When choosing a new credit card it’s best to pick a card that suits your spending habits. However, this is not the most crucial factor. Even more important is to choose a credit card that matches your paying habits. This will ensure that you don’t end up paying over the odds to repay your credit card debt. Consider these scenarios:
Big Spender, Big Payer
You put most of your spending on your credit card each month. Petrol, shopping, clothes, days out, drinks at the pub it all goes on there. But you’re one of the lucky ones. You earn enough to be able to pay off the balance in full each month. If you’re this kind of spender, you won’t be worried about the interest rate, provided the card has a long interest free period. (Some cards charge interest from the day of purchase; this is not a good option for regular spenders). The best card for you will be one that has other incentives, such as cash back or reward points of some kind.
Some people spend regularly on their credit cards, but can’t clear the whole balance each month. If this is you, you’ll want a card with a low annual percentage rate. This will keep...
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