Credit cards 'needs to be judged on long-term performance'

By Sarah Engle, Mon 28 Jun 2010 - Published in Credit Cards

A financial expert has stressed the importance of shopping around for the best deal when looking for a new credit card.

Last week, a survey carried out by consumer group Which? found that John Lewis is regarded as the best credit card provider in the UK, achieving a customer score of 88 per cent, compared to the market's average score of 66 per cent.

Commenting on the results, ARK Financial Planning director Phil Perry recommended that customers consider the overall performance of a credit card to determine if it is the best product for them.

"In order to pass comment on what the best credit card would be I would think, 'is it the best one at the moment, or has it consistently proven to be the best one?'," he explained.

Mr Perry added that one strategy could be to take out a credit card to make use of a particular introductory offer which it has and then move onto a new product when it brings in a better deal.

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