Best credit cards of 2023

BEST FOR

Cashback

American Express® Platinum Cashback Everyday Credit Card

Promoted for

Credit builder

Barclaycard Forward Credit Card

BEST FOR

No-fee balance transfers

NatWest Balance Transfer Credit Card

BEST FOR

Avios points

British Airways American Express® Credit Card

If you’re planning to book a holiday in the coming weeks, a 0% purchase credit card could help you to spread the cost interest-free. And this month, the NatWest Purchase and Balance Transfer credit card takes the top spot, offering a competitive 23 months at 0%.

Alternatively, if you’re paying off existing debt at a high rate of interest, switching it to a 0% balance transfer credit card could save you a lot in interest and help you clear your debt faster. This month’s longest 0% deal is also from NatWest – the NatWest Longer Balance Transfer credit card, offering 30 months at 0%. Just watch out for the 2.99% transfer fee and make sure you’ve cleared your debt before the interest-free period ends.

Top 10 best UK credit cards for March 2023

• Rewards credit card – Amex Preferred Rewards Gold
• Non-Amex rewards credit card – Sainsbury’s Bank Nectar Reward Credit Card
• Balance transfer credit card – Natwest Longer Balance Transfer card
• Balance transfer credit card (no fee) – NatWest Balance Transfer card
• 0% purchase credit card – NatWest Purchase and Balance Transfer card
• Travel credit card – Barclaycard Rewards Visa Credit Card
• Cashback credit card – Platinum Cashback Everyday Card
• Credit builder credit card – Tesco Foundation Credit Card
• Frequent flyer credit card – BA Amex Credit Card
• Money transfer credit card – MBNA Long 0% Money Transfer

Best rewards credit card

American Express® Preferred Rewards Gold Credit Card

• Finder rating: ★★★★★
• Benefits: 2 complimentary airport lounge visits every year, 20,000 Membership Rewards Points welcome bonus (provided you spend £3,000 in your first 3 months) plus an ongoing earn rate of 1 point per £1 spent.
• Account fee: Year 1 - £0, Year 2 onwards - £160 per annum.
• Why we like it: Amex is working super-hard to entice and retain new customers, coming top in our latest customer satisfaction survey. This statement rewards card offers points by the bucketload – both when you join, as you spend, when you refer friends or add an additional cardholder, and also on the anniversaries of your being a cardholder. Plus there are more perks to unlock through the app. Did we mention travel inconvenience and travel accident insurance (subject to enrolment)?
• Need to know: While accepting Amex is increasingly becoming the norm, some places still only take Visa or Mastercard.
• Representative example: When you spend £1,200 at a purchase rate of 28.8% (variable) p.a. with a fee of Year 1 - £0, Year 2 onwards - £160 per annum, your representative rate is 72.4% APR (variable).

Check if you're eligible for this card

Don’t want an annual fee?

The American Express Rewards® Credit Card

• Benefits: Earn Membership Rewards points on all your day-to-day spending without an annual fee.
• Representative example: When you spend £1,200 at a purchase rate of 28.8% (variable) p.a., your representative rate is 28.8% APR (variable).

Check if you're eligible for this card

Don’t want an Amex?

Sainsbury's Bank Nectar Reward Credit Card

• Benefits: With a generous rewards points scheme and 0% balance transfer period, the Sainsbury's Bank Nectar credit card is a well-rounded and low-cost reward card.
• Representative example: When you spend £1,200 at a purchase rate of 22.95% (variable) p.a., your representative rate is 22.9% APR (variable).

Read review

• How do rewards cards work?

  Rewards credit cards offer points or cashback based on the amount you spend, and may also offer an introductory “welcome” bonus. Your points “earn rate” may vary according to where you use the card – a Tesco reward card will earn you points at a higher rate when you use it in Tesco, for example. You can typically redeem your points for shopping, travel, gift vouchers, etc. Premium rewards cards may bundle in other perks, like airport lounge access or flight upgrades for example, but this could be offset by an annual fee, in which case you should weigh up whether the benefits would outweigh the running costs.

• Who are rewards cards suited to?

