Best credit card deals of the week, 23 October

In This Article:

Credit cards aren't just about spending. They are also powerful tools that that, when used wisely, can help you save money, manage debt, and even earn rewards. Whether you're looking to cut down on interest payments, earn cashback on everyday purchases, rack up air miles for your next holiday, or avoid fees while traveling abroad, there's a credit card tailored to your needs.

In this guide, we’ll break down the best options on the market for balance transfers, purchases, cashback, air miles, and travel spending. We'll show you how to use these cards to your advantage, ensuring you get the most value while avoiding common mistakes.

Best 0% balance transfer credit cards

If you're struggling to keep up with credit card payments, a balance transfer credit card can be a lifesaver. These cards allow you to transfer existing credit card debt onto a new card with a 0% interest rate for a set period, potentially saving you hundreds of pounds in interest.

However, there are some crucial rules to follow to make the most of these deals:

  1. Always pay the minimum monthly repayment: Missing a payment could result in losing your 0% interest deal, incurring fines, and damaging your credit score.

  2. Clear the debt within the interest-free period. To avoid paying interest after the promotional period ends, make sure you can pay off the entire balance within the 0% timeframe.

  3. Don’t use the card for new purchases. The 0% deal usually applies only to transferred balances. Using the card for new spending could lead to hefty interest charges.

  4. Check your credit score. The best deals are often reserved for those with a strong credit rating, so it's worth checking your score before applying.

Read more: 6 easy ways to track down your lost pensions

Balance transfer cards can be a great tool, but only if used wisely. The key is to pay down your debt within the 0% interest period without adding more to it.

Michelle Stevens, a credit card expert at personal finance comparison site finder.com, said: “You could save money by transferring a credit card balance with a high interest rate across to an interest-free credit card, and then paying the balance down to zero over that interest-free timeframe.

"The longest 0% balance transfer period available at the moment is 29 months, and there are currently three brands offering that: Virgin Money (VMUK.L), HSBC (HSBA.L) and Barclaycard (BARC.L).

"There’s no annual fee with any of these cards, but there is a one-off transfer fee. Balance transfer offers with no transfer fee are available, but these have much shorter 0% periods. NatWest (NWG.L) is offering 13 months at 0% with no transfer fee, or Tesco (TSCO.L) is offering 15 months with a very low transfer fee.”