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Credit Cards

Credit Cards

I believe credit cards should be renamed debt cards because that’s what most people have, debt!  Beware if you use a credit card, you repay the balance in full before the due date, my preference is that you do not use credit cards, but for some online or international purchases, the Section 75 protection can be helpful.

Applying for a credit card can affect your credit score, and you may not be accepted for some, so it’s always best to check your credit report before applying for a credit card.

I have broken the options into three;

0% Balance Transfer Credit Cards | Low Standard Rate Credit Cards | Credit Repair Credit Cards


0% Balance Transfer Credit Cards

Although you can transfer a balance to most credit cards, those that offer an introductory 0% interest period can save you the most money. These cards do still tend to charge a balance transfer fee when you move debt across, but they don’t charge interest on the transferred balance for a set introductory period. Most importantly do not make any purchases on this card, this is not normally interest-free.

Transfer Fee Additional Information
MBNA LimitedLong 0% Balance Transfer Mastercard2.75%0% for 29 months
Halifax29 Month Balance Transfer Credit Card3.00%0% for 29 months
Virgin Money29 Month Balance Transfer Credit Card3.00%0% for 29 months
BarclaycardPlatinum 28 Month Balance Transfer Visa1.75%0% for 28 months
SantanderAll in One Credit Card0.00%0% for 26 months

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Low Standard Rate Credit Cards

Low APR cards can sometimes represent a better deal than credit cards offering 0% deals on purchases and balance transfers because as the cheap rate can be guaranteed until you’ve repaid the debt in full. The cards below are ordered by interest rate (APR).

The Co-operative Bank3 Year Fixed Rate Visa6.9%
American ExpressRewards Low Rate Credit Card9.9%
Bank of ScotlandPlatinum Low Rate Mastercard9.9%
Clydesdale BankB Credit Card Mastercard9.9%
HalifaxFlexicard Mastercard9.9%

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Credit Repair Credit Cards

If you need to improve your credit rating, maybe to help you get a better mortgage deal, credit repair cards can be an effective way to get you back on track. Typically these credit cards are easier to be accepted when you apply, even if you have a bad credit rating.  The downside is that the APR they charge is substantially higher, so you must, without any exception, repay the balance in full each month.

APRAdditional Information
Tesco BankFoundation Clubcard Credit Card27.5%Earn Tesco Clubcard points for spending on your card
BarclaycardForward Credit Card Visa34.9%0% on purchases for 3 months
Tandem BankJourney Credit Card Mastercard24.9%No non-sterling commissions or transaction fees on foreign spend and ATM withdrawals
Lloyds BankClassic Mastercard27.9%0% on purchases for 6 months
118 118 MoneyMastercard28.9%No interest or fees payable

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