  Big spenders who clear their balance in full stand to benefit the most, and because these cards are often affiliated with a brand, for example, John Lewis or Sainsbury’s, if it’s a brand that you regularly spend money with, you’re likely to appreciate the rewards more. If you don’t clear your balance each month, you could be earning more in interest.

• How do I choose a rewards credit card?

  1. What kind of rewards do you want to redeem? Reward programmes differ greatly in the variety of rewards they offer, from flights to shopping, gift cards and experiences. If the rewards on offer appeal to you, great. If they appeal to you, and they stand to save you money, that’s even better.
  2. What’s the earn rate? Check how many points a card offers per £1 spent. It’s not unusual for the earn rate to vary depending on where you use your card and/or how much you spend, so be realistic about how many points you’ll accrue.
  3. Is there a bonus on account opening? Rewards cards very often come with an introductory sweetener, like a lump sum of reward points or an enhanced earn rate for a limited period.
  4. Is there a cap on points earnings? Many rewards credit cards also have points caps that only allow you to earn a specified amount of points during a statement period or over a year.
  5. Is there a minimum spend? Sometimes you’ll need to spend a minimum amount within a specified timeframe to enjoy that introductory bonus or to unlock the best earn rates.
  6. How much will the card cost to run? The right rewards card for you should earn you more than it costs to run. Weigh up any annual/monthly fee (plus any interest charges you anticipate incurring) against the value of any rewards you expect to earn.
  7. Is this a card for the short-term or the long-term? The best credit card deal for you might only be the best for a short time. Your strategy might be to get the card, spend the minimum necessary to bag any introductory rewards then ditch it. Or, you might not want the hassle of changing cards every year or so. Whether you’re more interested in the short view or the long view will impact the importance of any introductory bonuses to you.
  8. Are you eligible? Most card issuers now offer a “soft search” facility so you can find out if you’re eligible without affecting your credit score.
  9. What else can the card do for you? Check the other features of the card, such as complimentary insurance, airport lounge passes or balance transfer offers.

  What do other experts say?

  MoneySavingExpert.com currently divides rewards credit cards into Amex and non-Amex offers. Its favourite Amex deals are the Platinum Cashback Everyday credit card and the Preferred Rewards Gold Card. Martin Lewis’ favourite non-Amex deals are the Sainsbury’s Nectar Reward Credit Card and the Lloyds Bank Mastercard.

Compare rewards cards

Best balance transfer credit card

NatWest Longer Balance Transfer Credit Card

• Interest-free periods: 0% interest on balance transfers for 30 months with a fee of 2.99%. 0% interest on purchases for 3 months.
• Account fee: £0.
• Why we like it: With the longest 0% deal on balance transfers, plus 0% on puchases for 3 months, this card ticks a lot of boxes if you want longer to repay exisiting debt.
• Representative example: When you spend £1,200 at a purchase rate of 23.9% (variable) p.a., your representative rate is 23.9% APR (variable).

Check if you're eligible for this card

Need a longer 0% balance transfer period?

MBNA Long 0% Balance Transfer Credit Card

• Benefits: Up to 31 months interest-free for balance transfers.
• Representative example: When you spend £1,200 at a purchase rate of 22.94% (variable) p.a., your representative rate is 22.9% APR (variable).

Read review

Don’t want to pay a balance transfer fee?

NatWest Balance Transfer Credit Card

• Benefits: Up to 19 months interest-fee and no balance transfer fee.
• Representative example: When you spend £1,200 at a purchase rate of 23.9% (variable) p.a., your representative rate is 23.9% APR (variable).

Check if you're eligible for this card

About balance transfer credit cards

Balance transfer credit cards let you move existing credit card debt to a new card, where you’ll enjoy 0% interest on the balance for a set period. At the end of this introductory 0% period, the card’s standard rate kicks in – which is typically much higher. Provided you don’t use them for additional spending, these cards allow you to clear debt faster because all of your monthly repayment goes towards the outstanding balance. The catch? There’s generally a “balance transfer fee” to pay – which is a percentage of the balance you’re transferring.

• Who are balance transfer credit cards suited to?

