and aim to pay off what you owe within that time frame. If this seems unlikely, there are cards available whose rates remain low and which may be more suitable.

When you compare rates, make sure you always take into account balance transfer fees as these can sometimes be inflated.

If, like many credit card consumers, you have a hefty balance carried over at the end of each month, you should consider transferring the debt to another card issuer. Several companies offer 0% on APR on balance transfers, for around 12 months, although you can get deals that last up to 15 months.

This can provide you with some welcome breathing space in which to pay off your debt without accruing interest.

Many credit card users continue to pay higher rates of interest than the average APR. By changing to a different provider, there are significant savings to be had each year in interest alone.

If you have stayed loyal to your bank and never changed credit cards, you are more than likely paying an excessive rate of interest. With lower standard rates, it is easy to switch to a low-interest credit card by comparing online.

By carefully sifting through the various offers around, and the many providers on the market, it should be possible to find a credit card option that will save you money. There has never been a better time to compare credit cards, so it's worth taking some time to explore the various websites available.