Are you stuck with a useless credit card?
The credit card market is pretty fast paced, with changes happening left right and centre. To bring you back up to speed, we’ve rounded up some recent developments.
Just when you think you’ve found the best credit card out there and you’re ready to sign on the dotted line, new products hit the market and you feel like you’re back at square one again.
So, what’s new?
Barclaycard Platinum Credit Card
After launching the longest-ever balance transfer period with 24 months, Barclaycard has reduced the interest-free period on its Platinum Credit Card to 21 months.
It also offers 0% on purchases for three months, which isn’t impressive – there are cards out there with much longer 0% purchase periods.
The card still has an APR of 17.9% but the transfer fee has increased from 2.8% to 2.9%.
Halifax Balance Transfer Credit Card
Halifax recently increased the 0% term on its Balance Transfer Credit Card to 22 months.
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The catches are, you can’t transfer more than £3,000 and you have to pay a 3.5% fee. This means you have to pay £35 if you transfer £1,000 onto the card.
Also, the 20-month interest free rate will be cancelled if you don’t keep up with your monthly repayments and you would then have to pay interest on your debt at a rate of 17.9%.
However, the card does come with deals and discounts on travel, entertainment and shopping.
Barclaycard Platinum 19 Month Balance Transfer Card
In a similar development, the Barclaycard Platinum 19 Month Balance Transfer Card has increased to 20 months.
However, its transfer fee has also increased, from 2.4% to 3%, although it is possible to reduce this to 2.6%, and the APR has increased dramatically from 16.9% to 17.5%.
Tesco Clubcard Credit Card
With Tesco’s Clubcard Credit Card, you can benefit from 0% on any purchases you make for 15 months from the day you open your account.
In a more recent development, you will receive a £5 Tesco gift card when you apply online for a Clubcard Credit Card between 4 August and 2 September 2011, and spend £20 or more on the card at Tesco Petrol Filling Stations in the first month.
One of the things you need to be aware of is that there’s a 2.9% handling fee with this card.
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Also, after the introductory periods are over, or if you fail to make minimum repayments each month, the APR jumps up to 16.9%.
However, you can earn Clubcard points with your purchases, which you can then spend inside or outside Tesco.
Sainsbury’s Nectar Credit Card
Sainsbury’s has launched a limited offer, which entitles you to 3,000 Nectar points if you sign up for a Nectar Credit Card and make a purchase with it in the first three months.
Also, this card gets you double points on your Sainsbury’s shopping for two years and there is no balance transfer fee, so it won’t cost you anything to move your existing debt over.
While these offers may sound tempting, be aware that you will have to pay an interest rate of 12.9% on anything that you have not paid off by the end of the month.
Capital One World MasterCard
If it’s money you want to make, not points, the Capital One World MasterCard could be the option for you.
With this card, you earn 5% cashback on purchases in the first three months after you sign up, with the maximum you can gain being £100.
After three months, you can earn 1.25% cashback on your purchases, but be warned – this card comes with an APR of 19.9%, so make sure you pay off your card in full each month or any money you earn could be cancelled out by the interest you pay.
AA Reward Plus Credit Card
With this card, you can earn 3% cashback whenever you use it to pay for fuel and 0.5% cashback on all other spending.
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One drawback of this card is that you may not be eligible for it, as it is only available to AA members.
Also, it has an APR of 19.9%, so you might want to avoid it unless you can be certain you’ll pay off the balance in full every month.
AMEX Rewards Card
While all of the above have been added to the market, a few deals have been withdrawn, including the American Express Rewards Card.
With this card, you could gain £90-worth of shopping vouchers for Amazon, Marks and Spencer and Boots in the first three months after signing up.
Like the sound of this deal? Well, sorry, I’m afraid you’ve missed the boat. Remember, credit card deals can be pulled at any time, which is why it’s a good idea to constantly review the market.
This may all sound like a lot of information to take in at once, but hopefully it’ll help you to get the card that will best suit your needs.
**This material is for information purposes only and should not be considered financial advice. We strongly encourage our readers not to rely solely on this content, but to seek independent advice when making financial decisions.**
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