  If you have existing credit card debt that’s accumulating interest, a balance transfer deal can help you to pay off that debt faster (and more cheaply).

• How do I choose a balance transfer credit card?

  1. How long is the balance transfer offer? Most current balance transfer offers feature 0% interest for a promotional period. Divide your outstanding debt by the number of months, and you’ll see how much you’ll need to pay each month to clear your debt.
  2. How much is the balance transfer fee? Balance transfer deals usually come with a balance transfer fee (which is generally a percentage of the amount being transferred – typically around 3%), which becomes more significant if you’re transferring a larger balance. It is possible to find fee-free balance transfer deals, but these usually won’t have the very longest 0% interest periods available.
  3. Are there any limitations? Check whether the 0% rate only applies to transfers within a specific window from account opening. For example, a card’s promotion might be worded: “0% interest for 24 months on balances transferred within 60 days from account opening”.
  4. What’s the revert rate? When the promotional 0% period is up, you’ll start being charged interest on any outstanding balance. If there’s a chance you won’t clear your balance before this point, then the rate that your balance reverts to should be a consideration. Yes, you could apply for a new 0% deal at this point, but acceptance is never guaranteed.
  5. What other fees apply? Check to see whether the cards you’re considering come with an annual or monthly account fee. Other fees you might incur include cash advance fees and non-sterling transaction fees.
  6. Are you eligible? The longest 0% deals on the market are likely to be restricted to individuals with very good credit. Look for an “eligibility checker” so that you can find out if you’re eligible without affecting your credit score. It’s not unusual for applicants with less-than-perfect credit scores to be offered a shorter 0% deal.
  7. What other features does the card come with? While the details of the balance transfer interest deal are likely to be your primary focus, some cards will have other features which might benefit you. For example, Sainsbury’s Bank or American Express credit card might reward your spending with Nectar points.

Best balance transfer cards

Best 0% purchase credit card

NatWest Purchase & Balance Transfer Credit Card

• Finder rating: ★★★★★
• Interest-free periods: 0% interest on balance transfers for 23 months with a fee of 2.99%. 0% interest on purchases for 23 months.
• Account fee: £0.
• Why we like it: This versatile all-rounder from Natwest gives you a lengthy break from interest on both purchases and balance transfers. With no annual fee and a low reverting purchase rate, it can help keep the cost of your purchases down.
• Need to know: To apply for this credit card, you will need to earn at least £10K per year and have a fairly good credit score.
• Representative example: When you spend £1,200 at a purchase rate of 23.9% (variable) p.a., your representative rate is 23.9% APR (variable).

Check if you're eligible for this card

About 0% purchase credit cards

0% purchase credit cards let you make purchases up to your credit limit and then pay 0% interest on them for a promotional, introductory period. At the end of this period, any outstanding balance will start to accrue interest at the card’s standard purchase rate, which will be much higher.

• Who are 0% purchase credit cards suited to?

  If you’re anticipating a major upcoming expenditure – perhaps a new car or getting hitched, then a 0% purchase credit card could be the best credit card for you, letting you spread the cost without incurring interest.

• How do I choose a 0% purchase credit card?

  1. How good is the 0% purchase offer? Purchases offers feature 0% interest during the promotional period only, so you’ll want to consider how long the promotional period lasts. Check to see if the 0% rate applies to purchases made at any point during the promotional period, or if it only applies to purchases made within a specified window from account opening.
  2. What’s the revert rate? When the promotional 0% period is up, you’ll start being charged interest on any outstanding balance. If there’s a chance you won’t clear your balance before this point, then the rate that your balance reverts to should be a consideration. Yes, you could apply for a new 0% deal at this point, but acceptance is never guaranteed.
  3. What fees apply? Some cards come with an annual or monthly fee, although these tend to be the more premium rewards cards. Other fees you could find yourself hit with include cash advance fees and non-sterling transaction fees.
  4. Are you eligible? The longest 0% deals on the market are likely to be restricted to individuals with good credit. Most card issuers now offer a “soft search” facility though, so you can find out if you’re eligible without affecting your credit score. It’s not unusual for applicants with less-than-perfect credit scores to be offered a shorter 0% deal.
  5. What other features does the card come with? While the details of the 0% purchases deal are likely to be your main focus, some cards will have other features which might benefit you. For example, a Sainsbury’s Bank or American Express credit card might reward your spending with Nectar points.

