Best credit cards for sorting out your finances in the New Year

Best credit cards for sorting out your finances in the New Year

The New Year is traditionally a time for change, and if you feel your spending habits or other aspects of your finances are in need of revision, the start of the new calendar can seem as good a time as any to take constructive action.

If you feel you over-spent in December and are looking to tighten the purse strings in January, you're not alone. After the expensive holiday of Christmas, the next few months can almost feel like a slow recovery period, at least in terms of your bank balance. That's why planning your finances for the New Year should really start a little earlier, by making sure you don't overspend on your Christmas gifts - or at least that you borrow money on low interest credit cards, so you'll have less interest to pay off in the new year.

Even paying off a small amount on your credit card each week can help greatly to reduce your debt, and you could be even more frugal by returning any unwanted or faulty gifts to the shops they were bought from and redeeming the money against items you do like, or a cash alternative. Holding onto receipts is always useful in this regard, and could help you pay off your immediate credit card debt or at least ensure you don't have to spend extra money when exchanging unwanted items for ones you were planning on buying anyway.

When looking into your credit card options for the New Year, don't always take the first deal that comes along, as there are now a great many to choose from - all with unique benefits. From a credit building card to cards with special offers, it's now easier than ever to find the card best suited to your personal circumstances.

If you're looking for a credit card that really provides an incentive for spending, a cashback credit card could be the ideal option for you. These cards allow you to redeem money back from your purchases, depending on how much you spend - typically an amount between 0.5 and 1.25 per cent of the total. There are also many cards offering more specialised rewards for certain outlets or types of companies, including credit cards designed for travellers that offer competitive air miles and other travel discounts with relevant purchases.

For all these appealing features, you should still make sure you choose a credit card you can afford to keep, and one that you'll be able to pay in full each month without getting into debt in the New Year.

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