Product Focus: Credit Cards - Credit cards - News - Moneyfacts

News

Product Focus: Credit Cards

Product Focus: Credit Cards

Category: Credit cards

Updated: 02/07/2009
First Published: 02/07/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

A crackdown on consumer credit is on the cards with the publication of a government White Paper, on Thursday 2 July. Today, we publish our 'Loan Alert' and look at some of the better credit card deals that are currently available.

0% Balance Transfer

Virgin Money is currently offering the credit card with the longest 0% balance transfer period on the market, with borrowers paying no interest on their switched balance for 16 months from the date of issue. Borrowers can also enjoy the perk of a 0% introductory purchase deal for 3 months. The balance transfer fee is 2.98pc of the balance, with a minimum of £3 payable, while the typical APR after the 16 month period is 16.6pc.

Low Rate

Barclaycard's Simplicity Visa is offering the lowest purchase rate, with the card charging a typical APR of 6.8pc, which is over 2pc less than its nearest competitor. The annual rate that is charged for withdrawing money on the card is also low at 15.8pc, while the Simplicity also boasts an interest free period on card purchases of 56 days. Borrowers must have a minimum income of £15,000 to be eligible for the card.

For use abroad

Santander's Zero Credit Card Mastercard is a top choice for Britons abroad as withdrawals and purchases worldwide are not subject to any fees. The card's typical APR is 18.9pc and has a maximum withdrawal limit of £300 a day, whether at home or abroad. There is a 56 day interest free period on card purchases, while the monthly minimum payment is the greater of 2.25% of the balance of £5 a month.

Cashback

Customers looking for cashback on their purchases can get 5pc of their spending between £0 and £3,500 for the first three months with an American Express Platinum Cash Back Card, with 0.50pc paid thereafter. After the introductory rate, 1.00pc is paid on spending between £3,501 and £10,000, and 1.50pc on more than £10,001. The cashback period is yearly with the reward being paid on the card's anniversary.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Top credit cards for Christmas spending

‘Tis (just about) the season to be jolly, but before all that festive fun begins, chances are you’ve got a bit more shopping to do. But, if you’re turning to credit to fund things, you’ll want to use cards that offer 0% interest deals on purchases.

Spooky reality of high balance transfer fees

Credit card debt is scary at any time of year. While most might assume that opting for the longest deal on offer would save them the most, our data shows some of the longest deals can actually work out to be the most expensive.

Reward credit cards that become ‘pointless’

If you regularly use cards to pay at the till, you may have considered opening a reward credit card to earn points every time you spend. However, not all of these cards are as rewarding as they may seem…
 
Close