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Moneyfacts pick of the week
Image of Caitlyn Eastell

Caitlyn Eastell

Apprentice Press & PR Assistant
Published: 11/04/2024

Last updated: 11 April 2024 at 09:30

The Moneyfactscompare.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market, ranging from mortgages to savings accounts. This week I've analysed the following deals, along with their perks.

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Average cost of borrowing on loans and credit cards edges higher
The average APR on unsecured loans and credit cards rose in the first three months of 2024, while the number of lenders and card providers fell.
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Best cashback credit cards for Christmas 2023
Everyone knows Christmas can be an expensive time of year, with the cost of food, presents and socialising quickly amounting. If you’re looking to make your money stretch a little further this festive season and beyond, we list some of the top cashback credit cards currently available.
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Credit card 0% interest terms slashed
Providers appear to be scaling back 0% interest deals on credit cards in the run-up to the festive spending season. If you are looking for a new 0% introductory purchase or balance transfer card, we have put together the best deals currently available and a run-down on the current movements in the market.
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Borrowing costs on the rise
According to our latest data trends at Moneyfacts , the average credit card purchase APR (which includes card fees) rose to an all-time high of 31.8% APR this month. The average rate on a £10,000 loan has also risen and now stands at its highest point in over 10 years.
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Recent News

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How to earn cashback from Amex this Christmas

5th December 2022

American Express cardholders could earn £25 cashback for supporting small businesses.

American Express cardholders could earn £25 cashback for supporting small businesses.

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Asda offer cashback incentive for new credit card customers

30th November 2022

Those who open a new Asda Money Credit Card and Asda Money Select Card from today will be rewarded with £20 in Asda Pounds.

Shoppers will earn £20 in Asda Pounds by opening one of two new credit card accounts.

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Cost to borrow on the rise for credit cards

20th September 2022

The average purchase APR reached a record high this month, according to the Moneyfacts UK Unsecured Lending Trends Treasury Report. Currently, this average APR stands at 29.6%, a rise from the 26.6% recorded in August.

The average purchase APR reached a record high this month, according to the Moneyfacts UK Unsecured Lending Trends Treasury Report.

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Loan rates rise to six year high, but 0% cards improve

27th June 2022

The average rate on a £7,500 loan stands at 5.2%, the highest it has been in six years when it matched this figure. Meanwhile, the biggest trend noted across the credit card market has been a rise in the average length of introductory 0% balance transfer offers.

The average rate on a £7,500 loan stands at 5.2%, the highest it has been in six years when it matched this figure.

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Most Popular Credit Card News

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Moneyfacts pick of the week

11th April 2024

The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.

This week's selection includes a one-year bond paying 5.18% AER and an easy access ISA paying 5.00% AER.

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Average cost of borrowing on loans and credit cards edges higher

28th March 2024

The average APR on unsecured loans and credit cards rose in the first three months of 2024, while the number of lenders and card providers fell.

The average APR on unsecured loans and credit cards rose in the first three months of 2024, while the number of lenders and card providers fell.

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Borrowing rates 2020 – what are the lowest personal loan and credit card rates?

6th August 2020

Today it was announced that the Bank of England has held base rate at 0.1%. While this may seem like good news for consumers looking to borrow money, our research has found that over the last few months, interest rates on loans and credit cards have increased

Here we’ve looked at what has been happening to personal loan and credit card rates since the beginning of 2020 and highlight some of the lowest rates available

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Borrowing costs on the rise

28th September 2023

According to our latest data trends at Moneyfacts , the average credit card purchase APR (which includes card fees) rose to an all-time high of 31.8% APR this month. The average rate on a £10,000 loan has also risen and now stands at its highest point in over 10 years.

Latest data trends at Moneyfacts found the average credit card purchase APR (which includes card fees) rose to an all-time high of 31.8% APR this month.

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First open banking credit card set to launch

1st November 2021

The first open banking-powered credit card is set to be launched by Keebo, which aims to offer credit to those who would traditionally be rejected for a credit card

The first open banking-powered credit card is set to be launched by Keebo, aiming to offer credit to those who would traditionally be rejected for a credit card

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The best reward credit cards – June 2021

23rd June 2021

The easing of lockdown has resulted in an increase in spending as consumers are able to once again socialise and travel within the UK

The easing of lockdown has resulted in an increase in spending as consumers are able to once again socialise and travel within the UK

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Moneyfacts Credit Card Star Ratings 2018

11th January 2018

If you’re shopping for a new credit card and are feeling overwhelmed by the amount of choice out there, you will be happy to hear that we’ve just announced those credit cards that have been awarded a Moneyfacts Star Rating.

