Advantages and Disadvantages
Click here to discover the best UK credit cards...
Morgan Stanley Platinum
Apply for your Morgan Stanley Platinum Card and enjoy the rewards of up to 2% Cashback until 1st May 2005 and up to 1% Cashback Bonus™ award thereafter with one of the UK's best cashback rewards.† Pay just 5.9% p.a. on all balance transfers for the life of balance for transfers made before 1st Aug 2005. Typical 15.90%APR (variable).
Virgin Credit Card
Pick from a range of card benefits, designs and interest rate set-ups. You can choose from one of their 'to go' cards, offering 0% pa balance transfer rate for 9 months with a Typical 15.90%APR (variable) on card purchases. Alternatively, you can use their simple wizard to work out the best card set up for you.
cheaper for short term borrowing: credit cards can be cheaper than a personal loan for short term borrowing - interest is only paid on the remaining debt, not the full loan amount.
greater flexibility: you only need to pay a minimum amount each month or you can pay up to the total outstanding amount.
no redemption penalties: paying off a loan early can result in redemption penalties.
interest free credit period: typically, up to 56 days interest free credit can be obtained.
remote purchasing: enables you to purchase products and services remotely via the internet or phone.
additional benefits: many cards offer additional benefits such as additional insurance cover on purchases, cash back, air miles and discounts on holidays.
expensive cash withdrawals: withdrawing cash from a cashpoint can be very expensive.
insufficient credit limit: you may not be able to obtain as much credit as you want.
easier to get into debt: can encourage the purchasing of goods and services you cannot really afford; supports a 'buy now, worry later' mentality.
open to fraudulent use: using a credit card, especially remotely, introduces an element of risk as the card details may fall into the wrong hands resulting in fraudulent purchases on the card. [more on fraud]
· 1 decade ago