Top credit cards to use this Black Friday and Cyber Monday 2024

Last Black Friday was the busiest day for transactions on record for Nationwide. Other banks and building societies saw similarly high figures with their customer spending. If you plan on taking part, we outline the best ways to finance your discounted purchases.

Black Friday is the annual discount shopping event that originated in the US and falls at the end of November. Ever since Amazon brought it to the UK in 2010, Black Friday has now become one of the most important dates for retailers here too, with sales often spreading across the whole week.

Cyber Monday follows Black Friday and was originally designed to encourage us to shop online.

If you expect to get involved this year, it is important to do your homework to discover if you are actually getting a bargain. It is also worth thinking of how you’ll finance these purchases, especially with Christmas falling the following month.

In this article, we cover:

• Should I use a credit card this Black Friday and Cyber Monday?
• What are the pitfalls of using a credit card?
• Should I use a 0% credit card this Black Friday?
• What are the top rewards credit cards?
• What other payment options are available?

Read more: Smart shopping tips for the Black Friday sales

*This article may contain affiliate links that earn us revenue

Should I use a credit card this Black Friday and Cyber Monday?

If you plan on making purchases this Black Friday, there are a number of reasons why you might want to consider using a credit card, especially if you’re expecting to make a big purchase.

We go into each of the following in more detail later in the article, but here are some of the benefits:

1. Spread the cost of a purchase into manageable repayments
2. Protect your purchases between £100-£30,000 under Section 75
3. Increase your credit score

If you have a low credit score, we offer some tips on how to improve it.

What are the pitfalls of using a credit card?

Word of warning: while using a credit card offers to option of spreading the cost of a purchase, you are still taking on debt. So before making any purchase on Black Friday, ask yourself if it is something you really need, can afford and whether it is a genuinely good deal.

If you think you may need to pay interest on your purchases, consider whether this will amount to more than the value of your discounts. If you are in debt already, it is best to avoid the temptation of Black Friday altogether.

Make sure that you have budgeted for your repayments and can pay the balance off, in full and on time, whether that is at the end of each month or the end of an interest free period. Don’t pay more interest than you need to, as this can wipe out any perks of using a credit card.

You can use our free personal budget planner to help you manage your money.

If you are struggling with debt, speak to an free debt charity such as Citizen’s Advice, StepChange or Turn2Us for help.

We have more on perks and pitfalls of credit cards – and when they work for you.

1. A credit card can spread the cost of a purchase

Using a 0% credit card could save you money on interest and spread the cost of a purchase, making repayments more manageable.

This is particularly useful if you want to buy a more expensive item, such as a sofa or holiday. Normal credit cards typically levy interest of more than 20% a year.

Remember to repay at least the minimum each month (more if possible), avoid withdrawing cash and budget to clear the balance in full by the end of the term – otherwise, you could be stung by hefty interest payments.

You can put the equivalent value of a purchase in a top easy-access savings account and earn interest with it, which means you’re actually making money by using a credit card. You can then make your credit card repayments from this account.

Of course, this only works if you’re not paying any interest on the credit card. So make sure you repay a balance in full unless you have a 0% purchase card, in which case always make the minimum repayment.

2. A credit card can protect your purchases

Purchases through a credit card are covered by Section 75 of the Consumer Credit Act 1974. This is an extra layer of protection which means that the retailer and your credit card provider are jointly liable if something goes wrong with your purchase and you should be able to get your money back. This includes:

• The retailer sells you damaged goods
• You never receive your goods or services
• The retailer goes bust, for example, you booked a holiday through a travel agency and the business went insolvent before you departed

Section 75 protection also extends to purchases you made on your credit card while overseas.

Remember, in order to qualify, your purchase must be at least £100 but no greater than £30,000. If your claim is rejected by your credit card provider then you can escalate your case by contacting the Financial Ombudsman Service.

Read more: How payment methods can affect your refund rights

3. A credit card can increase your credit score

Your credit rating is likely to affect whether you can get a credit card at all, and if you can, on what terms. If you have a bad score you may find interest repayments will be even higher.

While this may sound counterintuitive, using a credit card though can actually increase your credit rating and make you more attractive to lenders.

If you repay your card on time and in full every month, this shows lenders that you can manage your money and are less of a risk as a borrower.

Should I use a 0% credit card this Black Friday?

A 0% purchase credit card may be worth considering this Black Friday, especially if you’re looking to make a large purchase.

Some of the longest interest-free periods extend over a year and a half. However, you may wish to clear your debt before the time is up.

Remember that you must repay at least the minimum each month (more if possible). Also, avoid withdrawing cash on your card and budget to clear the balance in full by the end of the term – otherwise, you could be stung by hefty interest payments.

With this in mind, we’ve listed some of the top 0% credit cards below:

NatWest purchase and balance transfer card

Longest 0% purchase period

Key features:
– 23 months at 0% on purchases
– 23.9% representative APR

NatWest offers a 23-month interest-free period on transfers, and if you are accepted for the card, you don’t need to worry about being offered a shorter term.

Its representative APR of 23.9% is fairly standard – although customers with poorer credit scores could be offered a hefty rate of up to 29.9%.

Be aware this card is only available to existing NatWest customers. NatWest does not do as well as some of the other cards here on customer experience, ranked 18th out of 31 providers in our Spring 2023 ratings.

