The U.K. most popular credit cards are stiffly competitive in attracting balance transfers. Zero percent interest rates on balance transfers range from three months to 36 months. Most issuers also offer a consumer card
rewarding the cardholder for nipping to the shops.
While balance transfer cards are the most popular, nearly all issuers offer an All Round card, offering the best combination of rates and fees. One issuer is dominate in the market for consumers with bad or weak credit, but faces some, limited competition.
The U.K. credit card market has been quiet of late driven by economic chaos over the uncertain impact of Brexit. British card debt ticked down to its lowest annual growth rate in more than five years. Overall the annual growth rate of total U.K. consumer credit slowed to its lowest pace since April 2014. notes Robert McKinley, Senior Analyst for CardTrak, CardFlash and CardData.
The 2020 CardTrak U.K. Nifty-Nine Include:
Tesco Bank, based in Edinburgh, with more than 5.6 million customers, offers eight personal Mastercard credit cards. The most popular credit card is the Tesco Bank ClubCard Purchases Mastercard.
The Tesco Bank ClubCard Purchases Mastercard offers a 0% interest period on purchases for up to 26 months and for 3 months on balance transfers. Cardholders earn 1 point for every £4 spent (£4 minimum) in Tesco and 1 point for every £8 spent (£8 minimum) outside Tesco in each purchase transaction.The on-going interest rate is as low as 19.9% and there is no annual fee.
Tesco Bank also offers:
Tesco Bank is a British retail bank which was formed in July 1997, and which has been wholly owned by Tesco plc since 2008. The bank was formed as part of a joint venture between The Royal Bank of Scotland and Tesco, the largest supermarket in the U.K.
Barclaycard, based in Northampton, with more than one million customers, offers seven personal Visa cards and six business Mastercards. The most popular credit card is the Barclaycard All-Rounder Platinum Visa.
The Barclaycard All-Rounder Platinum Visa offers 0% interest on purchases and balance transfers for up to 27 months from account opening. Transfers must be made within 60 days to benefit from the 0% offer and there is 2.7% balance transfer fee. The on-going interest rate is as low as 19.9% and there is no annual fee.
Barclaycard also offers:
Barclaycard is a multinational credit card and payment services provider, and a division of Barclays.
Bank of Scotland
Bank of Scotland, based in Edinburgh, issues Halifax credit cards. Halifax offers five personal Mastercards. The most popular credit card is the Halifax FlexiCard Mastercard.
The Halifax FlexiCard Mastercard offers 0% balance transfer fee for the first 90 days and an on-going interest rate as low as 9.95%. The card also installment financing up to 36 months. There is no annual fee.
Halifax also offers:
The Bank of Scotland is a subsidiary of Lloyds Banking Group since the merger of Lloyds TSB and HBOS in 2009. Bank of Scotland is not the Royal Bank of Scotland.
HSBC UK, based in Birmingham, offers four consumer Visa and three Mastercard credit cards. The most popular personal credit card is the HSBC UK Rewards Mastercard.
The HSBC UK Rewards Mastercard offers a 0% interest rate on purchases for 6 months from account opening and 0% interest for 6 months on balance transfers made within the first 60 days of account opening.
Cardholders earn one reward point for every £5 of spend. There is a 2,500 point welcome bonus upon the first transaction. Cardholders spending £10,000 or more on the card annually (for the first 5 years) receive 2,500 reward points. Additionally, cardholders earn up to 10 points per £1 spent at a range of national brands. The on-going interest rate is a variable 21.9% and there is no annual fee.
HSBC UK also offers:
HSBC UK was created in July 2018 in response to the Financial Services Banking Reform Act 2013 which requires that all banks ‘ring-fence’ their core banking services in the UK by January 2019. HSBC is part of London-based HSBC Global.
Co-operative Bank, based in Manchester, offers three Visa credit cards. The most popular credit card is the Co-operative Bank 3 Year Fixed Rate Visa.
The Co-operative Bank 3 Year Fixed Rate Visa offers a 6.9% interest rate for 3 years on purchases and balance transfers. The rate increases to 18.3% afterwards. There is no balance transfer fee and no annual fee.
Co-operative Bank also offers:
Co-operative Bank is Britain’s seventh biggest lender and focuses on unbanked consumers and support of ethical businesses.
Nationwide Building Society
Nationwide Building Society, based in Swindon, has more than 15 million members. Nationwide offers two Visa credit cards. The most popular credit card is the Nationwide Select Visa.
The Nationwide Select Visa offers a 0% interest rate for 12 months on balance transfers, completed within the first 3 months of account opening. There is no balance transfer fee for the first 3 months of account opening, after which time it will revert to 2.4% (Minimum £5). There is also a 0% rate for 12 months on purchases. The on-going interest rate is a variable 15.9% and there is no annual fee. Additionally, all Select card purchases overseas are free of any commission charges.
Nationwide Building Society also offers:
Nationwide Building Society is a British mutual financial institution, the seventh largest cooperative financial institution and the largest building society in the world.
Virgin Money, based in Edinburgh, issues three personal Mastercards.
The Virgin Money 29 Month Balance Transfer Mastercard offers a 0% interest rate on balance transfers for 29 months, then a variable 21.9% rate; 0% interest rate for money transfers for 20 months, then a variable 23.9% rate; and a 0% interest rate on purchases for 3 months, then a variable 21.9% rate.
Virgin Money also offers:
Virgin Money is now owned by CYBG, Clydesdale Bank and Yorkshire Bank. Virgin Money a financial services company was founded by Sir Richard Branson in March 1995.
Capital One UK
Capital One UK, based in Nottingham offers two personal Mastercards. The most popular credit card is the Capital One Classic Mastercard.
The Capital One Classic Mastercard offers is for consumers with bad credit or building credit, offering credit lines between £200 to £1,500, with up to two optional credit limit increases per year. The no annual fee card carries a variable 34.94% interest rate on purchases, balance transfers and cash withdrawals.
Capital One UK also offers:
Capital One UK is owned by Capital One Europe and is the only UK credit card provider with a 4-star rated credit card from Fairbanking.
Royal Bank of Scotland
Royal Bank of Scotland, based in Edinburgh, offers five personal Mastercards. The most popular credit card is the Royal Bank of Scotland Reward Mastercard.
The Royal Bank of Scotland Reward Mastercard offers 1% in rewards on supermarket spend (0.5% at petrol stations; between 1-15% in rewards at selected MyRewards retailers; and 0.5% everywhere. The card’s£24 annual fee is refunded if the cardholder has a Reward current account. The on-going interest rate is 18.9%.
The Royal Bank of Scotland also offers:
The Royal Bank of Scotland, commonly abbreviated as RBS, is one of the retail banking subsidiaries of The Royal Bank of Scotland Group, together with NatWest and Ulster Bank.