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Credit cards & loans

Best 0% balance transfer deals disappearing

A raft of market-leading 0% balance transfer credit card deals[1] have been withdrawn from the market or had their balance transfer fees hiked in the last week. Barclaycard is the latest provider to make a change, reducing the 0% period on its balance transfer card from 36 months with a 1.85% fee to 35 months with a 1.35% fee. Which? looks at what this means for those with credit card debt, and explores the best 0% balance transfer credit card deals[2] still available.

Best 0% balance transfer deals shrinking

A 0% balance transfer credit card allows you to shift existing credit card debt and freeze the interest rate for a set time, typically for a one-off fee. When looking for a good 0% balance transfer deal, you should consider the length of the no-interest period and the size of the transfer fee. However, the length of 0% deals has fallen off a cliff since this time last year, as the table below shows.

Longest-lasting 0% balance credit card deal Mar-08 Virgin Money – 0% for 15 months Mar-13 Barclaycard – 0% for 25 months Mar-16 Halifax – 0% for 40 months Mar-17 Halifax – 0% for 43 months Today MBNA – 0% for 36 months


The longest-lasting 0% balance transfer deal on the market today offers 36 months to freeze debt – 10 months less than this time last year, when borrowers could get a deal for a whopping 43 months.

Why is the length of a 0% balance transfer deal important?

A longer-lasting 0% balance transfer deal means you have more time to pay off what you owe, so you can split your debt into more affordable repayments each month. With a GBP4,000 debt, for example, a 43-month card would allow you pay back around GBP93 a month. But you would need to pay back GBP111.11 in order to clear the same debt with a 36-month deal.

Find out more about how balance transfer deals work in our best 0% balance transfer credit cards[3] guide.

The best deals to snap up now

Deals are disappearing fast from the market – so, if you’re carrying a credit card debt, you should consider your options now. Here are the longest-lasting 0% balance transfer deals on the market right now. Source: Which?

Money Compare[4] Alternatively, if you are after a cheaper deal, here are the best fee-free balance transfer credit cards available right now. 1 GBP3 monthly feeSource: Which?

Money Compare[5] Which? Limited is an Introducer Appointed Representative of Which?

Financial Services Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 527029). Which? Mortgage Advisers and Which?

Money Compare are trading names of Which? Financial Services Limited.


  1. ^ market-leading 0% balance transfer credit card deals (
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  5. ^ Which?

    Money Compare (

Asda Money slashes its cashback credit card rewards by 60%

Asda may be known for its price rollback promotions – but Asda Money credit cardholders will be less impressed when their cashback rate is also ‘rolled back’ next month. From 13 April, the 0.5% customers currently receive on products bought at retailers other than Asda will be slashed by more than half to 0.2%. The 1% on offer when shopping at Asda (including fuel and products bought online) will remain unchanged.

The ‘cashback’ earned can only be redeemed as Asda vouchers. An Asda spokesperson said this change had been made following a review.

How do cashback credit cards work?

Cashback credit cards are a way of earning money as you spend it.

The rate they pay dictates how much you can receive back from the cost of your purchase – for instance, if a card offers 3% cashback and you buy something for GBP10, you’ll get 30p back for making that purchase. Many cashback cards charge an annual fee, but if you regularly spend on one and make sure you pay the balance in full each month, you could earn hundreds of pounds a year on purchases you would have made anyway.

Is the Asda cashback credit card still worth it?

Whether you want to stick with the Asda cashback credit card depends on what you use it for. If you don’t shop in Asda particularly often and were counting on earning 0.5% elsewhere, then it’s probably worth looking around for a new credit card.

In real terms, the changes to the non-Asda cashback offer mean that where you once would have earned 50p back for every GBP100 you spent, you will only earn 20p in the future. If you are a regular Asda customer, however, earning 1% on Asda products and fuel is still a good deal. There’s also no annual fee, 0% on balance transfers for 12 months, 10% cashback on selected Asda insurance products and 0% interest for six months on purchases of GBP200 or more at

It charges 19.9% APR variable.

What other cashback credit cards are on the market?

