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Switching To A New Credit Card

Getting to a new card

Switching to a new credit card simply refers to changing your credit card. In the UK people may switch services for a variety of reasons. One of the most common reasons for British people to switch their credit cards is that they have not been able their past credit card bills. As a result the credit card companies will stop their services towards the customers and will withdraw the credit card. However it is necessary for you to remember that many credit card companies in the UK offer low or zero interest rates on balance transfers. So if you think that you can pay off all your debts within a period of 6 months and the 0% offer applies for six months, then it is a wise step to take. But the card holders who are not able to pay their debts within six months, then the 5% interest will then get converted to normal interest rate. Hence if the initial 0% interest rate is gone, then the increased monthly repayments can soon outweigh the benefits of the initial introductory offer. However the British banks are responsible for warning you before the introductory rate stops.

Pay your bills on time

It is very necessary to pay your bills on time in case you would not like to switch your credit card without your liking. Check the bill thoroughly and then pay it on time. Do not be tempted to pay only the minimum balance as this is only 3% of the total debt on an average. Hence you end up paying more at higher interest rates later on. Just look at how interest you have paid over the last year and think that you could have used that money for a better purpose.

Switching not the best option always

Switching is not always the best option for people as the credit monitoring agencies keep a tab on the number of cards you have switched over a period of time and you may be refused issue of a new credit card if the lender funds out that you have too much outstanding credit. Hence in case you would like to switch to a new card you will have to find out how much credit they will give you and how much monthly interest you will pay.


Try to find a card with a low APR in case you do not want to pay your credit card balance in full every month. This is because having a lower APR means that you have to pay less interest on your outstanding balance.

Reward Schemes

Ask the credit card company if your new credit card has a reward or cash back scheme included. Ask yourself whether you are benefiting from the current reward scheme.

Charity Credit Cards

In case you would like to do something for the society but dont know how, then charity credit cards is the answer for you. Whenever you buy something from your charity credit card, your lender will donate a certain amount to charity.



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