0% Credit Cards in the UK

Has the Credit Card industry grown in the past 20 years?

The credit card industry has grown immensely over the last 20 years. Credit cards have become a way of life for everyone. In a recent study it was found that UK residents owe a combined total of close to L180 billion. With credit cards being easier to get than ever it’s easy to see why the total is so high. Even if you have little or poor credit history you can still manage to get a credit card, although the interest rate may be high. A credit card is a simple way of obtaining a credit rating and, used wisely, can help provide flexibility in spending and even bonuses like cash back offers or travel points. However, they can also be an easy way to get into serious debt, when used improperly.

FThe credit card companies want you to have debt. When you owe money, they make money. If you pay off your debt monthly, you are not making them any money. In order for you to get out of a poor financial status, you must use credit wisely. Start by using 0% credit cards to pay off high debt balances and then pay those off within the 0% period. If you need more time, talk to your credit card company. You may be able to get an extension.

If you are on the road to financial recovery, you need to try to live within your means. You need to start with a good budget. If you don’t know where to start, look on-line or find yourself a financial expert to help you manage your financial situation. No matter what state your finances are in, a financial advisor has seen worse, so don’t be ashamed. Their job is to help you get back on track. Start using cash or debit for all your new purchases. That way you know you have enough money to pay for these items. Think twice before charging anything on your credit card, even on a 0% interest card. It is easy to run up charges that can’t easily be paid back in a month.

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.