Advice on choosing a credit card given by The Thrifty Scot

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Advice on choosing a credit card given by The Thrifty Scot

Thu 14th Aug 2008

Money blog The Thrifty Scot has offered tips on how to choose the best credit card deal.

All details about the card should be researched, such as interest rates and whether they are fixed or variable.

Variable rates are liable to change according to an index.

Consumers should check whether there is an annual fee and if so, what benefits it brings.

The blog noted that while some cards with charges offer air miles, so do some without fees.

Money saved on zero per cent balance deals should be calculated and consumers ought also to see how long any low interest introductory offers last. Typically, the site says, it is six months.

Missed payment penalties should also be considered.

A recent study by credit agency Standard & Poors found that UK defaults on credit repayments is likely to rise.

The Financial Times reported the research, which found that the repayments credit companies no longer expect to receive rose from 6.62 per cent at the end of March to 6.9 per cent at the end of June.

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