According to the Office of National Statistics, the number of debit card transactions in the UK was ten times higher in 2004 than the 1991 levels. Over the same period, credit card usage increased by a factor of almost three. Meanwhile, a survey conducted by Moneyfacts.co.uk indicated that annual rates offered by British credit card firms have risen through May 2009 to over 18%, although the lending rate of Bank of England remained unchanged over the month.
However, competitive credit card deals are still available in the British credit card market.
British Credit Card: Competitive Credit Card Deals
Some of the key British credit cards offering competitive deals are:
The HSBC Bank Credit Card:The distinctive features of this card are:
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No interest for 15 months on balances transferred within 30 days of account opening. A balance transfer fee of 2.9% (or a minimum of £5) is applicable on balance transfers.
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0% interest on purchases made within three months of account opening. After the expiry of the introductory period, a typical 16.9% APR (variable) is applicable.
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No annual fee.
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Offers five security measures.
MBNA Platinum Rewards Credit Card: Issued by MBNA, the unique features of this card are:
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0% interest on balance transfers for 13 months on transfers made within the first 90 days. Handling fee of 2.9% is applicable.
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No interest charges on card purchases made in the first 3 months.
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Typical rate of 15.9% APR (variable) is applicable.
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No annual fee.
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No liability or excess to pay for the theft, loss or fraudulent use of credit card, if the company is notified immediately.
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Round the clock telephone helpline and online banking service available across the world, providing control and flexibility in account management.
Vanquis Credit Card: A Vanquis credit card is ideal for customers who:
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Have had credit problems in the past
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Are completely new to credit
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Are self-employed
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Have a low income
The credit limit on the Vanquis credit card is designed to suit customers’ individual needs. A typical rate of 39.9% APR (variable) is applicable on this card.
Virgin Credit Card: Issued by Virgin Money, this card offers a very competitive zero percent interest on balance transfers for 16 months on transfers made within the first 60 days.
BT Credit Card: The distinctive features of this card are:
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0% interest on balance transfers for 13 months on transactions made within 90 days of account opening. Handling fee of 3% is applicable.
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No interest charges on card purchases made in the first 3 months.
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A 16.9% APR typical rate (variable).