Choose credit card 'carefully'

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Choose credit card 'carefully'

Consumers should choose a credit card carefully in order to pick a package which most closely suits their needs.

The director of the Debt Advice Bureau, Stephen Rose, said that borrowers could save significant amounts by spending a period of time scouring the best deals for their circumstances on comparison sites.

Mr Rose said that customers with an existing balance on their credit card should opt for a card with the best balance transfer deal.

If they have no debt and want to use a credit card to make purchases, the Debt Advice Bureau advises they take on a card that has zero per cent purchases for a year.

Commenting on the kind of savings which could be made, Mr Rose said: "If you're talking about £5,000 worth of debt that saves you five percentage points per annum for five years, that adds up to £1,250, which is not a bad saving for 20 minutes of work."

The Debt Advice Bureau's comments follow an announcement by the Office of Fair Trading that it will be setting up a six-month investigation into the credit card industry and consumer bodies.

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