Balance Transfer Fixed Rates Cards

Money Insider: Credit card market: a tale of two borrower types

Broadly speaking, credit card borrowers in the UK tend to fall into two distinct categories, based upon the way they've conducted their financial affairs.

For people with an excellent track record and blemish-free credit history there is a choice of interest-free balance transfer deals lasting up to a year and a half and an abundance of ways to earn cash back or reward points. If, on the other hand, you're struggling to keep your spiralling plastic habit in check and have exceeded your limit or missed a couple of payments along the way, then your choice of card is severely limited, best buy deals are out of bounds and the few options that may be available will be charging you upwards of 25 per cent APR.

If you fall into the former camp, the latest cards launched by MBNA during the last week provide fresh opportunities to benefit from extended interest-free credit or cash back.

The best-buy tables are brimming with deals to tempt creditworthy clients to switch allegiance from their existing flexible friends and the new 18-month 0 per cent balance transfer deal from MBNA is aiming to do exactly that.

For someone with a pristine credit record there is the opportunity to make your credit card work for you. For example, £2,500 transferred to the MBNA Balance Transfer card will cost just £72 for the one-off transfer fee (2.88 per cent), while if you borrowed that sum for 18 months at an average rate of 18 per cent APR, your interest bill would be more than £600.

If you've not got a balance to switch but are disciplined enough to repay your statement balance in full every month, then the new MBNA Visa Cashback card enables you to earn unlimited cashback at a market-leading rate of 1.25 per cent on your supermarket and fuel purchases and 0.5 per cent elsewhere.

A family spending £600 a month on the weekly shop and filling the car(s) will earn cashback of £108 over the course of a year – not a life-changing sum I know, but it takes no additional effort and it's money earned for making purchases that you'd be making anyway.

Lloyds TSB to team up with councils to boost first-time buyer lending

Lloyds TSB this week announced the launch of a new concept, entitled Local Lend a Hand, designed to help first-time buyers to purchase a home with a deposit of just 5 per cent. The initial pilot is being carried out in conjunction with local authorities in Blackpool, Warrington and Newcastle-under-Lyme, with a view to a full UK roll-out later this year.

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