Ralph & Sue

For some people, the only credit cards that will quality for are adverse credit cards. These cards, which charge extremely high rates of interest, need not be a financial liability, if one is clever with their use. The key to using an adverse credit card, such as the Capital One Classic card is to only use that card for short-term purchases. For example, if you are low on cash between pay cheques, you might use your adverse credit card for purchases of petrol and groceries till week’s end and payday arrives. As long as you pay off your entire credit balance within the credit card company’s grace period for doing so, you will be charged no interest. This can amount to what is an interest free six-week loan. This is not to be confused with the use of interest free credit cards that charge 0% interest on purchases for a much longer length of time. Interest free credit cards charge no interest on charges for up to sixteen months. Interest free credit cards are usually tied to 0 balance transfers as part of the promotional effort. 0 balance transfers allow one to pay off an older credit card entirely and transfer the debt interest free to a new lender’s credit card. All of these credit card types are compared and reviewed at Credit Choices; a helpful United Kingdom based personal finance resource.