Minimise unsuccessful credit card applications

Confused.com has launched a new tool which enables customers to see how likely they are to be accepted for the credit cards offered on its site. Confused.com is the first price comparison site to offer this tool which, as well as being free to use, leaves no credit footprint.

Switching to a cheaper credit card can go a long way towards reducing debt. However customers need to be careful about damaging their credit profile when applying for cards they are not accepted for. Confused.com's new tool (built in association with Callcredit) alleviates this potential pitfall by showing which card applications are most likely to succeed.

Joanne Garcia, Head of Credit Cards at Confused.com says "Now is the time to take control over your debts. It's sensible to start by paying off the most expensive debt first, so don't waste this opportunity to get rid of those costly credit cards. Switching to a cheaper credit card and/or paying back just a small extra amount each month can be really effective, especially if you are currently paying off just the minimum each month.

" But as the rules around lending get more stringent, trying to switch credit cards can be a time-consuming and frustrating exercise. The tool on our site will give customers the confidence that they are applying for the right product which should save them both time and incurring unnecessary credit footprints.

"If you can't switch to a cheaper credit card, you can still make staggering overall savings by making more than the minimum repayment every month.

"For example, if you have a credit card debt of £5,000 on a standard rate of 14.9% and pay back the minimum of 2% each month, it could take 36 years to pay it back and you'd pay nearly £7,000 in additional interest. By paying just an extra £10 a month, the debt would be repaid in just over 16 years, and the additional interest paid would be a far less eye watering £4,200. If you could stretch to paying off an extra £50 per month, it would take just six years to repay the original debt, plus just under £2,000 in interest."