Credit Card Choices

Choosing your credit card

From Emma Lunn Getting the right credit card can help you establish credit and start earning reward during your lifetime. Below are some of the flaws that make over-50s -- and some maps they can use to correct them. Poor credit decisionsApril 2013 Research by ZAGA, a firm that provides finance to over-50s, shows that while more than 6 million over-50s have a credit card, their credit decisions could cause them to miss out on the best deal.

One third of credit card holders in this category just take out a credit card with their banks instead of looking for a card that better fits their needs, and a fourth of those over 50 just take a card for free. A small number of respondents say they select a card for money-saving purposes - only 6% say they select a card because of the initial 0% interest rates.

However, more than a third of those who have opted for 0% initial deals say they have forgot to change card at the end of the 0% term and have been affected by the interest cost. "Free Bies can be tempting, but you should look beyond airline mileage, coupons and points when choosing a credit card," said Roger Ramsden, Saga Services CEO, in a press brief.

"They should choose an all around good card that has a low default interest that does not reverse and bites them if they do not fully settle their monthly bill. "Better Credit Card OptionsSaga has a credit card that focuses on over 50s - the Saga Platform credit card that provides 0% on shopping and transferring money for the first nine month after card opening.

Yet, those over 50s looking for the best credit card deals might want to bypass saga and look elsewhere. "Simply because ZAGA serves the over-50 care card needs doesn't necessarily mean they have the best card for this group, " says Andrew Hagger, MoneyComms Financial Manager, "It's not a poor card overall at 11.

9 percent APR agents and 0 percent premium on ocean trades, but it offers no reward, and the 0 percent deal for nine month buys and trade offs are not as liberal considering the larger one. "So what does the bigger picture do? The over-50s will want to look for better ways to get close to retiring, giving them more free credit in the event of the lack of a normal paycheck, and for cheaper ways to get around.

"It' s the keys to thinking about what the most important things you want from a credit card are," says Hagger. Tickets that give 0% on sales for a certain timeframe allow you to distribute the costs of an otherwise prohibitive sale - in some cases over more than a year.

A number of different card types are available with 0% on long term shopping; Halifax has 17 month, Tesco has 16 month and Barclaycard has 14 month. When you' ve loaded too much onto another card and don't have the money that comes in to disburse it, a balances money card that bids a 0% introduction business can limit the interest loss and make you dug yourself out of the debts faster.

Current equilibrium transfers on the card markets are interest-free for the amount of money transmitted by another card after two years. At 26 month, Barclaycard is leading the game, but Halifax and Tesco are not far behind at 25 time. Also, after taking into account the equilibrium bank charge, interest saving can help you progress, provided you fully repay the debts by the end of the 0% term.

A further card that charges no fees for use abroad is the Post MasterCard.

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