A tool for financial management, credit cards help people borrow money up to a fixed credit limit. This amount needs to be paid back either in instalments on a monthly basis or in one go. Of course, the charges will vary based on how you pay back the borrowed credit.
In the UK, there are many different types of credit cards available, including money transfer and balance transfer alternatives that enable you to handle short-term cash-flow issues or existing debt. To help you understand the best options in the market, we’ve drawn up a list of the top credit cards right now.
Top 0% purchase credit card
The M&S Shopping Plus Credit Card is most suitable for spreading your expenses if you’re making large purchases. For purchases made within the first 20 months, you are charged 0% interest. The same interest rate is also applicable on balance transfers during the first 20 months, although it is subject to a fee of 2.9%. Unlike its rivals, the perk of this credit card is that the long interest-free period it offers isn’t subject to status but is guaranteed.
Top 0% balance transfer credit card
If you want to reduce the cost of your current debt and enjoy a low handling fee, the HSBC Balance Transfer Credit Card is the right option for you. You can benefit from a £0 annual fee and an interest-free period for 29 months on balance transfers made during the 60-day period post account opening.
Top money transfer credit card
If you have more expensive debts to pay, you may want to consider the MBNA Money Transfer Credit Card. It not only gives you the most extended interest-free period but also comes with one of the cheapest handling fees for cards in the same category.
Top card for building credit
People with no or poor credit can pick the Tesco Foundation Credit Card, which offers a number of extra perks. However, you need to have a minimum income of £5,000 to be eligible for it.
Top card for cashback and rewards
The American Express Platinum Cashback Everyday Credit Card is perfect for those looking for fee-free cashback and perks. Plus, it comes with a £0 annual fee.