There are still good offers to be had if you’re looking for a cashback or rewards credit card. Most recently, digital challenger bank Tandem launched a new cashback credit card that also offers fee-free spending overseas, paying 0.5% unlimited cashback for every GBP1 you spend at 18.9% APR variable. Elsewhere, American Express holds the top three positions in the Which?

Money Compare top-paying cashback credit cards table[1]. Its Platinum Cashback Everyday Credit Card[2] is currently top, offering GBP98 cashback on a GBP500 monthly spend and has a good Which? customer score of 72% (you can compare how all the biggest providers are rated by customers in our guide to the best and worst credit card providers[3]). This card charges 22.9% APR variable.

If you want to stick with Asda but are after higher cashback rewards, the Asda Cashback Plus Credit Card[4] comes fourth in our table, offering GBP54 back on a GBP500 monthly spend at 19.9%. You can see the top 10 cashback credit cards in the table below, ordered by amount of cashback earned if you spend GBP500 each month.

Compare more of the best cashback credit cards on Which? Money Compare[5].


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Three ways credit card companies must help you deal with debt

More than three million people in the UK struggle with persistent credit card debt – but new rules from the FCA may offer help for those making long-term repayments. From 1 September, credit card companies will be obliged to offer assistance if cardholders have not begun making sufficient repayments on their balance after 18 months. Which? explains how the new rules work and how managing your repayments can help you tackle debt.

What are the FCA’s new credit card company rules?

The FCA estimates that around three million people, with more than 4m credit card accounts, have persistent debt – meaning that in the past 18 months, they’ve spent more on interest and fees[1] than they have repaid on the outstanding debt. To tackle this problem, the FCA has introduced new rules requiring credit card companies to identify people in this situation, and offer help. From 1 September, companies are required to:


At 18 months: explain benefits of higher repayments

Under the new rules, credit card companies will need to identify customers who have fallen into persistent debt over the last 18 months, and contact them to explain why they should consider increasing their repayments. Companies will need to explain the benefits of higher monthly payments, and point customers in the direction of debt help and advice.

2. At 27 months: remind customers to consider repaying faster

If, at 27 months, it seems likely the customer will still be in persistent debt at 36 months, the company must contact them with a reminder of the benefits.


At 36 months: offer reduced interest or fees

When a customer has been in persistent debt for 36 months, the credit card company must offer them options to repay their balance more quickly. Credit card companies must treat these customers with ‘forbearance’ – which may include reducing interest, fees or charges to make repayment possible.

Why should you avoid the minimum payment?

If you make the minimum repayment on your credit card,[2] it could take you years – if not decades – to repay your debts. What’s more, FCA research found that for every GBP1 repaid, these customers pay around GBP2.50 in interest.

The minimum payment will generally cover any interest or fees accrued over the past month, but will only make a small contribution towards repaying your debt. As your debt gradually whittles away, your minimum payment will shrink – meaning you’ll repay even more slowly. Increasing your monthly payments, even slightly, can help you speed up the repayment process and decrease the amount you spend on interest.

In the example below, fixing your payments at GBP74 a month – rather than just paying the required minimum – can decrease your repayment time from 27 years to just five years.

Credit card repayment calculator

If you’re not sure when your debt will be repaid, you can use our credit card repayment calculator to make an estimate.

Why are the new FCA’s rules being introduced?

Under the new rules, the FCA estimated that two million customers will move to faster repayments before they hit 36 months and around 1.4 million will do so at 36 months. Overall, the FCA estimated that customers could save between GBP310m and GBP1.3bn per year in reduced interest charges.

The rules come into effect on 1 March, but companies have until 1 September to fully comply. Credit card companies have also agreed to a number of voluntary measures: customers in persistent debt for more than 12 months will not be offered credit limit increases, and all customers will have the option to opt out of automatic rises.

How to find the best credit card provider

Choosing a credit card will often come down to the best rates available and incentives like cashback or 0% interest. But it’s worth weighing up what each provider offers and how well they rate on customer service.

You can find out more with our reviews of the best and worst credit card providers.[3]


  1. ^ interest and fees (
  2. ^ minimum repayment on your credit card, (
  3. ^ our reviews of the best and worst credit card providers. (

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