Most credit cards offer either a good deal on balance transfers OR purchases, but some do a bit of both.
The individual offers aren't table-topping, but together mean you can get a strong deal while only applying for one card, which saves damaging your credit score with unnecessary applications. You can currently get up to 14 months 0% on spending and transfers.
In this guide
Best Buys: All round cards
What's an all rounder card?
Lots of banks offer great intro deals to entice new customers; on credit cards these tend to be either good balance transfer deals (where you shift expensive debt to a new card offering a cheap rate) or an offer of low rates on new spending e.g. 0% interest for a year on all purchases.
As their name suggests, the 'All-Rounder' cards shout for custom by offering cheap intro rates on both balance transfers AND purchases.
The intro deals available on the top '0% BTs and spending' cards aren't ever likely to knock the other, more-specialised cards off their top spots individually, but if you want to both move debts from an existing expensive card and also need to use a card to spend on, these are an option worth checking out.
When to use it?
These cards aren't for everyone, so make sure you fit the criteria, as it's possible another card could be better.
Who's it good for?
- If you have a decent credit score, but are worried about too many applications they could be good for you. As these cards give you two uses, but with just one credit check.
- If you dont want the hassle of multiple cards. Many people struggle to juggle their cards, so having an all-rounder will save some of the difficulty, you won't have to worry about whether or not it's the right card to spend on.
Who shouldn't get it?
- If you're predominately looking to shift existing debt don't bother getting one of these, as you can currently get longer deals with pure balance transfer cards, see the Best Balance transfers guide.
- If you only want the card for new spending, then the all-rounder cards come close, however there are some other spending cards that offer similar length 0% offers, but also allow you to build up points which can go towards freebies, read more in the Best 0% Cards for Spending article.
What's the advantage of getting BTs & spending together?
Lots of credit searches - the notes left on your file when you apply for credit eg. cards, loans, mortgages, car insurance, even phone contracts - in a short space of time hurt your credit rating, possibly impairing your ability to get new products.
The all-rounder cards serve a dual purpose, but require only one credit check - if the application is successful - protecting your credit rating. This allows you to space out applications more effectively, so your file isn't smashed hard and fast with multiple searches.
There's more you can do to manage and boost your credit rating eg. make important applications before big upheavals (such as moving house, or if you've got maternity leave or suspected redundancy coming up) - though never lie on applications, if asked. Full details and loads more tips in the full credit rating guide.
Also, if you've previously had a card from a provider, it's unlikely you'll get another one from the same company for a while. If this applies, go for the best card that you haven't had recently.
Ensure your borrowing stays free
Debt is like fire, used well it's a great tool, used badly you'll get burned. Unless you're financially disciplined and doing it tactically for stoozing it's always worth borrowing as little as you need, and where possible using savings instead of borrowing.
The worst thing to do with a credit card is to use it to fill the gaps your income doesn't meet each month, that will see borrowings constantly grow and can leave you in a debt spiral (see the stop spending guide for more).
Quick steps to keep the cost down
However if you need to borrow for a defined purchase, credit cards used correctly are cheaper than loans. 
This may be for a football season ticket, as buying it is cheaper than getting each one individually; you may need a new sofa as the old one's kaput; or it might be to pay for a year's car insurance as the insurer's interest rate for paying by the month is huge.
Done right it is possible to borrow at no cost.
- Work out how much you need.
Don't borrow more than you need, do a Budget Planner to ensure you can meet the repayments, use the card as a bespoke tool to do a specific job and stay disciplined.
- Make at LEAST the minimum repayments.
Ensure you set up a direct debit for at least the minimum repayments as soon as you are accepted, even though you are paying 0% you still need to make repayments. If you miss one you will loose your 0% deal, so the rate will jump and you'll get a £12 charge.
- Clear the card within the 0% period.
Go even one month beyond the promotional period and the rate rockets, so calculate the amount needed to clear the balance by then. E.g. To borrow £600 on a year's 0% card, divide the spend by the number of months (£600 / 12) to get the monthly repayment, in this case £50 and set up a direct debit to do that.
- Diarise the end dates
It is vital that you diarise the 0% end dates (or use the Tart Alert) to ensure you pay off the debts in time, or be ready to switch to a new balance transfer deal (read the tarting explanation and the Best Balance transfers guide). If you forget to switch when the deal ends, the interest cost will swiftly outweigh the card's benefit.
BEST BUYS: Top 0% BT & Purchase cards
All these deals require you to pay a one-off fee when you do the debt transfer, the trade-off is you get it interest free for a long time.
Barclaycard 14 mths 0% purchases & BTs (2.9% fee) + £20 voucher
- 0% on BT and spending length: 14 months
- Representative variable APR: 18.9% (Official APR Example)
- Card issuer: Visa
- Min. Income: £20,000
- Min. Repay : Greater of 1% of balance plus interest, 2.25% or £5
The Barclaycard* Platinum is 0% on purchases and balance transfers for 14 months, with a balance transfer fee of 2.9%. It's the longest all-rounder card we've seen that's open to everyone. Plus spend £100 on the card within 30 days of opening your account and you'll get a £20 Amazon voucher.
The other bonus with this card is the 'Freedom' reward points, however, you only earn these in a small set of shops, so it's not as good as some other Reward or Cashback cards.
