Credit Cards

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;

0% Balance Transfer Credit Cards | Low Interest Credit Cards | Credit Repair Credit Cards

0% Balance Transfer Credit Cards

0% Balance transfer credit cards allow you to transfer your existing credit card balance to the new credit card company. They often come with a 0% interest offer for a specific time period, allowing you to pay off your credit card debt within a specified time period without being charged interest. However, watch out for the initial fee which you may pay, consider this as an interest charge over the 0% rate period and most importantly do not make any purchases on this card, this is not normally interest-free.

		Balance Transfer Fee	Additional Information
	MBNA Platinum 33 Month Balance Transfer Visa	1.99%	0% on balance transfers for 33 months No balance transfers from MBNA cards Contactless payments up to £30
	Post Office Money Online Balance Transfer Mastercard	2.00%	0% on balance transfers for 32 months Rates dependent on credit rating Contactless payments up to £30
	MBNA Platinum 31 Month Balance Transfer Visa	1.10%	0% on balance transfers for 31 months No balance transfers from MBNA cards Contactless payments up to £30

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Low Interest Credit Cards

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).

		APR	Additional Information
	Sainsbury’s Bank Dual Offer Mastercard	19.9%	0% for 29 months for both balance transfers & purchase Rates dependent on credit rating Manage your card online
	MBNA All Round 28/28 Credit Card Visa	19.9%	0% on purchases and balance transfers for 28 months No balance transfers from MBNA cards Contactless payments up to £30
	Virgin Money 26 Month All Round Mastercard	18.9%	0% on balance transfers for 26 months High rate for cash withdrawals Contactless payments up to £30

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Credit Repair Credit Cards

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.

		APR	Additional Information
	Barclaycard Platinum 18 Month Balance Transfer Visa	24.9%	0% on balance transfers for 18 months Can’t change payment due date Contactless payments up to £30
	Tesco Foundation Clubcard Mastercard	27.5%	Earn Tesco Clubcard points for spending on your card Rates dependent on credit rating Available to help rebuild your credit
	Capital One Classic Platinum Mastercard	29.8%	24 hour customer service Maximum credit limit of £1,500 For people who’ve had credit problems in the past

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