Best no-annual-fee credit cards
When it comes to choosing a credit card with no annual fee, Brits are spoilt for choice. Most do not charge a fee simply for holding them. Yet they still offer plenty of top benefits, such as interest-free credit card rates on both balance transfers and purchases, or membership reward schemes. Naturally there are other fees hidden in the small print, so keep your eyes peeled for them. Here are three of the best credit card deals on the market today with no annual fee, but an awful lot to offer.
MBNA Platinum 36 Month Balance Transfer Credit Card Visa
Good for: Market-leading balance transfer interest free credit card
If you are after the longest balance transfer credit card introductory rate, then look no further than MBNA's Platinum card, which lets you transfer your balance and pay no interest at all for an incredible 36 months. That gives you three years to get your debts under control, without having to pay interest in that time. The balance transfer fee is relatively competitive at 1.99%, although it will still cost you £19.90 for every £1,000 you transfer. Those looking for 0% purchase credit cards must look elsewhere, as there is no introductory rate here. You should also aim to clear your debt before the 19.9% representative APR kicks in. No frills, just the longest balance transfer rate on the market at the time of writing.
Introductory 0% balance transfer offer | 36 months |
Balance transfer fee | 1.99% |
Introductory 0% purchases offer | None |
Representative APR on purchases | 19.9% |
Annual fee | Nil |
Credit requirement | Good |
Rewards points | None |
Conditions | Cannot transfer debt from other MBNA card |
Lloyds Bank Online Platinum 29 Month Purchase and Balance Transfer Mastercard
Good for: Zero interest balance transfers and purchases
This stellar offering from Lloyds is the ultimate mash-up: a top 0% balance transfer credit card combined with one of the very best 0% purchase credit cards around, with both introductory rates running for a full 29 months. This makes it one of the best credit card deals on the market today. Lloyds' subsidiaries Halifax and Bank of Scotland offer similar deals, if you have your banking with them.
0% balance transfer period | 29 months |
Transfer fee | 2.50% on transfers in first 90 days |
0% purchases period | 29 months |
Purchase representative APR | 18.9%, subject to status |
Credit requirement | Good |
Rewards points | None |
Barclaycard Freedom Rewards Card
Good for: Free and easy 0% credit card with a point to prove
Barclaycard Freedom combines the benefits of 0% credit cards with one of the best reward credit card offerings on the market. You pay zero interest on new purchases and balance transfers for the first 12 months, with an ultra-low transfer fee of 0.15%.
Then you collect points whenever you use the card, which can be used at more than 70 retailers. There are no maximum limits on the number of points, which you can spend online, on the high street, or at cinemas, theatres, zoos or your favourite pizza restaurant. Finally, no annual fee either. Time to cry "Freedom!"
Introductory balance transfer deal | 0% for 12 months on transfers made in first 60 days, with 0.15% fee |
Introductory purchases offer | 0% for 12 months |
Representative APR on purchases | 21.9% |
Credit requirement | Good |
Rewards | None |
Redeeming them | Each £1 spent at UK supermarkets, petrol stations and Transport for London earns 2 points, plus 1 point everywhere else. £5 vouchers for each 1,750 Freedom points to spend at more than 70 partners including Amazon, Argos, Boots, Debenhams, M&S and Topshop, or many cinemas and restaurants |
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The Motley Fool receives compensation from some advertisers who provide products and services that may be covered by our editorial team. It's one way we make money. But know that our editorial integrity and transparency matters most and our ratings aren't influenced by compensation. The statements above are The Motley Fool's alone and have not been provided or endorsed by bank advertisers. The Motley Fool has recommended shares in Barclays and Lloyds Banking Group.
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