0% Credit Cards in the UK

Are there any personal stories?

SWhat happens when you have transferred the balance to a 0% credit card and the 0% time is expired? You have some choices. One is to call and ask for an extension. There have been several stories of people who just called their credit card company and got a 0% extension, one got the extension for another full year, making the total time of their 0% 2 years! The credit card involved was LTSB. According to several sources, this is not uncommon. So, it does pay to ask.

What about opening up a new 0% account? Several people have found that they could actually open up and transfer accounts at the same bank. The key to getting extensions at 0% is to call the customer relations department. If you tell them you are going to get another card elsewhere and transfer the money they are likely to try to keep you by making an offer. One piece of advice is to know what deal you will settle for before making the phone call. They are apt to offer you something and unless you are aware of your other options, you won’t know if that’s a good deal or not.

People have gotten into trouble using 0% cards. The problem usually comes in when they overspend. A couple just finally got their credit back on track after a bad situation with a 0% card. They started charging on the card since it was at 0% interest. However, they ended up with a huge balance at the end of the 0% period and could not pay off the balance. They ended up taking yet another 0% card to get them out of this mess. That is wreaking havoc on their credit score. Until they pay the balance down, they won’t get their credit rating back up. They advise to always leave the card at home. They have now taken the advice of a financial planner who told them to freeze their card. He meant to actually put it in the freezer! Put your credit card into a small tub or baggie of water and put into your freezer. If you need the card, you will be able to thaw it and use it, but the thaw time gives you time to think about what you were going to use it for and make sure it’s something you need. A word of caution, though, don’t thaw it in the microwave because the metal strip won’t work.

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.