Applying for a credit card takes about the same time as it does to hard-boil an egg.
If you're one of those people who doesn't tend to pay off your credit cards in full every month and only half of all card holders bother to do so then I hope you're taking full advantage of all the 0% deals that are on offer at the moment.
According to the British Bankers' Association, new borrowing on credit cards totalled £7,173 million in October alone - imagine all the interest that's being paid on that!
There are well over 50 credit cards on the market now that have an introductory APR of 0% so there's absolutely no reason for people to be paying interest rates in the high teens, which is what many of the largest providers charge. If you haven't switched, then perhaps it's because you think it's too much hassle to switch cards. It isn't - particularly as it's so easy to apply online these days.
Until last year I hadn't had a credit card for about 10 years but I decided to get an interest-free card to finish off some home improvements. I remember recording that it took precisely 7 minutes and 16 seconds to fill in the form and after a 60-second wait, I was accepted.
Since then I've been paying it off at my own pace by switching to a new 0% deal whenever the current introductory offer comes to an end and am now getting faster at filling in the form! I haven't paid a penny of interest on what I borrowed and, of course, I'm borrowing less each time because I've been slowly paying it off. Note, however, that if you switch to a new card on a regular basis without cancelling some of your old ones, then it'll look as if you have a vast amount of credit available when potential providers check your credit reference file. So make sure you get rid of the trail of cards - and don't apply for them too often as that looks bad too!
At any rate, if you've been dithering about switching cards or applying for a new one, then rest assured it doesn't involve any hassle at all. Just make sure that when you get it, you don't lose your marbles by going on a spending spree! Debt is debt whether it's interest free or not - something I tell myself whenever I feel tempted to make a minimum payment!
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