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Looking to make a huge purchase without breaking the bank? Look no further! We’ve got the inside scoop on the best 0% interest credit cards that can save you loads of cash. These cards offer a golden opportunity to borrow money at zero interest for a limited period, giving you more time to pay off your purchases without incurring hefty charges. But before we dive into our top picks, let’s uncover how these magical plastic wonders work and why they’re not an excuse to go on a spending spree. So grab a cuppa and get ready to discover the ultimate solution for savvy shoppers like yourself!
How do 0% Purchase Cards Work?
0% purchase cards may sound like a dream come true, and in many ways, they are. These credit cards offer a certain number of months where no interest is charged on the new purchases you make. This can potentially save you thousands of pounds compared to using a standard credit card interest charge.
However, it’s crucial to use these cards responsibly and not view them as an excuse to go wild with your spending. We strongly recommend only using a credit card for necessary, planned, affordable one-off purchases – think along the lines of replacing a broken fridge or investing in something that will truly benefit your life.
The key is to borrow as little as possible and ensure that you can pay back the borrowed amount within the 0% interest period. It’s important not to fall into the trap of relying on credit cards to fill gaps in your income during this cost-of-living crisis. Doing so will only add to your future financial burdens and make life even more challenging down the line.
That being said, if you find yourself needing extra funds despite our advice, borrowing at 0% interest is certainly better than paying high interest rates on traditional loans or credit cards. However, we must stress that avoiding borrowing altogether for income shortfalls should be your primary goal whenever possible.
Longest Interest-free Credit Cards
1. Barclaycard
Barclaycard offers one of the longest 0% interest periods on the market, but there’s a catch. The advertised length of up to 21 months may not apply to everyone. It depends on your eligibility and whether you are pre-approved in their calculator.
If you’re lucky enough to be pre-approved, then congratulations! You’ll enjoy the full 21 months at 0% interest on your purchases. This gives you plenty of time to pay off any large expenses without accumulating additional charges.
However, if you’re not pre-approved, don’t despair just yet. You could still get a decent amount of interest-free time – around 10 months at 0%. While it’s not as long as the maximum period offered, it can still provide some relief when managing your finances.
It’s important to note that after the promotional period ends, a representative APR of 24.9% will apply. So make sure you have a plan in place for repayment before that happens.
2. HSBC
HSBC offers another enticing option for those looking for a 0% interest credit card. With an impressive up to 18 months at 0% period, it’s definitely worth considering. However, it is important to note that this offer is also subject to eligibility, so some individuals may receive fewer interest-free months.
If you are eligible and show as “pre-approved” in the eligibility calculator, you can enjoy the full 18 months without any interest charges. This provides ample time to make necessary purchases or pay off existing debt without incurring additional costs.
On the other hand, if you do not qualify as “pre-approved,” your interest-free period could be reduced to just 15 months. While still a decent amount of time, it’s essential to factor this into your decision-making process.
It’s crucial to remember that after the promotional period ends, HSBC applies a representative APR of 24.9%. Therefore, it’s advisable to have a plan in place for repayment beyond the introductory offer.
HSBC offers an attractive deal with its up-to-18-months at 0% promotion. Just ensure that you meet the eligibility requirements and consider how long you genuinely need interest-free borrowing before making your decision on which credit card best suits your needs.
3. M&S Bank
M&S Bank offers a decent 0% period on their credit card, providing you with a full 18 months at zero interest. This can be incredibly beneficial if you have planned purchases and need some time to pay them off without accruing any additional charges.
But that’s not all – M&S Bank also sweetens the deal by offering M&S points on every purchase made with their credit card. For every £1 spent in M&S, and every £5 spent elsewhere, you earn one point. These points can then be converted into valuable M&S vouchers, allowing you to save even more money when shopping at M&S.
So not only do you get the benefit of interest-free borrowing for an extended period of time, but you also get rewarded for your spending. It’s like getting double the benefits!
Keep in mind though that once the 0% period ends, the representative APR for this card is 23.9%. Therefore, it’s important to make sure that you’re able to pay off your balance before the promotional period expires to avoid any hefty interest charges.
