best credit cards

Best credit cards

Best credit cards for 2017

Credit cards often get a bad press, some of it warranted with sky high credit limits and high interest rates. However a credit card if used wisely can be a great personal finance resource. There are quite a few reward cards out there offering cashback and rewards every time you spend, just remember to pay of the balance before the end of the month. They also offer greater consumer protection if your spend was over £100, you get valuable protection under section 75 of the Consumer Credit Act. Also if you want to apply for a mortgage, lenders like to see you are credit worthy and have a good credit history. Have a look through this review of the best credit cards, its not all bad for those pesky pieces of plastic.

There are so many cards out there on the market so here at Smart with Cash have attempted to plough through the offerings to bring you the best credit cards for balance transfer and new purchases. Don’t be tempted to make purchases on a card with a balance transfer as the balance and interest will only be reduced once the initial balance transfer has been paid off. This could work out very expensive if you take a while to clear this and interest in added on each month. This is due to the credit cards placing priority on the cheapest debt when allocating your payments also known as negative payment hierarchy.

Summary of the best credit cards for balance transfers

Lloyds Bank Platinum Credit Card

  • Low fee balance transfer card with £20 cash back
  • 0% on balance transfers for 33 months. A handling fee of 1.68% applies. After the 33 months the standard rate of 18.9%.
  • 0% on purchases for 3 months, at the end of this period the standard interest rate applies.

*Always check the T&Cs before you apply and eligibility if based on individual circumstances.

Barclaycard 40 month balance transfer Platinum card

    • 0% on balance transfers for 40 months. A handling fee of 1.68% applies. After the 42 months the standard rate of 19.9%.

    • When your 0% purchase offer ends you will be charged interest at your standard rate on any outstanding balance transfer.

    • Transfer your balance within the first 60 days to qualify

    • Get £20 Cashback when you transfer £500 or more.

*Always check the T&Cs before you apply and eligibility if based on individual circumstances.

Halifax Credit Card Balance Transfer Offer

      • 0% on balance transfers up to 29 months from the account opening date. A handling fee of 3% applies. After the 29 months interest will be charged at a representative rate of 18.9%.

      • 0% on purchases up to 6 months

      • Minum balance transfer £100.
      • Transfer your balance within the first 60 days to qualify

*Always check the T&Cs before you apply and eligibility if based on individual circumstances.

MBNA Platinum

      • 0% on balance transfers up to 41 months from the account opening date. A handling fee of 3.45% applies but could save you quite a bit of money on interest charges if you are planning to make monthly payments. After the 39 months the standard rate of 18.9% will apply.

      • 0% on money transfers for up to 20 months from the account opening date. A handling fee of 5% applies. After the 20 months the standard rate of 22.9% will apply. This could be useful if you have a large outlay such as a kitchen or building work and you need money in the bank to pay the contractor, or you may be looking to purchase a car and will be most likely cheaper than car finance.

      • Transfer your balance within the first 60 days to qualify

*Always check the T&Cs before you apply and eligibility if based on individual circumstances.

Nuba up to 42 months Mastercard

      • 0% on balance transfers up to 42 months from the account opening date. A handling fee of 3.29% applies. After the 42 months the standard rate of 18.9% will apply.
      • 0% on money transfers for 20 months, 5% handling fee applies.

Virgin Credit Card

      • 0% on balance transfers for 41 months.  3.19% fee appliesAfter the 37 months the standard rate of 18/9%.

      • 0% on money transfers for 37 months4% fee applies. After the 37 months the standard rate of 18/9%. This could be useful if you have a large outlay such as a kitchen or building work and you need money in the bank.

*Always check the T&Cs before you apply and eligibility if based on individual circumstances.

Summary of the best credit cards for rewards

With the new cap on processing fees for credit card transactions, card providers have been quick to reduce rewards and cashback rates, however there are a few good deals to be had.

M&S

      • Buy M&S Travel Money with no cash advance or foreign exchange fees
      • Earn M&S reward points every time you shop with your card
      • Free £5 gift card when you open the account
      • 19 month 0% on purchases deal, 18.9% APR

The card can be managed online or through telephone banking

Sainsburys Dual Nectar Card

      • 4 Nectar points per £1 spend when you take out and use this Credit Card to pay for Sainsbury’s shopping or fuel in the first 3 months
      • 2 points per £1 spend after first three months
      • 24 month 0% on purchases deal, 18.9% APR

Tesco Purchase Credit Card

    • 5 Clubcard points for every £4 you spend at Tesco stores in store and fuel
    • 1 Clubcard point for every £8 you spend almost everywhere else
    • 21 month 0% on purchases deal, 18.9% APR