Top Credit Cards in the UK

A credit card lets you buy something that is charged to credit, and you are expected to pay the cost at a later time according to the terms of the credit card company. The minimum requirement for application is for one to be at least 18 years old. You should also submit a copy of your valid identification, and sometimes proof of your monthly income. Credit card use in the UK is among the top percentage in the world with citizens that rely mostly on credit cards, with an average of 2.4 credit cards per person.

The advantage of owning a credit card is primarily for convenience. You can buy items as long as you do not go beyond your credit limit. Credit card companies also offer rewards through accumulation number of points. Examples of which are airline ticket rewards, cash back rewards, and gas rewards. The disadvantage however, is a resulting debt in case you miss a payment; the longer it remains unpaid, the higher your debt becomes.

In choosing a credit card, first think about where you need it most. Is it for paying bills, purchasing appliance that will be paid in installments, etc. You should also review the card’s APR or Annual Percentage Rating and additional charges. Some cards offer low rates for the first few months but increases afterwards.

Among the popular credit cards in the UK include Barclaycard, Virgin, MBNA, and NatWest. Visit card comparison websites like Uk.credicards.com and Money.co.uk. Barclaycard Platinum Simplicity and Capital One Click for example are known to have low APRs. The Amex Platinum Cashback gives 1.25% cashback on purchases, and RBS Platinum gives discounts on wine, shopping, and travel.

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