Credit Cards - Getting the Card you Deserve

by : Liam G



The recent move by one of Britons biggest card providers, Egg, to cancel 161,000 of its customer's credit cards' has left many consumers anxious.

The move was supposedly made to protect Egg, as they stated they targeted only "high risk" customers. However, it has been found that those who repay their balances in full each month and have a relatively good credit rating were also affected.

If you are one of the many that were affected by the "crack down", and are seeking a new credit card then there are a number of measures you can take to help get the card and rate you deserve.

Firstly you need to determine what exactly you require from a credit card, this should be based on what you want the card for and how you will use it. This should help you decide between balance transfer, introductory purchase, and standard rate or cashback cards.

Secondly, you need to ensure you have a squeaky clean credit record. The slight leniency banks and card companies once offered has practically vanished because of the credit crunch.

For instance, an applicant with a slightly imperfect credit rating, applying for a credit card about six months ago was likely to have been accepted, and with a reasonable APP. Today though, the same applicant will either have to pay a vastly inflated APR or be flat out declined.

From the lenders perspective, they're always going to favour applicants who are deemed less of a risk.

The best ways to improve your chance of approval is to therefore take steps to improving your credit rating. For example, if you have access to many lines of credit then it's always a good option to cancel and close the credit cards you do not use.

With banks and credit cards providers making it harder then ever to get a card, and at a decent rate, then it's advised to get a good scope of the credit cards market online.