The latest news to help you get the most from your credit card.
Here’s my monthly update sharing changes for leading UK credit cards, as well as some of the relevant articles you might have missed on the blog.
July’s credit card update video
July credit card news
New online payment confirmation rules roll out
Government legislation, known as Strong Customer Authentication rules (or PSD2), will mean you’ll need to confirm more of your online purchases. It applies to both credit and debit cards and you’ve probably already come across it. Similar rules have applied to using your PIN for a while now.
It won’t be for every transaction. Money Saving Expert reports that it’ll be for most purchases over £25, or cumulative spending over £85. You’ll also be able to add some retailers to a trusted list so you only need to approve them the first time you’re asked.
Though implementation on this next part has been delayed until March 22, many card providers have already started asking customers to enter a code to finalise a purchase.
This code is usually sent as an OTP (One Time Passcode) to your phone or as a voice message to your landline You might alternatively be asked to open up your banking app to give your approval. Some will require the dreaded card reader! It’ll depend on the card provider which methods you can choose from.
It’s going to be annoying if you don’t have your phone with you when spending money online, but should prevent large purchases made from your cards without your knowing.
£100 Amazon gift card with Amex/Amazon business credit card
Not all of you will be able to get this as you need to be running a business, including a self-employed sole trader and as a limited company. If you are eligible then there’s currently a £100 Amazon voucher with the Amazon Business American Express credit card – and there’s no minimum spend required.
The card normally comes with a £50 annual fee, but that has also been waived for this promotion. More details in my best card offer round up.
I’ll be giving it a miss though as part of my year without Amazon! As tempting as it is to get a free £100 it would mean I’d have to spend it with a company I’m avoiding rather than supporting other businesses.
Featured investing offer
Customer rating
3.8/5
- Offerfree £50 in fractional shares*
- Annual fee£0
- Investment stylesShares, funds or ready-made portfolios
- Minimum deposit$50
- FSCS Protected? Yes
- Interest on uninvested cash 3% on balances up to $50,000, 3.8% on balances over this
- Fractional shares Yes
- Foreign exchange fee 0.7%
- Fund fees If you invest in funds, you'll have to pay fund fees, which cost on average ~0.16% per year, with additional market-spread effects up to 0.05%
- Offer You need to sign up, verify your account and deposit at least £200 to get the free assets. ISA deposits aren't included in the £200 requirement to get the offer.
- Authorised and regulated by the Financial Conduct Authority Yes, FRN 583263
- Risk warning The value of your investments may go up or down. Your capital is at risk. ISA powered by Moneyfarm. ISA rules apply. UK residents only.
- Accounts available General investment account, stocks and shares ISA (additional fees apply)
Get the best of our money saving content every week, straight to your inbox
Plus, new Quidco customers get a high paying £18 welcome offer
This month’s best credit cards
As always when talking about credit cards the best credit card for you will depend on your credit report and why you need one.
Make sure you read my rules for having and applying for a credit card. You’ll also find my list of the latest offers in the same article.
But assuming you’ve got a great credit report, don’t need one to clear existing debts and will clear the balance completely each month, these are my top picks:
Andy’s Top Three Credit Cards (July 2021)
- Amex Preferred Rewards Gold Card for the welcome bonus (read more)
- Amex Nectar for ongoing 1% cashback
- Barclaycard Rewards for 0.25% cashback and fee-free spending overseas
Check out my list of the best credit card offers and promotions
Our podcast
Listen to Cash Chats, our award-winning podcast, presented by Steve Alderton and Editor James Andrews.
Episodes every Monday.
