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Reading The Fine PrintThere are many credit card offers available in the UK at the present time and it is always a good idea before signing up for any credit card to understand fully what you are signing for. This would apply to all agreements in life but as this is a credit card site we shall just be dealing with what we know!! We will start explaining the importance of this point by giving you some examples. Barclaycard - This is the offer which was available in the early part of 2004 which has now been withdrawn. Barclaycard offered 0% on balance transfers for the life of the balance. Sounds great, but there was a slight hitch. You had to spend at least £50 per month to qualify for this otherwise you would have to pay 6.9% apr. Also, n top of this you actually paid your balance off first, which actually means to qualify for the 0% for life of balance by 12 months into the agreement you would be paying interest at 14.9% on at least £600, not as appealing as Barclaycard would have you beleive. There would be much better options of using fixed rate balance transfers for a fixed period where you would know exactly where you stand and when that deal runs out apply for a new card and transfer that balance again.
American Express - With the American express blue credit card there are lots of additional cardholder benefits available when you take the card out, but be careful as there is a minimum spend level of £500 per year. Not too high you may say, but if you do fall below this level you could lose any/allbenefits of the card as you have technically broken the credit card agreement! Morgan Stanley - This credit card offes a very attractive cash back rate of 1%. That is great, the same as American Express with a lower apr. Again however, this rate is only available up to a maximum spend amount then the rate will decrease to 0.5%. Another example of why reading the small print of credit card agreements could be so important.
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