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25/09/2021

Making Cents: Best credit cards rates on the market at the moment - Liam Croke

Making Cents: Best credit cards rates on the market at the moment - Liam Croke

Credit cards tend to have much higher interest rates than any other form of credit

Credit cards tend to have much higher interest rates than any other form of credit, but that can depend on whether you pay the full amount due on time.

If you do, your line of credit is 0%, if you don’t you could be charged as much as 35% per month on the balance outstanding.

Before I outline what’s currently on offer from the various providers, I’m going to start with some high level rates, and compare who has the best and worst rates, and I’m going to put some numbers alongside each provider and their corresponding rate based on (a) owing €3,000 and (b) making a monthly repayment of €100.

Let’s look at who long it would take you to repay the debt and what interest you’d end up paying with each provider.

And then I’m going to dig a little deeper with each institution and look at what their various rates are for transferring balances, new purchase offers, what if any the requirements to qualify for the card are etc. so, if you’re looking at applying for a card, or thinking about transferring to a new provider, this article will help you compare everyone on a like for like basis.

Liam Croke is MD of Harmonics Financial Ltd, based in Plassey. He can be contacted at liam@harmonics.ie or harmonics.ie

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