(21/11/2008): Comment on Christmas credit card deadlines
Comment from Brad King, MD of compareandsave.com
"Although credit card trends are changing with fewer providers offering zero interest rate cards, there are still some attractive deals on the market. However, if you want to take advantage you'll need to start researching and applying soon, as deadlines are fast approaching.
"The final cut-off date for applications will of course vary according to provider, type of credit card, and current demand faced, but nevertheless most application processes can take upwards of ten days.
"With many credit card providers the decision is not instant and some require applicants to read, sign and return an agreement. Consumers should also plan in time for the card to arrive through the post which can take longer at Christmas time, followed by a pin number a few days later."
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APPLICATION DEADLINE
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CREDIT CARD
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Wednesday 26th November |
MBNA Platinum card |
| Thursday 27th November | Thomas Cook Reward credit card |
| Monday 1st December | Capital One Low Rate Balance Transfer card |
| Friday 5th December | Virgin credit card |
| Thursday 11th December | Barclaycard Platinum credit card |
| Thursday 11th December | Egg credit card |
Credit cards do serve a very useful purpose, but only if they are used sensibly and consumers do their research in the first instance. Everyone needs to evaluate their own personal circumstances, shop around and compare offers to ultimately find the best card for their needs and save themselves money.
Compareandsave.com offers the following tips ...
- If you want or need to put Christmas spending on a credit card think carefully about what type of purchases you are going to make on it and how much you are planning to spend, before you apply.
- One of the things that might be putting you off using a credit card in these difficult financial times is the thought of getting into debt. But, if you are sensible and only use a credit card for planned purchases that you have budgeted for then you should be able to pay the credit card off in full and won't accrue any interest charges or be left in debt.
- If you miss a payment or pay late, you can incur fees of up to £12 per missed or late payment. It's essential, especially in busy spending periods like Christmas, that you plan your finances carefully and keep a close eye on them.
- If you do need a bit of time to pay off debt, try to get a 0% purchase credit card, for example the Capital One Low Rate Balance Transfer Credit Card which offers 0% on your purchases until May 2009. With a bit of discipline, you can pay your balance off in instalments without paying any interest for around 6-12 months.
- If you are keen to earn money at the same time as spending, a reward or cash back credit card could be ideal for you – providers typically offer 0% on purchases for 3-6 months and reward points to redeem all sorts of items. The MBNA Platinum Rewards Credit Card, for example, offers 3 months 0% on purchases and the chance to earn reward points which can be redeemed on flights and shopping, or as cashback.
- It's important to remember that credit cards can offer distinct advantages. The key difference with using a credit card as opposed to cash or a debit card is that you get the added protection of Section 75 for free. This will help to protect you against losing money on the goods and services you buy, in the event of a company not delivering on what they promised.
Product Offers
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.
Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.
Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.