Whether you're planning a big purchase or want to reduce the amount you pay in interest, there are a range of credit cards to suit a variety of spending patterns.
Before you take the plunge it is worth thinking about what you want a credit card to do and what you want to use it for.
If you will be clearing your balance in full each month, you may do better out of a cashback or reward card. If you’re planning to travel then check our guide to the best fee-free cards to take abroad.
This round-up contains our Moneywise Best Buys for balance transfer, money transfer and 0% interest cards - putting you in charge of your money and letting you know how to get the most out of your plastic.
Top balance transfer credit cards
If you are in debt then a balance transfer card, if used properly, can be a great way to manage that debt and reduce the amount you’ll need to pay back.
Look for a card that offers a substantial 0% period, so you can clear your debt before it reverts to its normal APR and you end up paying interest. Remember 0% interest doesn't mean free - many of these cards will charge a balance transfer fee.
Santander Everyday Credit Card
The current top pick without a fee is the Santander Everyday Credit Card which offers 0% interest on balance transfers for 27 months. It has an APR of 18.9%.
Balance Transfer Credit Card - Post Office Money
25 months 0% balance transfer with 3.00% fee, representative 19.9% APR
This card has the longest 0% period on the market, but a relatively high fee of 2.00%.
Balance Transfer Credit Card - Virgin Money
29 months 0% balance transfer with 1.75% fee, representative 20.9% APR
This card has 29 months at 0% and comes with a fee of 1.75%
Sainsbury’s Nectar Balance Transfer Credit Card
30 months 0% balance transfer with 0% fees, representative 19.9% APR
This card has 30 months at 0% and comes with a fee of 3%.
Barclays Platinum With Balance Transfer
29 months 0% balance transfer with 1.99% fee, representative 19.9% APR
This card has a 0% balance transfers over 29 months with a fee of 2.5%.
Fee-free balance transfer credit cards
Santander Everyday Credit Card
0% balance transfer for 27 months with no transfer fee, representative 18.9% APR variable
This has a 27-month balance transfer period and charges no monthly account fee.
Sainsbury's Bank Nectar No Balance Transfer Fee Credit Card
0% on balance transfer for 22 months, 20.9% APR variable
This card offers 22 months 0% on balance transfers with no fees to pay.
Santander All In One Credit Card
0% balance transfer for 26 months with no transfer fee but £3 monthly account fee, representative 21.7% APR variable
This account offers 26 months interest free on both balance transfers and new spending, meaning it is a good all-rounder if you're only able to have one card. However, it charges a £3 monthly fee, meaning others could be a better bet.
Longest 0% interest purchase credit cards
If you are going to spend large amounts, find a credit card offering 0% on purchases - ideally one with a long interest-free period that charges a reasonable interest rate after the introductory deal.
Sainsbury’s Bank Nectar Purchase Credit Card
0% on spending for 27 months, representative 20.9% APR variable
This card offers a 27-month interest free purchases period, with 18 months 0% interest for balance transfers (subject to a 2.89% fee in the first three months, rising to a 3% or minimum £3 fee after). You’ll also earn Nectar points as you spend in Sainsbury’s, and elsewhere.
Other cards
If the Sainsbury's Bank card isn't for you, a number of providers are currently offering long interest free periods for purchases.
They are: Tesco (26 months) and Virgin (28 months).
Best credit cards for money transfers
Money transfers work similarly to balance transfers, except the cash is paid into your current account so you can use it to pay off a loan or an overdraft instead of credit card balance.
But remember to watch out for the high fees associated with these accounts - you can often pay between 3% and 4% for money transfers.
Tesco Bank Clubcard Credit Card (Money Transfer)
0% money transfer for 28 months with 3.94% transfer fee, representative 19.9% APR variable
If you're looking for the longest 0% interest period, then you will have to pay a higher transfer fee. Tesco Bank offers a 28-month transfer period but is subject to a 3.94% fee.
MBNA Platinum Credit Card
0% money transfer fee for 20 months with a 4% transfer fee, representative of 19.9% AER
MBNA's card offers a 20-month transfer period with a 0% fee.
How are Moneywise Best Buys selected?
We look across as much of the market as possible to find the best deals using industry data from Defaqto.
All our picks are nationally available - online, by post or by phone. We try and pick products that are available to both new and existing customers, but we’ll highlight some offers for existing customers if they’re much better than what else is on offer.
We select accounts which offer the longest 0% purchase, balance transfer and money transfer periods - while also taking into account the interest rate after this period. We prioritise cards that do not charge a monthly fee.
We reserve the right to use our discretion at all times.
Section
Free Tag
Related stories
Old NID
18 376Workflow
Source Moneywise https://ift.tt/2fv3yJd
ليست هناك تعليقات:
إرسال تعليق