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;
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 Limited||Long 0% Balance Transfer Mastercard||2.75%||0% for 29 months|
|Halifax||29 Month Balance Transfer Credit Card||3.00%||0% for 29 months|
|Virgin Money||29 Month Balance Transfer Credit Card||3.00%||0% for 29 months|
|Barclaycard||Platinum 28 Month Balance Transfer Visa||1.75%||0% for 28 months|
|Santander||All in One Credit Card||0.00%||0% for 26 months|
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 Bank||3 Year Fixed Rate Visa||6.9%|
|American Express||Rewards Low Rate Credit Card||9.9%|
|Bank of Scotland||Platinum Low Rate Mastercard||9.9%|
|Clydesdale Bank||B Credit Card Mastercard||9.9%|
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.
|Tesco Bank||Foundation Clubcard Credit Card||27.5%||Earn Tesco Clubcard points for spending on your card|
|Barclaycard||Forward Credit Card Visa||34.9%||0% on purchases for 3 months|
|Tandem Bank||Journey Credit Card Mastercard||24.9%||No non-sterling commissions or transaction fees on foreign spend and ATM withdrawals|
|Lloyds Bank||Classic Mastercard||27.9%||0% on purchases for 6 months|
|118 118 Money||Mastercard||28.9%||No interest or fees payable|
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