0% Credit Cards in the UK

What Are The Advantages Of Getting A 0% Credit Card?

There are definitely some advantages of using a 0% credit card. One of the main benefits of using this type of card is that you can save money in interest by transferring the balance from another credit card to this one. When you open a 0% credit card there is a grace period, during which the company will not charge any interest to the balance. This period varies from credit card to credit card, but is usually somewhere between 6 and 9 months. After the end of the grace period, the regular interest rate will start to be added to any unpaid balance. To make sure to get the benefit of the 0% you must make sure that you can pay the balance in full by the time the interest rate changes from 0%.

Besides offering a 0% interest on balance transfers, some credit card companies extend the 0% interest to cover new purchases as well. This again is for a certain set period of time. The advantage to using this card would be when you want to make a big purchase, such as furniture or electronics, or a holiday trip, you can have extra time to pay it off before any interest starts to be assessed. If you would have charged the purchase on your other, regular interest, credit card you would have paid interest on the balance. By using the 0% card you will be saving money.

Some credit cards offer 0% plus incentives such as points or miles for each dollar spent on the card. If you are making a large purchase you may be able to accrue some points that you can redeem for travel or products at a later date. So, besides getting the benefit of 0% financing, you are also receiving extras as well. These can be especially handy for traveling.

Before you decide on a particular card, make sure it has all the features you need. Ensure that the time-frame allowed for 0% interest suits your needs. See if the card allows for 0% interest on both transfers and new purchases. Check for any extras they may offer. Last, but not least, make sure the ongoing interest rate is a good one. You may have good intentions of paying off the balance during the 0% time-frame, but in case that doesn’t happen you don’t want to be saddled with an extremely high APR (annual percentage rate).

Eligibility for offers for 0% credit cards usually (but not always) depend on the credit score of the applicant. If you have a high credit rating, you're much more likely to qualify. It's worth applying, though, because usually they'll offer you a low-interest credit card even if you don't apply for the zero-interest offer.

Some of the top no interest credit cards offered in the UK include Citi Platinum Select Card, which offers 0% APR on balance transfers and purchases for a period of 12 months. They offer ?0 liability on unauthorized purchases and do not charge any annual fee. The 0% card has a regular APR of 10.74%. Chase Platinum Credit Card, too, offers 0% credit cards for 12 months or for 3 months, depending on the credit history of the applicant.

Blue from American Express features a 0% introductory APR up to 15 months and charges no yearly fee. The card's regular APR is about 11.74% and applicants do not have to have an exceptional credit record in order to get this credit offer.

There is also Blue Cash from American Express, which offers 5% cash back on all qualified purchases. This offer for their 0% credit cards is for six months and they do not charge an annual fee.

With Value Miles Platinum Visa Card, (a frequent flier credit card), the card holder can earn one value mile for every dollar spent. With 24,000 miles you earn can get an airline ticket for any nearby destination. They also do not charge yearly fees and the 0% interest applies to the first 12 months.

HSBC Platinum Master Card offers 12 months of 0% APR and it benefits include unlimited purchase protection and insurance for travel accidents. Their regular APR is 10.74%.

Citi Diamond Preferred Rewards Card offers a ?50 gift card and for every ?1 spent on purchases in drugstores, supermarkets and gas stations can card holders get 5 reward points and 1 point for every other purchase. Of a similar type is the GM Flexible Earnings Card, which offers 0% introductory APR for a year which presents a full one-percent cash back choice, otherwise the cardholder can choose a one-percent earnings towards any new GM vehicle.

Other companies that offer 0% credit cards also include Starbucks Duetto Visa for six months and Northwest Airlines- WorldPerks Visa Platinum Card, which has a credit line up to ?7,500 and a 15,000 miles annual WorldPerks travel reduction. The Northwest card does charge an annual fee of ?55, though.