4. MBNA
MBNA offers a generous 0% interest period of up to 18 months on purchases. However, it’s important to note that this offer only applies to purchases made within the first 60 days of opening the account. This means you’ll need to make any planned big-ticket purchases soon after getting the card in order to take full advantage of the interest-free period.
With an MBNA credit card, you can enjoy a significant amount of time without accruing any interest charges on your purchases. This can be particularly useful if you’re planning a large expense and want some extra breathing room in terms of repayment.
It’s worth mentioning that once the initial interest-free period ends, the representative APR for this card is 23.9%. Therefore, it’s essential to have a plan in place for repaying your balance before this higher rate kicks in.
5. NatWest
NatWest, along with its sister banks RBS and Ulster Bank, offers a 0% interest credit card with a competitive 17-month period. This means that for almost a year and a half, you can make new purchases without worrying about accruing any interest charges. It’s definitely an attractive option if you have planned expenses or need to make a large purchase.
With the NatWest credit card, you’ll have the peace of mind of knowing that your payments will go towards reducing your balance instead of being eaten up by interest fees. Plus, with their widespread acceptance and reputation as one of the leading banks in the UK, you can trust that NatWest has got your back when it comes to financial stability.
It’s important to note that after the introductory period ends, there is an APR rate of 24.9%. Therefore, it’s crucial to be diligent in paying off your balance before this kicks in to avoid any hefty interest charges down the line.
6. Lloyds Bank
Lloyds Bank offers a 0% interest credit card with a generous up to 17 months introductory period. This means that for almost a year and a half, you won’t have to worry about paying any interest on your purchases. It’s definitely an attractive option if you’re planning to make a big purchase or need some extra time to pay off existing debt.
With Lloyds Bank’s 0% interest credit card, you’ll also benefit from a manageable representative APR of 23.9%. While it’s important to keep in mind that this rate may vary depending on your personal circumstances, it is generally competitive compared to other credit cards on the market.
Having the flexibility of up to 17 months without accruing any interest can be incredibly helpful when managing your finances. Whether you want to spread out the cost of a large expense or consolidate smaller debts into one manageable payment, Lloyds Bank has got you covered.
Top Interest-free Cards for Bad Credit
1. Virgin Money
Are you worried about your credit score? Have past financial troubles left a mark on your borrowing ability? Don’t fret, because Virgin Money has got you covered with their interest-free cards designed specifically for individuals with bad credit.
What sets Virgin Money apart from the rest is its impressive 0% period of 12 months, which is the longest in the market for those with poor credit. This means that for an entire year, you won’t have to pay any interest on your purchases, giving you some breathing room to manage your finances effectively.
To make things even better, Virgin Money offers an eligibility calculator that allows you to check if you’re pre-approved for their card. This handy tool saves time and helps determine whether this card is suitable for your needs.
Of course, it’s important to keep in mind that these cards come with a representative APR of 29.9%. While this may seem high compared to other options, it’s important to remember that these cards are designed for individuals trying to rebuild their credit history.
2. Post Office
If you have bad credit and are in need of an interest-free credit card, the Post Office might have a solution for you. With their 0% interest offer for 3 months, it can provide some relief for those who are struggling financially. However, it’s important to note that this is only a short-term solution.
The Post Office understands that everyone deserves a second chance, which is why they offer this option to individuals with less-than-perfect credit scores. It allows you to make purchases without accumulating any interest charges for the first three months.
While this may seem like an appealing offer, it’s crucial to remember that after the initial 3-month period, the standard representative APR jumps up to 29.9%. This means if you don’t pay off your balance within those three months or start making minimum payments on time afterwards, you could end up paying significantly more in interest fees.
3. Barclaycard Forward
Barclaycard Forward is an ideal option for those with bad credit who are looking for a 0% interest credit card. You can enjoy three months of interest-free purchases with this card. Although the 0% offer is not as lengthy as it could be for some other cards, it is still a great way to manage your money without incurring extra fees.
One thing to keep in mind is that after the initial three months, the representative APR jumps up to 33.9%. This means that if you do carry a balance beyond the interest-free period, you will be subject to high interest rates.