If you’re shopping for a new credit card and are feeling overwhelmed by the amount of choice out there, you will be happy to hear that we’ve just announced...

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Banks withdraw cashback incentives but attractive deals still available

27th July 2020

Consumers looking to get cashback incentives on their bank accounts and credit cards will be disappointed to find that many incentives are being withdrawn and the number of cashback credit cards available on the market has fallen to just eight

Consumers looking to get cashback incentives on their bank accounts and credit cards will be disappointed to find that many incentives are being withdrawn

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What are the lowest APR credit cards available?

16th February 2021

With the average APR on credit cards standing at 25.0%, credit cards are often a far more expensive way to borrow money compared to personal loans

With the average APR on credit cards standing at 25.0%, credit cards are often a far more expensive way to borrow money compared to personal loans

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Balance transfer credit cards improve

15th March 2022

Balance transfer deals are looking more attractive than ever as 0% interest free periods get longer and fees hit a record low. According to the Moneyfacts UK Unsecured Lending Trends Treasury Report, which looks across the UK personal finance market, the average introductory interest-free period has passed the 600-day mark for the first time since 2018. The average interest-free term is now 602 days, up from 577 in December and 530 this time last year. Interest-free purchase card terms have also improved slightly over the last quarter, with the average interest-free period rising from 303 days in December to 307 days in March. This is a significant improvement from the average 284 days seen a year ago.

Balance transfer deals are looking more attractive than ever as 0% interest free periods get longer and fees hit a record low.

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How would a base rate rise impact your finances?

21st October 2021

Many finance experts are predicting that the Bank of England will increase base rate in the coming months to help tackle rising inflation

Many finance experts are predicting that the Bank of England will increase base rate in the coming months to help tackle rising inflation

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Increased fuel prices drive further consumer spending

12th April 2022

Spending on essential items increased 18.1% since March 2019. UK consumer card spending on essential items, such as fuel and food, increased 18.1% since March 2019, one year before the first lockdown measures were introduced in the UK.

Spending on essential items increased 18.1% since March 2019.

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Cost to borrow on the rise for credit cards

20th September 2022

The average purchase APR reached a record high this month, according to the Moneyfacts UK Unsecured Lending Trends Treasury Report. Currently, this average APR stands at 29.6%, a rise from the 26.6% recorded in August.

The average purchase APR reached a record high this month, according to the Moneyfacts UK Unsecured Lending Trends Treasury Report.

Read More
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Asda offer cashback incentive for new credit card customers

30th November 2022

Those who open a new Asda Money Credit Card and Asda Money Select Card from today will be rewarded with £20 in Asda Pounds.

Shoppers will earn £20 in Asda Pounds by opening one of two new credit card accounts.

Read More
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How to earn cashback from Amex this Christmas

5th December 2022

American Express cardholders could earn £25 cashback for supporting small businesses.

American Express cardholders could earn £25 cashback for supporting small businesses.

Read More
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Best cashback credit cards for Christmas 2023

6th December 2023

Everyone knows Christmas can be an expensive time of year, with the cost of food, presents and socialising quickly amounting. If you’re looking to make your money stretch a little further this festive season and beyond, we list some of the top cashback credit cards currently available.

Earn up to £125 cashback with American Express; find a 0% introductory purchase rate from Santander.

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Card spending ramps up – so make it work for you

25th May 2017

Spending on debit and credit cards continues to rise, with much of this driven by the growth in online and contactless spending. But what if you could get even more from your flexible friend? Well, you can!

Spending on debit and credit cards continues to rise, with much of this driven by the growth in online and contactless spending. But what if you could get...

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Credit card deals shrink as Christmas costs rise

21st November 2017

The cost of Christmas is on the rise, and with less than five weeks to go, consumers are likely to be concerned about how much the festive season will dent their bank balance - and they may not even be able to rely on a credit card to cover the cost.

The cost of Christmas is on the rise, and with less than five weeks to go, consumers are likely to be concerned about how much the festive season will dent...

