There are eight different credit card types in UK - 0% balance transfer, 0% purchase, 0% balance transfer and purchase, Low standard rate, Cashback, Abroad – best card overseas, Lowest balance transfer fore life and Prepaid cards.
Additional Credit Card Types in UK
There are certain additional credit card types that are available in the United Kingdom as well. Those may be mentioned as below:
- Business cards
- Low Credit Score
- Charge cards
- Loyalty rewards
- Charity
- Sports
0% Balance Transfer Cards
The normal duration of the 0% balance transfer cards is from 14 to 15 months. However, there are issuers like Capital One who are offering durations up till October 2009 and November 2009. The rate of these cards varies between 2.9% and 3%. The typical annual percentage rate of these cards varies between 12.9% and 15.9%. The various cards available in this section are as follows:
- Capital One BT Platinum Card
- Barclaycard Platinum 'As on TV'
- Virgin Credit Card
- Barclaycard OnePulse For London
- Capital One Platinum
0% Purchase Cards
The normal duration of the 0% Purchase Cards is 10 months but Capital One is offering cards with term periods lasting up to May 2009 and October 2009. The typical annual percentage rate of these cards varies between 9.9% and 15.9%. The major cards in this section are as follows:
- Capital One Platinum
- Halifax One Online Special
- Capital One Platinum Exclusive
- Bank of Scotland
- Capital One BT Platinum Card
Cashback Cards
There are four major cashback cards available in the United Kingdom – American Express Platinum, Shell MasterCard Citi, Capital One Cashback and Barclaycard Cashback. American Express Platinum provides the cardholders with 5% money back for a period of three months, and cashback of 1.5% from thereon. Capital One Cashback provides the cardholders with 2% cashback on expenditure made with the card within a range of a thousand pounds to two thousand pounds and within a particular statement period.
The Shell MasterCard – Citi provides its holders with 3% rebate on any Shell fuel product bought by them with the car. The cardholders also receive 1% rebate on all the other buys made by them. The cardholders of Barclaycard are supposed to receive 4% cashback till the 31st of July 2008. There is also an offer of .5% cashback till the first of January, 2010.
Long Term / Life Balance Transfer
The unique feature of the long term / life balance transfer cards is that all of them last for the life of the balance. The BT rate of these cards varies between 5.5% and 6.8%. The typical APR of these cards ranges between 6.8% and 16.9%. The major cards in this section are:
- Capital One Low Rate Balance Transfer
- Barclaycard Life of Balance
- Citi Platinum Life of Balance
- Barclaycard Simplicity
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