Best 0% purchase credit cards

Best cashback credit card

American Express® Platinum Cashback Everyday Credit Card

• Finder rating: ★★★★★
• Benefits: Get 5% cashback on your purchases (up to £100) for the first 3 months of Cardmembership, and 1% thereafter.
• Account fee: £0.
• Why we like it: An accessible and easy-to-use card that rewards your everyday spending with cashback. With no annual fee, you can also keep your costs low, provided you pay off your balance in full each month.
• Need to know: If you don't pay off your balance in full every month, you're likely to pay more in interest than you'd earn in cashback, and a 0% purchase or low rate card might be more suitable for you.
• Representative example: When you spend £1,200 at a purchase rate of 28.8% (variable) p.a., your representative rate is 28.8% APR (variable).

Check if you're eligible for this card

About cashback credit cards

Cashback credit cards reward you for spending in the form of pounds or credit on your account. How much you can earn will depend on the card’s “earn rate”, plus any “earnings caps”. Cards that are affiliated with a brand may offer a better earn rate when you spend with that brand, and in some cases, cards come with an introductory enhanced earn rate for a specified period or an enhanced earn rate once your spending has exceeded a specified threshold.

• Who are cashback cards suited to?

  Cashback cards are the best credit cards for big spenders who clear their balance in full every month and who prefer the simplicity of cash rewards instead of point rewards will stand to benefit the most from this type of card.

• How do I choose a cashback credit card?

  1. What’s the earn rate? Be realistic about how much you’d actually use the card, and calculate how much this would earn you, considering both the earn rate plus any caps or restrictions on cashback. It’s not unusual for the earn rate to vary depending on where you use your card and/or how much you spend.
  2. Is there a cap on earnings? Many cashback cards limit the total cashback you can earn over a specified period.
  3. Is there a minimum spend? Sometimes you’ll need to spend a certain amount within a specified timeframe to maximise cashback earnings.
  4. Is there an introductory promotion? Cashback cards sometimes come with a juicy bonus – typically an enhanced earn rate for a specified period. It might be that the “best” cashback option will only be the best for a certain period…
  5. Do you actually earn cashback (account credit) or vouchers? Watch out for cards billed as offering cashback that issue vouchers (with restrictions on where they can be redeemed). Not really the same, is it?
  6. How much will the card cost to run? Interest rates on purchases tend to be quite high with this type of credit card, so if you carry a balance from month to month, the interest will probably outweigh the cashback earnings. Check whether or not the card you’re considering has a monthly or annual fee.
  7. Are you eligible? Some deals will be restricted to individuals with good credit. Most card issuers now offer a “soft search” facility, however, so you can find out if you’re eligible without affecting your credit score.
  8. What other features does the card come with? While the cashback terms are likely to be your primary focus, some cards will have other features which might benefit you.

Best cashback cards

Best travel credit card

Barclaycard Rewards Visa

• Finder rating: ★★★★★
• Benefits: 0.25% cashback on everyday spending, fee-free currency conversion on non-sterling transactions and cash withdrawals.
• Account fee: £0.
• Why we like it: The Barclaycard Rewards Visa card has replaced Halifax Clarity as our top credit card pick for travel. It's one of a few cards offering commission-free non-sterling cash withdrawals in addition to the more common commission-free card spend, all with no account fee and some cashback.
• Need to know: If you do use it to withdraw cash overseas, this part of your balance will benefit from the usual 0% interest grace period. Additionally, multiple credit card cash withdrawals could start to hurt your credit score.
• Representative example: When you spend £1,200 at a purchase rate of 25.9% (variable) p.a., your representative rate is 25.9% APR (variable).

Want a Mastercard?

Halifax Clarity Credit Card Mastercard

• Benefits: Enjoy a 0% balance transfer fee, plus no foreign transaction fees on purchases or cash withdrawals.
• Representative example: When you spend £1,200 at a purchase rate of 19.94% (variable) p.a., your representative rate is 19.9% APR (variable).