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Loan rates rise to six year high, but 0% cards improve

27th June 2022

The average rate on a £7,500 loan stands at 5.2%, the highest it has been in six years when it matched this figure. Meanwhile, the biggest trend noted across the credit card market has been a rise in the average length of introductory 0% balance transfer offers.

The average rate on a £7,500 loan stands at 5.2%, the highest it has been in six years when it matched this figure.

Read More
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What is the best credit card for online Christmas shopping?

2nd November 2020

With England set to go into a month-long lockdown and local restrictions already in place for the rest of the UK due to the Coronavirus pandemic, many shoppers will be looking to do the majority of their Christmas shopping online this year

With England set to go into a month-long lockdown and local restrictions already in place for the rest of the UK due to the Coronavirus pandemic

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How to manage your credit card debt after Christmas

30th December 2020

With just days left until the new year, now is the perfect time to start making financial plans for 2021 and for many, one major goal will be to clear their post-Christmas credit card debt

With just days left until the new year, now is the perfect time to start making financial plans for 2021

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UK credit card borrowing at record high amid surging inflation

30th March 2022

Consumers borrowed an additional £1.9 billion in February, of which nearly 80% was used on credit cards. UK consumers took on an additional £1.5 billion in credit card borrowing in February, taking the total credit card amount borrowed to £59.5 billion. According to the Bank of England (BOE), this is the highest since records began in 1993.

Consumers borrowed an additional £1.9 billion in February, of which nearly 80% was used on credit cards.

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Credit card 0% interest terms slashed

8th November 2023

Providers appear to be scaling back 0% interest deals on credit cards in the run-up to the festive spending season. If you are looking for a new 0% introductory purchase or balance transfer card, we have put together the best deals currently available and a run-down on the current movements in the market.

If you are looking for a new 0% introductory purchase or balance transfer card, we have put together a run-down of the best deals currently available.

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Improve your credit score with credit repair cards

2nd May 2017

Many consumers could be benefitting from low-cost borrowing, with there being plenty of interest-free deals available in the credit card market. However, this won’t help those with a poor credit score, which is where credit repair cards come in.

Many consumers could be benefitting from low-cost borrowing, with there being plenty of interest-free deals available in the credit card market. However,...

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What to do if your payment holiday is coming to an end

1st September 2020

The start of September will have many thinking about how to manage their finances as payment holidays on overdrafts, mortgages and credit cards will soon come to end.

The start of September will have many thinking about how to manage their finances as payment holidays on overdrafts, mortgages and credit cards will soon come t

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How to fund a buy-to-let renovation

30th November 2021

Landlords have a responsibility to ensure that their properties meet the Government’s health and safety requirements, as well as being at a good standard to attract renters

Landlords have a responsibility to ensure that their properties meet the Government’s health and safety requirements

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Spring clean finances as the cost of living soars (part two)

31st March 2022

The cost of living is soaring, and consumers may want to try to save some cash in any way they can by making simple changes to their everyday finances. Even if the months ahead seem daunting, whether a spender or a saver, taking some time out to spring clean finances and being conscious of a budget could be invaluable.

The cost of living is soaring, and consumers may want to try to save some cash in any way they can by making simple changes to their everyday finances.

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Online card spending up by a quarter in two years

24th April 2017

The rise of online shopping means its little wonder online spending is ramping up, with research highlighting how rapidly this sector is expanding – internet spending has jumped by a quarter in two years, as growing numbers head to the web.

The rise of online shopping means its little wonder online spending is ramping up, with research highlighting how rapidly this sector is expanding – internet...

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Moneyfacts Prepaid Card Star Ratings announced

28th March 2017

Ever thought of getting a prepaid credit card? It could be a great option if you want the convenience of card spending with the peace of mind that you won’t be able to get in debt, and we're here to help you find the best prepaid card for your needs.

Ever thought of getting a prepaid credit card? It could be a great option if you want the convenience of card spending with the peace of mind that you won’t...

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Personal loan rates rise – should you use a credit card instead?