When the 0% deals end the rates goes to 18.9% representative APR for both purchases and BTs, so make sure you've paid it off, or you're ready to shift the debt to a new Balance Transfer Card.
You won't be able to shift balances from other Barclaycards to this one, if that's what you need then try one of the other cards below.
Virgin 13 months 0% purchases and BTs (2.89% fee)
- 0% on BT and spending length: 13 months
- Representative variable APR: 18.9-20.9% APR (Official APR Example)
- Card issuer: Mastercard
- Min. Income: N/A
- Min. Repay : Greater of 1% of balance plus interest or £25
The Virgin* credit card gives 13 months 0% on both purchases and balance transfers, with a fee of 2.89% on any debts transferred.
After the 0% offer ends the interest rate jumps to 18.9% and 20.9% representative APR for purchases and BTs respectively, so make sure you've paid it off, or you're ready to shift the debt to a new balance transfer card.
You can't transfer existing credit card debts from any other Virgin or MBNA card to this one, if that's what you want then try an alternative below.
Halifax13 months 0% purchases and BTs (3% fee)
- 0% on BT and spending length: 13 months
- Representative variable APR: 17.9% (Official APR Example)
- Card issuer: Mastercard
- Min. Income: N/A
- Min. Repay : 1% of balance plus interest
The All In One card from Halifax* gives 0% for 13 months on balance transfers and spending. Here the fee is 3% on the amount of debt transferred.
Sister bank Bank of Scotland* gives a slightly shorter 12 months 0% on balance transfers (with 3% fee) and spending. After the 0% ends the rate for both cards jumps to 17.9% representative APR, so ensure you've repaid in full by then or are ready to switch away.
Existing Natwest, RBS or HBOS customers13 months 0% purchases and BTs (2.9% fee)
- 0% on BT and spending length: 13 months
- Representative variable APR: 17.9% (Official APR Example)
- Card issuer: Mastercard
- Min. Income: £10,000 for Natwest/RBS
- Min. Repay: Greater of 1% of balance plus interest or £5
Existing Natwest* & RBS* current account customers can get 0% on balance transfers and spending for 13 months on its YourPoints World card.
There's a one off fee of 2.9% on debts transferred within three months of account opening. It also gives 2,500 points when you successfully apply. 2,000 points is enough for a £10 voucher at retailers including Amazon, Boots and M&S.; You can continue to earn points as you spend, though they can be beaten by other top Cashback Cards.
The rate after the 0% periods end jumps to 17.9% representative APR, so ensure you've repaid in full by then or are ready to switch away.
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Cheapest long term low rate deals
Here the aim is to get a card where the low rate is for the long term, not just an introductory offer. While not 0%, it does mean that you don't have to remember to shift from card to card, and know you've got a deal for the long term.
Barclaycard Simplicity:7.9% standard rate
- Representative variable rate: 7.9% APR
- Min. Income: £20,000
- Card issuer:Visa
- Min. Repay :Greater of 1% of balance plus interest, 2.25% or £5
- Anecdotal info: Credit limits: poor Ease of acceptance: mid
There's currently only one low rate card for long-term spending, it's the Barclaycard* Simplicity, which charges 7.9% representative APR.
Is the rate fixed? While the card is variable rate, credit card regulations mean it's not allowed to increase within the first year, and after that as long as you agree not to borrow more you have a right to reject any rise (see Rate Jacking guide for full rules).
Like all credit cards, to get it you'll be credit scored – while 51% of accepted applicants will get 7.9% some slightly poorer credit scorers may be given a higher rate. There are reports that it can give low credit limits.
Think before adding the 'insurance'
Payment protection insurance is commonly sold with credit cards - the idea is it'll make some payments for you, usually for a year, if you are unable to (eg, if you lose your job).
There have been a myriad of cases where it has been missold eg, borrowers didn't realise they were signing up for it, or it was totally unsuitable for them, and some big lenders have been fined.
The protection isn't always bad, though policies sold with cards are often overpriced (you pay a monthly amount depending on the size of your balance). If you want it, compare the lender's cover with standalone providers such as Paymentcare or Best Insurance.
Always be vigilant to check you aren't getting more than you bargained for when you fill in the application, then check your statement each month to check you aren't inadvertently paying for extras if you didn't ask for them.
Beware of varying length deals
Credit cards allow us to do a number of different things such as spend, shift balances or withdraw cash. From the beginning of 2011 the rules on where your credit card repayments are allocated changed.
Banks must now put any repayments towards the most expensive debts first. This means that spending on a balance transfer card isn't as bad as it used to be, but can still cost you if you're not careful.
With all-rounder cards you don't have to worry as much as they're designed for both functions. Though if you have an intro deal it's important to keep an eye on what the rates will change to and if needs be switch to a new deal then.
The size of the saving
As the table shows, over a year if you were to do a balance transfer of £2,000 and spend £2,000, whilst paying off £350 per month, you could save £200 by using an all-rounder card instead of a standard one.
Remember that over longer time periods, the all rounder cards can be beaten by using two separate cards; one for purchases and one for balance transfers.
| |
Interest & fee after 1 year |
|
|---|---|---|
Standard Card
| 16.9%
|
£260
|
Balance transfer card |
0% on BTs & 16.6% on spending
|
£160
|
Low Rate Card
| 7.9% on BTs & spending
|
£80
|
Top all-rounder card |
0% for 14 months
|
£60
|
Glossary
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