Should a credit card be for life?
Should a credit card be for life?
Should a credit card be for life?
If we, and by we I mean the vast majority of us, know anything about ourselves it's that we can be difficult to motivate.
Sure, get us, get anyone, on their favourite subject or in a familiar situation and we can be productive but, in at least some areas, we tend to put off, to ignore the things we know that we should do.
As numerous studies conducted by the banking industry, financial advisers and personal finance writers over the years have shown, it's when it comes to money that many of these unmotivated qualities come out most strongly.
So why is it that that when we go to do a credit card comparison the deals that are touted as the best are temporary, sometimes as short as a few months, and most will require another comparison, more effort, in a year?
The answer, of course, is that that's best for the credit card industry but is ignoring the deals best for consumers. In other words: should a credit card be for life and not just until the end of the next deal?
In many cases, long-term credit cards already exist.
0% balance transfer credit cards are still touted as the best credit card debt solution for many holders of high-interest cards that are carrying a balance, for example, but life of balance transfer deals also exist.
They are less well-advertised and, for those with small debts or high motivation, they are less attractive.
For low motivation consumers, especially those with large debts, however. They can be a real boost.
The amount that consumers will pay on a low rate of interest over a number of months - in fact, until the debt is cleared completely - will be much less than the interest they'll pay if they let a balance on a 0% rate run over and start to accrue interest at the standard rate of most cards.
This is one instance where a credit card should be for life.
Other providers make a point of adding in more deals to their offers and these are well worth looking out for.
The post office credit card, for example, not only has a limited time 0% balance transfer offer in its opening months, it also offers subsequent balance transfer and low-interest loan deals for purchases.
For consumers who only have a credit card to take advantage of more protection on purchases and pay off at the end of nearly every month a credit card for life is also advised.
In this context that means a card with a low rate all the time, so that, if a balance is ever rolled over, it attracts as little interest as possible.
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