Best UK Credit Cards - How do I find the best UK credit card deal?

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In truth, there isn't necessarily a best credit card. What you are really looking for is the best Credit card deal for your own personal needs. The best thing to do is search Credit cards in the UK which will allow you to decide which credit card provider will be the most benefit to you and which is best for your specific needs.

For example, say that you have a balance on your Credit card. You know that you won't be able to pay the balance off in time, so you would want to consider transferring your balance to another Credit card. The Credit card that would be best for you at this point would be the one with the lowest balance transfer rate. There are some Credit cards which have the best rates for balance transfers of 0%, which essentially mean that for the period the balance transfer rate is available you will not have to pay interest on your balance.

The period that the Credit card balance transfer rate is available is important here. Sometimes, the best Credit card rate will only be available up to a certain date (e.g. 1st January 2011). Other times, it will be available for a period after you have acquired the account (e.g. for six months or twelve months). But what a customer should be looking for if their main concern is their balance is where the special balance transfer rate is available until the balance is paid off.

Beware, however, if you want to use it to purchase as well. If you make purchases, and then start to pay off it off, the company will pay off the transferred balance first. The reason why this is not advantageous to the consumer is that in general, purchases will be charged at a much higher interest rate. So, for example, let's say you have a transferred balance of £3000 (charged at 0%), and make purchases of £1000 (charged at 20%), then pay off £1000 at the end of the month, you would have £2000 of transferred balance left and still £1000 of purchases. You won't start paying off purchases until the balance is paid up, and will be charged on the purchases as 20%. For this reason, people tend to acquire one account to transfer their balance to, and one to make purchases on.

When looking for the to make purchases on, there are two issues. Finding the lowest purchase rate, and rewards. Some companies will make special offers for purchases, in the same way as they do for balance transfers. So, they will have a rate (e.g. 0% or 1.9%), that they will offer until a certain date, or for a specific period. Other companies may simply offer low rates (e.g. 8% instead of the usual of around 17.9%) permanently. The way to compare these is to look at the advertised APR (Annual Percentage Rate), which annualises the interest payable on a yearly basis (eg, if you have 0% for 6 months then 18% for 6 months then it's 9% APR).

Finally, rewards. Some companies will offer incentives, such as cash back credit cards of 1% or so, or air miles, or special points that can eventually be redeemed for prizes.

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