Read review

Looking for hotel perks?

The Marriott Bonvoy American Express Card

• Benefits: Generous introductory bonus and nice ongoing rewards.
• Representative example: When you spend £1,200 at a purchase rate of 28.8% (variable) p.a. with a fee of £75 per annum, your representative rate is 46.6% APR (variable).

Check if you're eligible for this card

About travel credit cards

These credit cards are designed to make it more affordable to spend money overseas or online with international retailers. Unlike most debit and credit cards, they don’t charge a foreign transaction fee when you use your card to spend in an international currency. Currencies will usually be converted using the standard Mastercard rate or Visa rate. Just remember that “fee-free” does not mean “interest-free”.

When you’re using one of these cards, don’t forget that if a merchant/bank abroad offers to take payment in sterling (this is called dynamic currency conversion), you should decline and choose to pay in the local currency. Otherwise, it will be the local bank or merchant whose currency conversion fee structure will apply, rather than your card issuers.

• Who are travel credit cards suited to?

  If you’re a frequent traveller, have a holiday coming up or regularly use your credit card for shopping with international stores online, a no foreign transaction fee card could be a smart way to avoid extra costs.

• How do I choose a low or no foreign transaction fee card?

  1. Does commission-free currency conversion apply to the country you’re visiting? While there are plenty of cards offering fee-free spending overseas, some will restrict this to Europe. Sometimes the quickest way to get to the bottom of this one is to look for the card’s “summary box” – all card issuers are obliged to provide this standardised document.
  2. What network is the card on? There’s no getting away from it – Visa and Mastercard are the most widely-accepted networks. If a merchant takes plastic, it probably takes Visa and Mastercard. If you plan on heading overseas with your Amex, it could be worth backing this up with a Visa or Mastercard.
  3. What fees will apply if you withdraw cash abroad? Check whether the commission-free currency conversion applies to cash advances, and check whether there’s a flat fee for cash advances. If you’re heading to a country with a largely cash-based economy, this is an important one. Don’t forget that whatever your card issuer’s policy is, a bank overseas may still charge you for the privilege of using their cash machine.
  4. What point is interest charged from? Usually, provided you clear your balance in full each month you can enjoy up to 55 or 56 days interest-free on your purchases. However, it’s not unusual for non-sterling transactions to incur interest from the day on which your account was debited, regardless of your repayment habits.
  5. Are there any travel perks? If you’re looking to use your card overseas, see if it can offer further savings/earnings like complimentary credit card travel insurance. The insurance available and eligibility requirements differ from card to card, so comparing options will help you make sure the cover is right for you. Other travel perks that could come with a no foreign transaction fee card include rewards programmes and airport lounge access.
  6. How much will the card cost to run? You may be saving on foreign currency conversion fees, but you’ll want to make sure any interest or annual/monthly account fees that you stand to incur don’t outweigh these savings. It’s not unusual for a travel credit card to be your “second” credit card – in other words, you might have one card for use at home, and one for using when you’re out of the country.
  7. Are you eligible? Some deals will be restricted to individuals with good credit. Look for a “quick check” or “eligibility checker” facility, so that you can find out if you have a decent shot at getting approved.

Best travel credit cards

Best credit builder credit card

Tesco Bank Foundation Card

• Finder rating: ★★★★★
• Benefits: Designed for customers with a less than perfect credit record, or simply not much in the way of credit history, Tesco offers a popular card to help you build your credit.
• Account fee: £0.
• Why we like it: The Tesco Foundation card offers to help you improve and rebuild your credit rating while earning you Tesco Clubcard points on day-to-day spending.
• Need to know: The card's standard interest rate is high, making it an expensive option if you don't clear your balance in full each month.
• Representative example: Assumed credit limit £1,200, representative 29.9% APR (variable), purchase rate 29.9% p.a. (variable).

Not a big Tesco shopper?

