Think carefully before getting a charity credit card, financing analyst advises

Tue, 06 Mar 2007

Banking customers who want to do their bit to make the world a better place have been urged to think carefully before arranging a charity credit card deal.

According to Michelle Slade of financing website Moneyfacts.co.uk, there are now in excess of 40 charitable credit cards available in the UK, which typically give money to good causes every time a person spends on plastic.

However, Ms Slade has pointed out that these credit cards typically offer both shorter introductory periods and higher interest rates than average, with the average annual percentage rate for charity credit cards standing at 18.9 per cent.

As a result, it is still important to shop around for the best deal - and it may be worthwhile to arrange a normal credit card and give the extra money saved to charity, she added.

"Make sure the card you choose best matches your financial circumstances and don't sacrifice a great deal just to commit to giving to your charity," explained Ms Slade

"Any money saved can be given to your chosen charity."

Credit card customers may wish to consider a range of factors before signing up to a deal.

For instance, they may wish to check what interest rate is offered during the introductory period and what level of repayments will have to be made when it ends.

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