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We work with leading lenders to help you find your best options. Our average APR for credit cards is 38.4% APR representative (variable).
About credit cards
Borrow up to your credit limit and repay monthly
Different cards for different needs
Section 75 protection on purchases over £100
Build your credit score by using a card responsibly
Credit cards let buy things with borrowed money, which you then pay back over time. Each month you’ll get a statement which shows you what you owe, and the minimum you need to repay. Clear the full balance and you’ll never pay interest.
How do credit cards work?
When you use a credit card, the card provider pays for your purchase. You then repay this money, either in full or over time. If you don’t clear the balance by the due date, you’ll pay interest on what you owe.
Most cards give you up to 56 days interest-free if you pay off the full balance each month. But if you make the minimum payment, interest can build up, making purchases more expensive over time.
How to apply for a credit card
Work out what you need
There are different cards for different needs. If you’re carrying debt and paying interest, then a balance transfer might be right for you. If you’re making a big purchase, a 0% purchase card can help you spread the cost. Or if you want something back when you spend then a cashback or rewards card could be what you’re after.
Check your eligibility
Use an eligibility checker to find out your chances of being accepted before you apply, and look out for TotallySure offers which come with pre-approval, guaranteed rates and offer lengths.
Get accepted
Once you’ve been accepted, you’ll receive your card within a few days, and then you’re ready to use it.
Use it responsibly
Only spend what you can afford to repay. It’s a good idea to set up a Direct Debit to make sure you don’t miss a payment as it could damage your credit score.
Types of credit card
There are a number of different types of credit card on the market, such as:
Balance transfer
If you want to cut the interest on your existing debts, a balance transfer credit card is for you. With a balance transfer credit card you can move balances you've accumulated on other credit cards and enjoy 0% interest for a set period of time.
Purchase
This is the simplest type of credit card. With a purchase card you'll get a 0% interest period for a set amount of time, allowing you to spend without accruing any interest, even if you don't pay your balance back in full each month.
Cashback
If you clear your credit card balance every month, and have no plans to build up any debt, a cashback credit card is a good option. These cards reward your spending habits by giving you a percentage of your spending back in the form of cash.
Rewards
An alternative option for people who clear their balance each month is a rewards credit card. Rather than paying you back with cash, these cards offer various forms of points in return from using them. These can range from airmiles to supermarket points.
Travel
An alternative option for people who clear their balance each month is a rewards credit card. Rather than paying you back with cash, these cards offer various forms of points in return from using them. These can range from airmiles to supermarket points.
Credit builder
If you have poor credit, a poor credit card can help you build your credit rating over time. While they have high interest rates, if you pay your balance in full each month, they can be an effective way of showing lenders you can be trusted.
What are the pros and cons of credit cards?
There are advantages and disadvantages to having credit cards, such as:
Pros
Spread the cost - Pay for things upfront and repay over time, giving you more breathing space and flexibility with your money.
Section 75 protection - Eligible purchases between £100-£30,000 are protected if something goes wrong.
Build your credit score - Using a card responsibly and making payments on time can improve your credit rating.
Interest-free periods - Many cards offer 0% on purchases or balance transfers for a set amount of time, letting you borrow money without paying any interest.
Earn rewards - Some cards will give you cashback or points when you spend.
Emergency backup - Having credit available to you can help cover unexpected costs.
Spread the cost - Pay for things upfront and repay over time, giving you more breathing space and flexibility with your money.
Section 75 protection - Eligible purchases between £100-£30,000 are protected if something goes wrong.
Build your credit score - Using a card responsibly and making payments on time can improve your credit rating.
Interest-free periods - Many cards offer 0% on purchases or balance transfers for a set amount of time, letting you borrow money without paying any interest.
Earn rewards - Some cards will give you cashback or points when you spend.
Emergency backup - Having credit available to you can help cover unexpected costs.
Cons
Easy to build up debt - If you only make minimum payments, the amount you owe can grow due to interest charges.
Interest rates can be high - Miss the interest-free period and you could find yourself paying a lot in interest.
Can damage your credit score - Late or missed payments can hurt your credit rating and make it harder to borrow in future.
Fees for some transactions - Using a credit card to withdraw cash, making late payments, and going over your limit can all come with extra charges.
Temptation to overspend - Having credit available might encourage you to spend more than you can afford – so it’s important to stick to a budget.
