Low interest credit cards

Low interest credit cards tend to have the most stringent lending criteria, and a good credit rating is required to obtain one. Any late or missed payments made on existing cards, other finance agreements, or even utility bills will reduce your credit rating and make it unlikely that you will be offered one.

Internet based companies tend to offer lower interest rates than the high street banks, and you can also utilise the Internet to compare many different cards at once with a comparison tool.

If you are refused by a couple of lenders offering a low interest credit card, then don’t continue to apply for more cheap cards just in case you get accepted by one of them; find a card with a less competitive headline rate instead.

Each time you are credit scored it shows up on your credit reference agency file, and acts as a red flag to subsequent companies that you may apply to – making it even more difficult to obtain a low interest credit card.