Barclaycard Forward Credit Card

• Benefits: Up to 6 months 0% interest on purchases (depending on eligbility) and price promise benefit - meaning a 3% interest rate reduction if you repay on time for your first year and 2% reduction if you do the same in year 2.
• Representative example: When you spend £1,200 at a purchase rate of 33.9% (variable) p.a., your representative rate is 33.9% APR (variable).

Check if you're eligible for this card

About credit builder credit cards

Credit builders are simple credit cards designed to improve credit scores, for people with bad or no credit history. Expect low starting credit limits which can be quickly reviewed provided the card is used responsibly. This type of card will often be a “stepping stone” product to credit products with a better interest rate.

• Who are credit builder cards suited to?

  Credit builder cards are best suited to first-time credit card users or those looking to rebuild a poor credit record to increase their credit score.

• How do I choose a credit builder credit card?

  1. Are you eligible? Start by checking whether you’re likely to be able to get approved for the card. Most card issuers offer a “soft search” facility so that you can find out if you’re eligible without affecting your credit score.
  2. How much will the card cost to run? These type of cards tend not to charge annual fees, but you should aim to pay off your full balance every month, as the standard interest rates tend to be high.
  3. What credit limits are available, and when are they reviewed? Credit builder cards tend to come with lower credit limits than other cards, but provided you use them responsibly, this will typically be reviewed after a specified interval. Limits are tailored to the individual, but a card issuer may declare the minimum and maximum credit limits available with a particular card.
  4. Does the card have any perks? Credit builders clearly aren’t about the rewards, but a select few do let you collect points on your spending or offer fee-free spending overseas.

Best credit builder cards

Best frequent flyer credit card

British Airways American Express® Credit Card

• Finder rating: ★★★★★
• Benefits: Collect 1 Avios for every £1 you spend plus a 5,000 Avios welcome bonus if you spend £1,000 in your first 3 months.
• Account fee: £0.
• Why we like it: With no annual fee this is a great introduction to collecting air miles. You can also opt for the Premium Plus version to get an even better earn rate and heftier intro bonus in return for an annual fee. If what you'll earn in rewards outweighs the annual fee, then that could be a smart choice.
• Need to know: If you're not going to pay off your balance in full each month, chances are you'll pay more in interest than you'll earn in air miles. If that sounds like you, you could consider a 0% purchase or low rate deal instead.
• Representative example: When you spend £1,200 at a purchase rate of 28.8% (variable) p.a., your representative rate is 28.8% APR (variable).

Check if you're eligible for this card

Don’t want an Amex?

Barclaycard Avios Card

• Benefits: Collect 1 Avios for every £1 you spend plus a 5,000 Avios welcome bonus if you spend £1,000 in your first 3 months.
• Representative example: When you spend £1,200 at a purchase rate of 25.9% (variable) p.a., your representative rate is 25.9% APR (variable).

Read review

Looking for an alternative to Avios?

Virgin Money Virgin Atlantic Reward Credit Card

• Benefits: Earn 0.75% Flying Club miles for every £1 spend and 1.5% miles for every £1 spend with Virgin Atlantic or Virgin Holidays.
• Representative example: When you spend £1,200 at a purchase rate of 22.9% (variable) p.a., your representative rate is 22.9% APR (variable).

Read review

About frequent flyer credit cards

Frequent flyer credit cards let you earn frequent flyer points or air miles on everyday purchases, either directly or by transferring card reward points to your chosen airline loyalty programme e.g. Avios. These cards tend to be more premium options, so there’s often an annual fee to consider, but chances are it’ll be offset by some tasty perks.

• Who are frequent flyer cards suited to?

  Frequent flyer cards are suited to anyone who wants to maximise their points total to enjoy free flights and other benefits. Frequent flyer cards are also suited to those who spend a lot on their credit card, but also clear their balance in full each month stand to benefit the most. Naturally, frequent flyer cards are the best credit cards for those who travel (or plan to travel) often.

• How do I choose a frequent flyer credit card?

