02 Dec
Top 5 Best Credit Cards For 2023
December 02, 2022
Top 5 Best Credit Cards For 2023
We have identified the Top 5 best credit cards for 2023. Watch our video for the best credit cards.
Top 5 best credit cards for 2023
Withdrawing cash from your card
Getting cash out on your credit card can be expensive. The interest rate for cash advances is usually higher than the interest rate for purchases.
When you take cash out on your credit card, interest is added to your account straight away, even if you pay off the balance by the due date.
You may also be charged a cash handling fee of around 2% of the amount you withdraw.
Using your card abroad
Most credit card companies will charge you a commission charge when you use your card abroad. It’s worth checking this with your card provider
before you travel so that you can plan the best way to pay for things while you are away.
If you withdraw cash on your credit card abroad you may be charged a foreign transaction fee on top of the usual cash advance fee.
The exchange rate will also affect the amount you pay for an item.
Some card providers ask you to let them know if you are going abroad, for security reasons. It’s worth checking this before you go because
if the card company is suspicious about sudden unusual spending, they may freeze your card.
Balance transfers
Balance transfer or switching is where you move the amount owed from one credit card to another, to get the benefit of a lower rate of interest
or better terms. Transferring the balance can be a good way of paying your card off more quickly.
Many balance transfer deals offer 0% interest on the amount you move. But if you are going to continue to use the new credit card for future spending,
check whether a different interest rate applies to any new spending. It could work out more expensive.
If you move a balance to another card you are likely to be charged a handling fee of around 2% of the balance.
If you have a credit card you can use the balance transfer calculator on the Which? website to see at a glance how much you could save by
switching to a different credit card.
This information does not constitute financial advice, always do your own research on top to ensure it’s right for your specific circumstances, and remember we focus on rates, not service.
