Barclaycard has upped the ante with a balance transfer deal that gives free interest for two years

A price war has broken out among credit card companies – offering better rates and benefits for customers. Whether you are looking for a card to transfer an existing debt onto, or one that will give you cashback or other rewards, now is a good time to check whether your current cards are giving you the perks you deserve.

"Since the start of the year, activity in the credit card market has gone up a gear," said Michelle Slade, from Moneyfacts. "However, be aware that the best cards are only available to those with an exemplary credit rating."

Take the cards you currently use out of your wallet and look at the benefits you are getting from them. You may be getting nothing at all – so consider these five options instead.

124 months of interest-free cash

So-called balance transfer cards are useful if you already have a debt on your credit card and would otherwise end up paying interest on it. You pay a set percentage of the debt to transfer the money, and then pay only a minimum amount each month. When the interest-free period ends you will need to transfer the money again, or pay it off, or start paying a hefty rate of interest.

Until recently, the longest balance transfer period was 17 months, but a recent price war has pushed it as high as 24 months. The latest move, by Barclaycard, also reduced the fee for transferring the cash from another card from 3.2 per cent to 2.8 per cent. You will get a further £20 off the balance transfer fee if you apply via.....Read more on this story: Cash in on the credit card price war - Telegraph