by Alicia Butler

Created on: March 05, 2009   Last Updated: March 31, 2009

While opening a new credit card, especially in today's economy, may sound like a daunting task, not only could it be the smart thing to do, but it could end up saving you money in the long-term. Starting your search for credit cards may be as easy as sitting down to compare a few and deciding where your priorities are. If you have several large balances open on the credit cards you own, you may want to consider a credit card which allows you the option of a balance transfer.

For some, a credit card with a low APR rate is the most important variable while others will be easily swayed by credit cards with fantastic cash back or rewards programs. Whatever your reasons are for beginning your search, finding the best credit cards will be easier than you think.

Typical credit card APRs usually range in between 15% and can skyrocket upwards to around 30%.
Obviously, this is quite a tremendous leap. However, Barclaycard Simplicity, by Visa, offers a 6.8% APR, which is by far, the best percentage offered in the UK. Other credit cards that offered satisfactory APR percentages were the Halifax All in One card, the Bank of Scotland All in One card, and the American Express Nectar card.
All three cards offered an APR percent of 15.9% which is much higher than Barclaycard Simplicity, but lower than any other credit card offered.

Possibly one of the best reasons to search for a new credit card is to have the option of transferring the balance of one or more cards to a credit card with a lower APR. However, some variables to consider would be, whether the credit card you are searching for has a balance transfer fee, and the APR percentage they will charge you once the balance has hit your account.
Virgin offers 0% on all balance transfers for 15 months which is much better than any other card. In addition, they will only charge a 2.8% fee to initiate the balance transfer. The Halifax All in One card offers 0% for the first 9 months and Bank of Scotland All in One offers the same deal. However, the fee to initiate the transfer is 3%- slightly higher than Virgin MasterCard.
The Barclaycard Simplicity offers a 6.8% APR on all balance transfer balances, however, the amount to initiate the transfer is only 2.5%. This puts their balance transfer APR percentage higher than their competitors, however, there is no time limit for the deal to run out, whereas if the balance on your Virgin MasterCard is not paid off within 15 months, you could be hit with extravagant fees.

Finally, credit card

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