Credit cards can be your best friend or your worst enemy. Major changes in the credit card industry over the last few years have seen a massive influx of new entrants to the market. With the increased competition and availability of new credit card providers, there is more choice for the consumer than ever before.

With this increased choice there are massive opportunities to make credit card savings. Whether you want to transfer an existing balance to save on interest payments or get a new card for purchases, we can compare deals and help you to choose.

What is Important?

Interest Rates - Until the recent increases in competition, the interest rate available on credit cards was typically in excess of 20%. Millions of people in the UK still use credit cards with these interest rates but MoneyMonkey.co.uk can help you to get a much better deal.

Interest Free Period – One of the key benefits of a credit card is that it allows a short-term period of credit, typically up to two months. This gives you added flexibility to make the purchase you want at a time that suits you

Annual Fee – Typically, Annual fees are no longer charged for credit cards except those that offer additional benefits. Where a credit card company does charge an annual fee, you must ensure that the benefits outweigh the cost. If in doubt, avoid cards with annual fees.

Loyalty Schemes – Some credit card providers now offer a variety of loyalty schemes to their customers. Loyalty scheme benefits range from offering cash back on purchases to offering air miles and other benefits including discounts on goods and services.

Withdrawing Cash – Consumers are typically charged 1.5 – 2% extra for using a credit card, but it can be a flexible way of obtaining cash, particularly whilst abroad.

Insurance - Some of the credit card companies offer free insurance on goods and services bought using their card.