Annual fees on some cards - Premium cards can charge yearly fees that eat into any benefits if you’re not making the most of them.
Easy to build up debt - If you only make minimum payments, the amount you owe can grow due to interest charges.
Interest rates can be high - Miss the interest-free period and you could find yourself paying a lot in interest.
Can damage your credit score - Late or missed payments can hurt your credit rating and make it harder to borrow in future.
Fees for some transactions - Using a credit card to withdraw cash, making late payments, and going over your limit can all come with extra charges.
Temptation to overspend - Having credit available might encourage you to spend more than you can afford – so it’s important to stick to a budget.
Annual fees on some cards - Premium cards can charge yearly fees that eat into any benefits if you’re not making the most of them.
Our expert says
“Credit cards are useful tools if you use them right. You can use them to spread costs, build your credit score, and pay off debt interest free. You can also get extra protection on bigger purchases.”
“Just remember to only borrow what you can afford to repay and set up a Direct Debit to clear the full balance each month. If you’re just making minimum payments, interest can build up, and you might find yourself paying more than you borrowed.”
“Before you apply, check your credit report to make sure everything’s correct, and use an eligibility checker to see your chances of being accepted to avoid being rejected.”
Alastair Douglas, CEO of TotallyMoney
How to find the right credit card
Finding the right card depends on what you need it for and your personal financial situation.
Balance transfer cards let you move debt from other cards and stop paying interest for a set amount of time. This means you can put more of money goes towards clearing what you owe, and quicker.
0% cards let you spread the cost of a purchase over several months without paying interest. It’s a good idea to work out how much you need to repay each month to clear it before the 0% period ends.
Cashback or rewards cards give you money or points when you spend. It’s best to only get one if you’re able to clear the balance in full every month.
Travel cards can help you save you money on foreign transaction fees and give you better exchange rates. They can be good for holidays or buying from overseas websites.
Credit builder cards are designed for people with poor credit or no credit history. A good way to use these is for small purchases and paying it off in full each month to improve your score.
TotallySure offers come with pre-approval, guaranteed credit limits, offer lengths and APRs. That way you’ll know if you’ll be accepted, and that you’ll get exactly what you applied for.
Why use TotallyMoney
With TotallyMoney, you can compare credit cards from across the UK market and check your eligibility before making an application. This will help protect your credit score as you can then only apply for cards you’re likely to be accepted for. Too many rejections can have a negative impact on your credit score.
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Credit card FAQs
Credit cards let you borrow money to make purchases. Each month you get a statement showing what you owe, and if you pay the full balance you won’t be charged interest.
A credit card lets you borrow money that you pay back later whereas a debit card lets you spend money directly from your bank account.
APR stands for Annual Percentage Rate and shows you how much it costs to borrow for a year, including interest and fees. The higher the APR, the more expensive it can be to borrow.
This depends on things like your credit history and income. Lenders will look at whether you can afford to repay what you borrow, and how well you’ve managed it in the past. It’s a good idea to check your eligibility before applying so you can see your chances of being accepted.
This is the maximum amount you can borrow on your card. Your credit limit often depends on your income and borrowing history, and going over the limit will usually result in additional fees.
It’s the smallest amount you must repay each month to avoid any fees. It’s usually a percentage of your balance. Remember that paying the minimum can let interest build up, taking longer to clear your debt.
Any eligible purchase between £100 and £30,000 made on a credit card is protected. If something goes wrong with what you bought, your card provider shares responsibility with the seller.
Making payments on time and not using too much of your limit can help to improve your score. Missing payments or going over your limit is likely to damage it.
Yes, but this can make managing them more difficult. Having multiple cards can help your credit score if you use them well – but it also means more payments to track, and could increase the temptation to overspend.
Avoid only making minimum payments as interest can start to add up, and try not to miss payments as this could damage your credit score. Using a credit card to withdraw cash can result in added fees and leave a mark on your credit file. Finally, don’t spend more than you can afford to repay.
Related articles
See more guides
Save money with a balance transfer credit card
Move expensive debt to a 0% card and save on interest - giving you more time to clear what you owe without extra charges piling up.
Spread your costs with a 0% purchase credit card
Spread the cost of big purchases without paying interest for a set period - useful for managing larger expenses without stretching your budget.
Earn money with a cashback credit card
Get money back when you spend - earn cash on your everyday purchases if you clear your balance in full each month.
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