Choosing the best credit card is not simply a matter of seeing which one resembles the most precious metal. Platinum may not be better than boring beige.

Try to avoid the plastic pecking order. Some of these “precious metal” cards come with a fee and offer added value, like travel insurance. But do you really need them?

Snob Value

American Express understands snob value and invites its high spenders to get one of its Centurion cards, the almost mythical Black Card. It’s available only by invitation. And very soon, as reports suggest, it will be made from titanium.

The pursuit of flashy credit cards reminds me of the story of the rich man who looked at the wealthy man stepping from his brand new Rolls Royce and said, “Oh, you still need one of those.” The truly rich have nothing to prove. Get a Tesco credit card and look eccentric.

What you need is a credit card that works for you. If you are in debt on your card you need to think about transferring the balance to another credit card, one that offers interest free credit on balance transfers.

The only thing preventing you from paying no interest on your card is apathy.

Those of you looking for the best deal can go to a website like www.moneysupermarket.com, where the terms of balance transfers deals are listed.

There are a welter of cards offering 0% on balance transfers, usually over a term of 5 to 9 months. Whichever one you opt for make sure you have a plan to pay off the capital debt.

Pay Your Balance In Full

You need to work out ways to pay off the entire balance before the 0% period ends. Card holders who don’t pay off the debt within that period will see the 0% rate revert back to the normal rate. And the interest rate kicks in hard.

Because you have had a period of grace the interest rate is likely to be high - often over 15%. Banks are supposed to warn you before the introductory rate stops, but it is up to you to keep an eye on things.

Some cards offer ‘life-of-balance’ transfers. Though not at 0%, they are offered a very low rate.

For example, the British Airways American Express card offers new customers 4.9% life of balance transfers. The proviso is that you have a minimum household income of £15,000.

And then consider charity cards. Something like the Macmillan Platinum Credit Card offers a 0% per annum introductory interest rate for the first nine months on balance transfers and purchases. See more at charitycard.co.uk and GE Money www.gemoney.co.uk.

And remember to move fast. Every day you wait to move your debt, there is a day’s more interest to pay.

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