We’re always looking for new ways to support our members and we know many of you use credit cards. Whether that’s for the introductory interest-free offers, cashback deals or for rewards.
As we expand into financial services our aim is to become your trusted partner to help you achieve your financial goals. We have joined forces with Creditec Limited to introduce a brand-new credit card comparison service.
You can find the new credit card comparison service HERE Representative 26.5% APR (variable)
What is a credit card comparison service?
A credit card comparison service could help you find the best credit card for your needs based on your individual circumstances. Simply answer some basic questions and it will show you a selection of credit cards that suit you. You will only see credit cards that you’re likely to be approved for.
Reasons to use a credit card comparison service?
Using a credit card comparison service uses a soft search so doesn’t appear on your credit report, this means that it won’t affect your credit score.
They do this with a soft search on your credit report – which doesn’t appear on your credit file to other credit providers, so won’t affect your credit score. It will be visible to you on your credit report.
In fact, using a credit card comparison service to find cards you are eligible for could help protect your credit score. If you don’t use a credit card comparison service and have your credit card application rejected you may then apply for another credit card, and another. Every time you make a full credit card application the provider will conduct a full credit check, sometimes referred to as a hard credit search, which goes on your credit report. Too many of these can damage your credit score as it looks to lenders like you are desperate for money.
Using a comparison service to find credits cards you’re likely to be approved for will protect your credit rating.
What credit card is right for me?
Getting the right credit card isn’t just about finding one that you will be approved for. You also want one that helps you financially. It could be that you want to save money on interest you are already paying on credit cards. Or you may want a rewarding credit card that pays you cashback when you spend. Or it may be that you are looking for a card that can help you improve your credit score.
No matter what credit card you are looking for, our partner Creditec can help you find the card that is right for your individual needs. But first, you need to decide which type is right for you.
You can find the new credit card comparison service HERE Representative 26.5% APR (variable)
Balance transfer cards – save money on interest
If you have existing credit card debts that you are paying interest on, a balance transfer card could save you money. These credit cards offer you an interest-free introductory period on credit card balances you transfer to the card. With no more interest building up you can pay off your debts and save money at the same time. (Balance transfer fees and terms apply).
When you are looking for a balance transfer card you need to weigh up the length of the interest free deal with the balance transfer fee – that’s a one-off fee you’ll pay for moving your debts onto the card. The cards with the longest interest free introductory period tend to have higher transfer fees.
So, work out how long you need to clear your debt – if you don’t need the longest deals, look for one with a lower balance transfer fee.
Top tip - Some balance transfer cards have no balance transfer fees, which means – provided you can clear your debt before the interest-free period ends – you would pay absolutely nothing more.
Rewards credit cards – get cashback to spend
Pay off your balance in full each month? You can get extra perks for being so organised.
Rewards credit cards offer you perks such as cashback, airmiles or supermarket loyalty points every time you spend. But watch out for the interest rates.
These cards often charge high interest rates, so the trick is to set up a Direct Debit to pay the balance in full every month, so you don’t ever pay interest.
Just make sure you can afford to clear that balance.
Top tip - Watch out for fees. Some of these cards charge an annual fee so make sure the benefits outweigh the cost.
Credit builder cards – improve your credit score
If you have a limited UK credit history or a poor credit rating a credit builder card can help you improve them over time.
Credit builder cards are aimed at people with a poor or low credit rating. This could be because you’ve had trouble with debts in the past, or simply because you haven’t taken out enough credit in the UK to build up a credit history.
Either way these cards give you the opportunity to get a credit card and use it wisely – stay within your credit limit and pay your bills on time – to build a good credit rating.
If you use your card and make at least the minimum payment every month you can expect to see an improvement within 4 to 6 months – if used responsibly and you stay up to date with all your future and existing credit commitments.
Top tip – Watch out for the interest rate. They can be high on credit builder cards so use the card sensibly to avoid building up debt.
You can find the new credit card comparison service HERE Representative 26.5% APR (variable)
Creditec Limited will provide you with an information-only comparison service for credit products from a range of providers. . Creditec is acting as a credit broker, not a lender, and they will not charge you a fee for using their services.
Creditec receives commission from lenders or other brokers if you enter into a credit agreement with a lender or broker following an introduction through this website.
Creditec’s service is an information-only comparison service for credit cards and does not include offers and discounts.
Creditec Limited is registered in England and Wales under company number 13700425 ; registered office: The Steam Mill Business Centre, Steam Mill Street, Chester, United Kingdom, CH3 5AN FRN. 971164. ICO registration number: ZB288703. They are authorised and regulated by the Financial Conduct Authority (FRN: 971164).
Blue Light Card Ltd is an Introducer Appointed Representative of Creditec Limited. Blue Light Card Ltd is registered in England and Wales (company number 06581540, FRN 595838), with a registered office located at Charnwood Edge Business Park, Syston Road, Cossington, Leicester, LE7 4UZ.
Blue Light Card Ltd will receive a commission from Creditec Limited if you subsequently purchase a credit card product through Creditec Limited’s service as a credit broker. For more information on Blue Light Card Ltd's regulatory status, please click here.