  1. Which frequent flyer programme is available? Some credit cards are tied directly to a specific airline rewards scheme, such as Virgin’s Flying Club or Lufthansa’s Miles & More. Others allow you to transfer credit card reward points to partner frequent flyer programmes. Lloyds Bank, for example, offers a card that earns Avios, which can be redeemed with a number of airlines.
  2. What is the points earn rate? The earn rate is the number of points you earn per £1 spent. It’s not unusual for the earn rate to vary depending on where you use your card and/or how much you spend. Sometimes, there are limitations to what purchases are eligible for points, so make sure you read your card’s T&Cs.
  3. Is there an introductory promotion? These cards often come with a “welcome bonus” – either a lump sum of points or a better points earn rate for a specified period.
  4. Is there a cap on points earnings? Check whether there’s a cap on how many points you can earn each month or each year.
  5. Is there a minimum spend? Sometimes you’ll need to spend a certain amount within a specified timeframe to maximise points/miles earnings.
  6. How much will the card cost to run? Is there an annual/monthly account fee to pay, and if there is, do the potential rewards outweigh this? If you anticipate carrying a balance from month to month, what interest rate will you be charged?
  7. Are there any other perks? What other features do you want from your card? Does it come with perks like complimentary insurance or airport lounge access?
  8. Are you eligible? Most card issuers now offer a “soft search” facility so you can find out if you’re eligible without affecting your credit score.

Compare frequent flyer cards

Best money transfer credit card

MBNA Long 0% Money Transfer Credit Card

• Finder rating: ★★★★★
• Interest-free periods: 0% interest on money transfers for 14 months with a fee of 3.49%. 0% interest on balance transfers for 12 months with a fee of 4%.
• Account fee: £0.
• Why we like it: This specialised card lets you move funds to a different account and avoid paying interest (you'll just pay the one-off transfer fee), and this is one of the longest around. Unlike other 0% offers, money transfer deals give you much more flexibility – great if you need to pay several parties in cash, for example.
• Need to know: The 14 months interest-free applies to money transfers you make in the first 60 days. You'll need to earn at least £14,000 p.a. to apply.
• Representative example: When you spend £1,200 at a purchase rate of 22.94% (variable) p.a., your representative rate is 22.9% APR (variable).

About money transfer credit cards

A 0% money transfer card allows you to make transfers from the credit card to your bank account, and won’t charge interest on this balance for a specified period. After the 0% period, the card’s standard rate kicks in, which is invariably much higher.

• Who are money transfer cards suited to?

  If you want to clear a big overdraft or pay off a loan, a money transfer card could be a low-cost way to do so. They’re also useful when you need to transfer money to individuals, or when you need to make payments in cash.

• How do I choose a money transfer credit card?

  1. How long is the money transfer offer? Most current money transfer offers feature 0% interest for a promotional period, which could potentially be over two years. Work out how much you need to transfer and how much you expect to be able to repay each month to get an idea of how long you need.
  2. Is there a transfer fee? Typically these cards have a money transfer fee of around 3%, which for larger transfers could get painful. It is possible to find fee-free money transfer deals, but these usually won’t have the very longest 0% periods on the market.
  3. Are there any limitations? Check whether the 0% rate only applies to transfers within a specific window from account opening. For example, a card’s promotion might be worded: “0% interest for 24 months on transfers in the first 3 months”.
  4. What’s the revert rate? When the promotional 0% period is up, you’ll start being charged interest on any outstanding balance. If there’s a chance you won’t clear your balance before this point, then the rate that your balance reverts to should be a consideration. Yes, you could apply for a balance transfer deal at this point, but acceptance is never guaranteed.
  5. What other fees apply? Check to see whether the cards you’re considering come with an annual or monthly account fee. Other fees you might incur include cash advance fees and non-sterling transaction fees.
  6. Are you eligible? The longest 0% money transfer deals will be reserved for individuals with good credit. Card issuers now usually offer a “soft search” facility, however, so you can find out if you’re eligible without hurting your credit score.
  7. What other features does the card come with? While the details of the money transfer promotion will be your primary focus, some money transfer cards come with other features that might appeal to you.

• What is the difference between money transfer and balance transfer credit cards?

  Money transfer credit cards allow you to move your balance from a credit card to a current account, whereas with a balance transfer credit card you transfer your balance to another credit card.

