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Advertised credit card rates 'may not match reality'

Brits may be offered higher credit card rates if their rating is not perfect.

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22 September 2011

Advertised credit card rates 'may not match reality'”

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Those with poor credit ratings will need to think twice before they begin applying for a credit card they have seen advertised with a good rate.

According to Sarah Coles, writer for Wallet Pop UK, banks are allowed to advertise their deals at the rate a customer would get if they have a perfect credit score, meaning that many people will be let down once they apply.

Brits in a financial quandary looking for cheap credit to get them out of their situation may end up paying more than they expected as each application is noted on a credit rating and counts against them in the future.

"If you end up making a number of applications you damage your credit score, which means you may never get your hands on that illusive deal," Ms Coles explained.

Barbara Marquand, financial expert writing for the Forbes website, recently claimed that Brits could take out a second credit card as it allows users to spread the cost of their spending and potentially boost their credit score.

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Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9^%
16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
	Virgin Credit Card
	20 months	3 months	16.8^%
16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
	Barclaycard Platinum with BT
	22 months	3 months	17.5^%
17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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