HSBC Purchase Plus Credit Card*

Long 0% period

Key features:
– 20 months 0% purchase period
– Representative APR of 23.9%

This credit card from HSBC has a decent 0% period for purchases at 20 months.

However, be aware the offer is only available to new HSBC credit customers only. HSBC also offers the longest 0% balance transfer period, although it comes with a fee.

Check eligibility and apply*

M&S Bank Shopping Plus Credit Card*

Decent interest-free period and earn reward points on spending

Key features:
– 18-month 0% purchase period
– 23.9% representative APR

M&S Bank gives a reasonably long interest-free period of 18 months to all accepted for its Shopping Plus credit card.

Additionally, you will earn Marks & Spencer reward points on any spending you do on this card, which can be redeemed against purchases in store.

You will earn one point for each pound spent at M&S, and one point for every £5 spent elsewhere. You can redeem 100 points for £1 in M&S vouchers.

Check eligibility and apply*

What are the top reward credit cards for Black Friday?

If you’re planning to make more modest purchases for Black Friday, then you could consider a rewards credit card. Many offer cashback when you spend – adding to the discounts you can make off your favourite retailers.

Again, with these cards, try to pay off your debt in full by the end of the month so that the interest you are charged doesn’t outweigh the savings that you make.

So, below we’ve listed some of the top-rate rewards cards on the market:

Read more: Earn rewards with an air miles credit card

American Express Platinum Cashback Everyday*

The best cashback card for most people

The card has no annual fee and pays out 0.5% on spending up to £10,000. So this is a maximum cashback of £50 –rising to 1% on any spend over that level. 

There is also a very attractive introductory offer. For the first three months, users of the card get 5% cashback and can earn a maximum of £100. 

However, if you fail to spend at least £3,000 in a year then you won’t get any cashback at all.

The card comes with a 31% APR.

Check eligibility and apply*

American Express Platinum Cashback*

The best cashback card for big spenders

For people who spend more than £10,000 a year on a credit card, the American Express Platinum Cashback card is a better option.

While it does have an annual fee of £25 the card pays out 0.75% on purchases up to £10,000. Compared to the Platinum Cashback Everyday this works out to a maximum £75 cashback each year after taking into account the annual fee. Any spend above £10,000 then earns a higher rate of 1.25%. 

The card also has a similar introductory offer to the Everyday card – 5% cashback for the first three months. But users can earn a slightly higher amount: up to £125. 

For anyone who already has an American Express card, the introductory offers on both of the products above are not available.

The card comes with an 36.7% APR.

Check eligibility and apply*

American Express Preferred Rewards Gold*

Great overall card, with a decent introductory bonus

If you’re planning on making a big purchase in the coming months, using the Amex Preferred Rewards Gold card to do it can net you some hefty bonuses.

It gives 20,000 points when you spend £3,000 or more in the first three months of membership. You can swap these for vouchers, air miles or Nectar points.

To get the latter, you will first need to swap your Amex points for Avios, which you can do at the British Airways Executive Club website (you’ll need to sign up if you don’t have an account). You’ll then need to connect your British Airways Executive Club account to your Nectar account, which you can do at the BA website.

This card also now comes with a priority pass for airport lounges, offering four free visits a year at 1,300 airports around the world.

This card is free for the first year but then charges an annual fee of £195, so consider cancelling it before it kicks in. It also charges 31% purchase rate if not repaid in full each month.

This card comes with an 88.8% APR.

Check eligibility and apply*

What other payment options are available?

Credit cards aren’t the only form of finance you can use for Black Friday. In fact, there may well be better options to consider under different circumstances.

For example, if you’re not keen on borrowing money but you still wish to take advantage of cashback on your spending, then consider banking with JP Morgan’s Chase*.

Its current account offers new customers 1% cashback on everyday debit card spending for your first 12 months. This offer includes purchases made abroad, making it an option to use on holiday. We have rounded up our top pick for the six best current accounts.

An arranged overdraft might be an option if you’re looking to withdraw cash this Black Friday. Many credit cards charge fees for making a trip to the ATM, so if your bank can arrange an overdraft at 0% for a period this option could work out cheaper. Check out the best bank accounts for overdrafts.

First Direct* is one provider which offers an arranged overdraft of £250 at 0%. You will need to qualify for this arrangement and it is only valid for a year before reverting to 39.9% APR.

Plus, new customers who switch to the HSBC owned provider will earn a £175 incentive.

Is Buy Now Pay Later a good option?

Instead of using a 0% credit card, Buy Now Pay Later (BNPL) schemes are often a popular choice.

It offers a way of spreading the cost of your purchases over a period of time – usually interest or fee free. Companies such as Klarna and Clearpay offer these services, but beware if you fail to keep up with your repayments then you could face a hefty interest charge.

In addition, this industry isn’t regulated by the Financial Conduct Authority (FCA). So unlike using a credit card, you may not be able to escalate any issues you have to the Financial Ombudsman Service if something goes wrong.

While BNPL services aren’t fully regulated, some companies such as Klarna, may still perform hard credit checks before borrowing any money. Like taking out a credit card, make sure your credit score is good enough before your application.

There are lots of other factors to consider before using BNPL. You can read more about buy now pay later versus credit cards.