My favourite credit cards

Donna Werbner looks at her favourite credit cards.

This article was first sent to readers as '360 degrees' email.

Credit cards are like shoes. The right fit for you all depends on how you want to use it. Here are my three favourite cards available at the moment - whatever your bank balance, one of them is bound to suit you!

Best for getting rid of debt

The best card for getting rid of credit card debt is the Virgin Money Credit Card. You can transfer a balance onto this card from any other card (as long as it's not an MBNA card), and you won't pay any interest on your debt for 15 months.

That's the longest interest-free period available on the market today.

You can also use this card to transfer money into a current account and pay off an overdraft. To find out more, read How to tackle your overdraft.

But you do have to watch out for the 3% balance transfer fee however. And make sure you have either paid off your debt in 15 months or be ready to switch to another 0% card, as otherwise your remaining debt will attract a painful 16.6% interest rate.

Also we've heard some criticism of the customer service team for this card.

Finally, this card operates negative payment hierarchy after half a year. So make sure you don't make any new purchases on this card after the first six months. Read more on this card here.

Best for purchasing

As long as you can afford to pay off your bill in full each month, the best card for new purchases is the American Express Platinum Cashback card.

This fantastic piece of plastic is the market-leading cashback card and can be found in my own wallet - so you can see I really have put my money where my mouth is.

It offers 5% cashback on purchases in your first three months, up to £100. After that, the rate is as follows:

Unlike many other cashback cards, there is no limit on the amount of cashback you can earn after the first three months.

However, do be aware that American Express isn't accepted everywhere. And the APR on this card is extremely high at 18.9%, so you must pay off your bill in full every month. Otherwise, the interest you have to pay will far outweigh the benefits of the cashback you earn.

Best for borrowing and paying off debt

If you've got existing credit card debt and you also want to borrow money for new purchases, I recommend getting the Halifax All In One Mastercard.

The great thing about this card is that it offers 0% interest on both balance transfers and new purchases for nine months.

So you won't get caught out by negative payment hierarchy, and you can pay off your existing debt while ensuring you don't run up lots of interest on the new debt you incur.

Just be aware that there are slightly better cards out there if all you don't have any existing debt and all you want to do is borrow money - the M&S Money Mastercard, for example, offers 10 months' interest free on purchases. But you only get 0% on balance transfers for six months.

Of course, you could combine the M&S card with the Virgin Money card, mentioned earlier. That way, you'd get the market-leading offer on interest free purchases with M&S, and the market-leading offer on balance transfers with Virgin.

But if that sounds too complicated, stick to the Halifax All In One Mastercard.

Take care

Whichever credit card you go for, make sure you use it wisely. Like shoes, if you wear the wrong pair, it can all get very painful!

Compare credit cards at lovemoney.com

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