Within this site we look at the major credit card companies currently operating in the UK and the products they offer within the credit card market. Some of the companies have been around as long as anyone can remember, like Barclaycard. Other brands are relatively new on the market and dominant the internet market like the Egg card and Cahoot.
In recent years there has been a huge amount of balance transfer offers from credit card companies, which has given rise to the phenomen of 'card tarts', which is the term given to people who regularly switch their credit card debt from one company to another. This market has become extremely competitive, which has led to other attractive offers such as the introductory purchase offer. This is where an introductory rate of interest, usually zero, is offered to new customers. There are always potential catches to these offers though and card holders such beware, particularly where existing debt sits alongside seemingly attractive offers, as credit card companies will reduce the debt created by the introductory offer that much quicker than the portion of the debt charged at the standard rate.
Today, credit card companies will offer such things as a choice of card design, seemingly exotic reward schemes and cards that are combined with current accounts and mortgages, known as offset accounts. In today's society branding is all important and companies such as Accucard and Egg will give a potential client several different options of card design. Quite how this improves the product is a mystery to us, but that won't stop other companies following suit. It is intriguing to imagine what angles the credit card companies will come with next in their quest to obtain your debt.
Having said that regulations are becoming stricter and the government is keeping a very close eye on any sharp practice. There has been much adverse publicity recently about people with debt problems being charged overly high rates of interest and younger people being taken advantage off. We would be reluctant to advise anyone to take up any credit card offers without thorough research and an understanding of how easy it is to get into a debt. Too many people regard credit cards as a license to print money.
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