12th January 2021

Whether a new year goal is to clear debts or to make home improvements, many consumers will be looking to take out a personal loan this January to fund their 2021 goal

Whether you want to clear debts or make home improvements, many consumers will look to take out a personal loan this January to fund their 2021 goal

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2022 Current Accounts and Credit Cards Star Ratings revealed

8th September 2021

Consumers looking for a new current account or credit card will be able to see what finance experts agree are the best deals with the announcement of the Moneyfacts 2022 personal current accounts and personal credit cards star ratings

Consumers looking for a new current account or credit card will be able to see what finance experts agree

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Five of the best balance transfer credit cards

5th March 2020

Consumers looking to spring clean their finances by managing their credit card debt may want to consider applying for a 0% balance transfer credit card

Consumers looking to spring clean their finances by managing their credit card debt may want to consider applying for a 0% balance transfer credit card

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How to borrow without paying interest

28th April 2021

Many financial experts predict that the easing of lockdown will see a spending boom among consumers looking to spend money they have saved over the last 12 months

Many financial experts predict that the easing of lockdown will see a spending boom among consumers looking to spend money they have saved over the last year

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How to secure the most competitive credit card deal as cost of borrowing reaches record high

21st September 2021

The cost of borrowing on credit cards has increased to a record high of 26.0% APR, but interest-free deals have become more competitive, making it vital that borrowers hunt around to ensure they get the best credit card deal

The cost of borrowing on credit cards has increased to a record high of 26.0% APR, but interest-free deals have become more competitive

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One in three adults may battle to access credit from mainstream lenders

29th April 2022

There are 20.2 million UK adults who may have difficulty accessing credit from mainstream lenders according to fintech company TotallyMoney and accounting firm PWC. This is likely due to minor adverse credit history, volatile incomes which can impact affordability assessments, or minimal credit history. People who fall into this category are often referred to as “under-served.”

There are 20.2 million UK adults who may have difficulty accessing credit from mainstream lenders.

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FCA forces new terms for BNPL providers

14th February 2022

Pressure builds for a more regulated Buy Now Pay Later (BNPL) market after the Financial Conduct Authority (FCA) forced providers to change their terms and conditions. Clearpay, Klarna, Laybuy and Openpay have all changed terms in their contracts after the FCA felt there was a potential risk of harm to consumers. “The four BNPL firms we have worked with have all voluntarily agreed to change their approach. We welcome this and hope that the rest of the industry will now follow,” said Sheldon Mills, Executive Director of Consumers and Competition at the FCA. As a result, Clearpay, Laybuy, and Openpay have agreed to voluntarily refund customers who have been charged late payment fees in specific circumstances. Although BNPL products are not regulated yet, the FCA was able to use the Consumer Rights Act to enforce these changes.

Pressure builds for a more regulated Buy Now Pay Later (BNPL) market after the Financial Conduct Authority (FCA) forced providers to change their terms

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Credit card warning as 0% interest terms shorten

10th November 2017

It looks as though the base rate rise is having a knock-on effect on the credit card sector, as already, providers appear to be scaling back their 0% interest deals and some are raising standard purchase rates at the same time.

It looks as though the base rate rise is having a knock-on effect on the credit card sector, as already, providers appear to be scaling back their 0%...

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Prepaid Card Star Ratings 2018 announced

5th March 2018

Prepaid cards can come in handy for a lot of reasons. You may be worried about spending too much, you may not want or be able to get a bank account but still need a card, or you may simply be looking for a travel card that doesn’t rely on credit...

Prepaid cards can come in handy for a lot of reasons. You may be worried about spending too much, you may not want or be able to get a bank account but still...

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Should I use a loan to fund my holiday break?

9th April 2022

With the long Easter weekend fast approaching, and summer on the horizon, many of you are probably thinking of taking a city break. However, with the cost of living showing no signs of slowing down, financing this holiday could become complex for some families. This is why some are considering a personal loan, or “holiday loan”, to help finance their getaway trip. Below we have discussed what you should know if you are considering a holiday loan.

Matt Tristram, of Loans Warehouse, spoke to Moneyfacts about the advantages of using a “holiday loan” to finance your getaway.

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Banks increase interest-free terms on 0% purchase cards

15th November 2021

Online shoppers may want to consider using a credit card when buying expensive Christmas presents to ensure that their purchases are protected under Section 75 of the Consumer Credit Act

Online shoppers may want to consider using a credit card when buying expensive Christmas presents to ensure that their purchases are protected under Section 75 of the Consumer Credit Act

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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.

Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.