UK Credit Cards
Getting a credit card can be a beneficial tool for anyone’s personal finance. A credit card allows people to get a line of credit that can enable them to purchase items or finance certain things. This provides flexibility and convenience for many people during their daily lives. In order to get a credit card the process is quite simple. First you need to fill out an application and if the application is approved then you get your card and then activate it. Once activated then you can use it as long as it is within the credit line limit your receive.
Credit cards in the UK are very much like credit cards in the United States and Canada. First credit cards in the UK have interest rates and credit line limits. The interst rates for credit cards in the UK average out to about 16% and the average credit line is anywhere from 2000 – 10000 pounds. As with any credit card you can make purchases and then every month you get a statement that tells you how much you need to pay back. If you pay the full balance back in full then you avoid the interest on the debt. In the UK, users usually have 56 days of interes free debt compared to 30 in the U.S. In the UK credit cards are available to citizens, residents and even non-residents.
Like other countries, UK credit cards are also available to people with below average credit. One option is a prepaid card provided by Vanquis Visa Card. Their credit limit is up to 1000 pounds and this helps you build credit. Another option is CashPlus CreditBuilder. This is another prepaid card taht helps you build credit and allows users to build credit without taking on debt. This option has fees.
Applying for credit cards in the UK is similar to the process of other countires such as the U.S. and Canada. People usually need to fill out an application. They usually need to provide identifying information, address and employment history. If the applicant is approved then they receive their card and credit limit. After this they can use their card.