Advantages Low interest, cashback, easy website
Disadvantages They can take ages!
Righty ho then! After I read the op on pennies slipping through the fingers by SueMagee I thought I’d give it a go…. Especially since Sue asked so nicely! I think we all need to write a bit less on lush and more on finance … ‘LOOK YOU LOT… stop throwing rotten tomatoes and booing at me! You can write about Lush if you want, I was only kidding!’THE CARD
I think I’ll start with my Smile credit card, one of many in my lovely little black purse! First off it is a very attractive light musky pink metallic card – very attractive indeed! They also offer a gold card for you snobs out there!The reason I applied for this card was due to me growing up and finally taking control of my finances. I realised I was paying far to much interest 18.9% to be precise, this was with HSBC – I know it’s convenient to have everything with the same high street account you’ve had since you were 5 but you really should consider it. For example on my £2000 balance I could save £145.40p in a year and that’s not including the 6 months interest free period you get for the first 6 months. They don't have an annual fee either.
Smile has an APR of 10.5% currently on its credit card – this may vary. I am also currently opening a smile account to get that dropped to 9.9% and then also gain interest of 3.04 gross on a my current account balance. I’ll write about this as soon as all the cards arrive.Back to the advantages of the Smile card, it also offers 0.5% cash-back on all purchases, the cash-back is paid one month in arrears and automatically deducted from your balance. So if you pay the balance in full and buy a lot through the month on the credit card this could be the one for you!
You get 46 days interest free if you pay all balances in full, you also have the option of payment protection too… I’m afraid I’m not that sensible yet! – Doubt I will be, I think it’s a waste of money! You can also request an additional card for the other half or you mate (Hmmm, I’m not that stupid either!)Any loss over £50 for fraudulent transactions will also be covered by Smile, this is usually the standard for all bank s and credit cards though different circumstances will make a difference.
You also get a small book of cheques, which could be handy but these have the same charge as a cash transaction so not such a good idea, this is £2 or 2% which ever is the greater.The payments required can be taken by Direct Debit and they require 3% of the balance of £5 which ever is the greater. Alternatively you could pay the outstanding balance.
APPLICATIONNow the application process isn’t that bad, it’s fairly quick and downloads the application so it is secure, it will depend on your computer or browser so you may have to be patient. If you have any problems they have a technical help line that is open from 8am till 10pm seven days a week. You go through the application quite quickly, they require 3 years worth of addresses and details of your income, working in a bank myself there is a rumour that unless you take home over a £1000 a month you will be declined or referred and they may need further information.
|Competitiveness of APR|
|Quality of Customer Service|
|Security and Privacy|
|Ease of Application|
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