The cat method of credit card comparison

The cat method of credit card comparison

The cat method of credit card comparison

What is the cat method of credit card comparison? As might be suspected, it involves an ordinary moggie and a clutch full of credit card deals.

Not really. CAT stands for Card Deal; Availability and Top Transactions and it should help you to remember the top three things you should look at when trying to find a credit card.

The first point, card deal, is explained like this.

There are only a certain amount of card deals available to you when you do a credit card comparison and you need to decide which one is right for your usage.

For example, 0% balance transfer credit cards will only be suitable if you have a high interest balance on another borrowing card elsewhere.

Otherwise they are likely to have a high APR and not be worth bothering with for ordinary borrowing over a short of medium length of time.

Having a card deal in mind for every card that you take out is vital, it prevents you from having no idea what is going on with your finances and ending up in debt.

The second point is the A in cat: availability.

If you have a poor credit rating is doesn't matter what card deal you need you'll have to end up with something like the Capital One Classic credit card with a small credit limit as well as a high interest rate.

Availability can be determined by considering the credit history of yourself and any financially linked people you have in your life.

These might include those with whom you have the same current account or anyone who is an additional cardholder on your credit card.

Annual salary can be asked for by the credit card provider as well as details such as houses that you have lived at over the past five years or more.

The longer you have stayed in one place the better your credit report will be and other factors such as being on the electoral roll and keeping up with commitments such as overdrafts and mortgages also make a big difference.

The third and final point, however, is that of Top Transactions.

This means that once you get your card you should keep in mind the card deal and regard its intended use as the top transaction, start using it most for some other purpose and you're best off looking for a new card altogether.

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