Compare money transfer cards

Frequently asked questions

The best credit card companies for customer satisfaction in 2023

We asked cardholders to rate their satisfaction with service, and whether they’d recommend their card issuer to a friend. We’ve shown both for each brand in the table below. Our independent survey of 2,749 card customers was carried out in December 2022. The table is ordered by the percentage of customers who said they’d recommend the brand to a friend.

Card issuer	Image	Overall satisfaction	Would recommend	Review	Link
American Express		★★★★★	93%	American Express offers a range of credit cards to cater to all types of customers, as well as the exclusive Experiences rewards programme.	See the range
M&S Bank		★★★★★	88%	Similar to other credit cards operated by retailers, M&S Bank lets you earn M&S points on every credit card transaction, and offers preferential foreign exchange rates to cardholders.	See the range
Sainsbury’s		★★★★★	83%	The UK’s second-biggest supermarket brand, with Sainsbury’s you can earn Nectar points on all credit card transactions, with bonus points for new customers.	See the range
NatWest		★★★★★	94%	NatWest offers specialised rewards and balance transfer cards, as well as a student credit card.	See the range
Lloyds Bank		★★★★★	87%	Lloyds Bank has a wide variety of credit card products, with rewards, cashback and even specialised cards for large purchases.	See the range
Santander		★★★★★	87%	Santander, the Spanish banking giant, offers generous cashback benefits and credit cards aimed at those looking to travel abroad.	See the range
Halifax		★★★★★	87%	Halifax combines 0% balance transfers and purchases on one card. It also offers the low-rate FlexiCard.	See the range
HSBC		★★★★★	85%	One of the world’s largest banks, HSBC has an extensive credit card product range, with 24/7 customer service and global reward systems.	See the range
Virgin Money		★★★★★	84%	Virgin Money provides a number of bonus credit card programmes, such as Virgin Red, and offers discounts across the entire Virgin Group. With a Virgin Atlantic credit card, you can also collect air miles to spend on flights and upgrades.	See the range
Tesco Bank		★★★★★	84%	Tesco Bank has a wide range of credit card products, and you can earn Tesco Clubcard points on every transaction you make using your card.	See the range
Barclaycard		★★★★★	83%	Barclaycard offers balance transfer, rewards and everyday cards.	See the range
MBNA		★★★★★	83%	MBNA is part of the Lloyds Banking Group and offers a range of credit cards with extended 0% balance transfer and purchase periods.	See the range
Capital One		★★★★★	81%	Capital One offers credit-builder cards for those looking to improve their credit score, and also offers a credit report check without affecting your score.	See the range
Wave		★★★★★	80%	With Chetwood Financial’s Wave credit card you can borrow up to £1,750 while building your credit history.	Read our review
Asda Money		★★★★★	79%	Asda Money‘s credit cards offer competitive rates, a credit building option and the chance to earn cashback in the form of “Asda Pounds”	See the range
Aqua		★★★★★	71%	Aqua credit cards offer limits of up to £1,200 and are aimed at customers looking to build their credit score.	See the range

Customer satisfaction ratings methodology

In December 2022, we ran a customer satisfaction survey on credit cards. 2,749 people responded and gave us their opinion on their current credit card provider.

The survey asked respondents how satisfied they are with their credit card (using a 1-5 rating) and whether they would recommend the brand to a friend. We converted the responses into star ratings and produced a shortlist of the top-performing companies based on customer satisfaction. When there was a draw, we used the recommendation score (that is, the percentage of customers who said they would recommend the brand to a friend) as a tie-breaker.

You can get a full breakdown of our ratings methodology for credit cards here.

Plastic surgery: Are credit cards being reinvented?

Finder published a report in June 2022 exploring current trends, innovations and challenges in the credit card industry. It features the findings of our survey of consumers about their attitudes to physical credit cards and other ways to pay, and insights from 6 experts: Daniel Dawson of RBR, David Parker of Polymath Consulting, Hannah Elderfield of Canvas8, James Shepherd of Cashplus Bank, Martin Magnone of Tymit, and Richard Whatmough of Lloyds Banking Group.

Download your free copy

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