Finally some football club cards threaten the top of a best buy table.
As the end of the football season approaches, MBNA has increased the interest-free balance transfer period on some of its football club credit cards for a limited time.
What these football club cards offer
The Arsenal, Aston Villa, Chelsea, Liverpool, Manchester United and Tottenham Hotspur credit cards now offer a 0% balance transfer period of 29 months. This puts them near the top of the table (in some cases higher than their position in the Premier League) for 0% balance transfer cards.
To qualify for these cards, you’ll need a good credit rating. You’ll also need to pay a balance transfer fee of 2.89% of the debt you’re transferring. So, for example, if you want to transfer £2,000 you’ll pay a fee of £57.80.
[SPOTLIGHT]These cards also score highly by offering 0% money transfers of 29 months. A money transfer allows you to transfer cash into your bank account, for example to pay off an overdraft. This will cost you 4% of the amount. So if you want to transfer £2,000 you’ll pay a fee of £80.
You'll also need to apply by 31st May.
This is the second-longest 0% money transfer period on the market, just behind MBNA’s own Platinum card.
The cards also offer one reward point for each £1 you spend, which you can redeem on club merchandise and offers. However, if you’re trying to pay off a balance or money transfer you need to be very careful to only spend what you can afford to repay without being charged interest.
Compare 0% balance transfer credit cards
Do they score?
Here’s how the football club cards appear in the latest 0% balance transfer best buy table.
|
Credit card |
0% period on balance transfers |
Balance transfer fee |
Cost of transferring £2,000 balance |
Representative APR |
|
31 months |
2.89% |
£57.80 |
18.9% |
|
|
30 months |
2.79% |
£55.80 |
18.9% |
|
|
30 months |
2.89% |
£57.80 |
18.9% |
|
|
30 months |
2.9% |
£58 |
18.9% |
|
|
30 months |
3% |
£60 |
18.9% |
|
|
HSBC credit card* |
30 months |
3.3% |
£66 |
18.9% |
|
Arsenal/Aston Villa/Chelsea/Liverpool/Manchester United/Tottenham Hotspur credit cards |
29 months |
2.89% |
£57.80 |
18.9% |
|
29 months |
2.9% |
£58 |
18.9% |
|
|
29 months |
2.99% |
£59.80 |
18.9% |
|
|
29 months |
3% |
£60 |
18.9% |
*HSBC current account customers only
And here's how they rate in terms of money transfers.
|
Credit card |
0% period on money transfers |
Money transfer fee |
Representative APR |
|
30 months |
4% |
18.9% | |
|
29 months |
4% |
18.9% | |
|
Arsenal/Aston Villa/Chelsea/Liverpool/Manchester United/Tottenham Hotspur credit cards |
29 months |
4% |
18.9% |
|
29 months |
4% |
18.9% | |
|
18 months |
4% |
13.9% |
So you can see that they're pretty competitive in the current market.
However, other cards have other advantages. For example, the Tesco Clubcard offers Clubcard points on your spending, although again it's probably wise to restrict your spending. And the Fluid Balance Transfer card offers a 'soft search' facility that allows to see if you will qualify for the card without leaving an application on your credit report.
Having said that, if you're a big fan of one of the football clubs and need to shift some debt, these cards offer a pretty good deal.
What to watch out for
Do be aware that you'll need a good credit rating to apply for all of the cards mentioned in this article. And if you are transferring debt to a 0% balance transfer, try to pay it off within the interest-free period if you can. Whatever you do, make sure you at least make the minimum repayment each month or your 0% deal could be withdrawn and, worse, you'll get a black mark on your credit report.
Compare 0% balance transfer credit cards
More on borrowing:
Best credit cards if you have a bad credit history
Barclaycard relaunches 0% balance transfer card for average credit ratings