0% Credit Cards in the UK

Strategies

Once you have decided to get a credit card you need to make sure you follow some basic guidelines to keep your credit good. Financial planners advise to charge only what you have money in the bank to cover. The mistake many people make is that they see they have a high credit limit on their card and decide to make purchases for items they ordinarily could not afford. Before they know it, they have a large balance and are paying hefty finance charges each month.

To keep this from happening, a financial advisor suggests that as soon as you make a purchase on your credit card you go home and write a check for that amount to the credit card company. Hold the check until the bill comes later that month.

Don’t get too many credit cards. Most people have too many cards, say some financial experts. Most people have between 6 and 15 cards. They should have between two and no more than six credit cards. Having too many credit cards can actually hurt your credit. Credit scores look at how much credit you have available and how much is used. If you have too many cards, it throws the numbers off. You should keep your balance low on all your cards. The rule of thumb is that you should have no more than half your available credit used up. For example, if you have a credit card with a credit limit of £5000, you should have a balance owed of no more than £2500. Anything more than that and you will have points deducted from your credit score.

If you are in high debt or have trouble controlling your spending you should leave your credit card at home. Work with cash only, unless absolutely needed. Even then, with the wide use of debit cards, you can use your debit card as you would your credit card. If you can’t control your use of credit cards, keep your card on ice. Actually put your credit card into a small tub or baggie of water and freeze it in the freezer. The next time you want to buy something on your credit card you will need to come home and think about it first. If you want the item, you will need to thaw out the card. This will help avoid impulse spending, the type of spending experts agree will ruin your credit.

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.