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What plans do you have for your credit card balance in Jan 09?

What plans do you have for your credit card balance in Jan 09?

Home / Money / Credit Cards / Credit Card Types / Interest Free Credit Cards

Interest Free Credit Cards

If you regularly use your credit card, and don’t want to pay off the balance in full each month, you are likely to benefit from getting an interest-free credit card. 

Credit cards are classed as interest free if they have an interest-free period of any sort. Read more...>

0% Balance Transfers Typical APR
American Express Platinum Moneyback credit card

American Express Platinum Moneyback

Great Cashback Offer
n/a 18.9%
** up to 5% cash back **
Virgin credit card

Virgin

16 Mth 0% balance transfers - 6 Mth 0% on Purchases
16 mths 16.6%
GM Platinum credit card

GM Platinum

Save up to £2k on a New Vauxhall or £2,500 at Saab
5 mths 14.9%

This could be a 56 day interest-free period, an introductory balance transfer interest-free period, an introductory interest-free period on purchases or a mixture of any of these.

If you are looking for a credit card which will give you a substantial amount of time to pay off the balance in full, you would be better off with a credit card offering the longest interest free period. The standard interest-free period is around 56 days.

Another option would be to get a interest free card with a long introductory 0% period on purchases. The market average is currently around six months, although, if you are specifically interested in 0% purchase offers, some interest-free purchase cards offer 0% periods of nine or even twelve months.

If you have an outstanding balance on your credit card, you would probably benefit from an interest free card with 0% on balance transfers. The market average is currently around nine months, although some interest free cards offer a 0% period on balance transfers for twelve to fifteen months.
 

Top Tips

  • If you are looking to get the most from a credit card, you should definitely consider the length of the interest-free period
  • Some credit cards are run by the same parent company. If you have just had an introductory interest free offer on one credit card and then try to get one on another credit card run by the same parent company, you may not get given the interest free offer
  • Interest free periods never apply to any cash withdrawals made with your credit card, so don't take cash out on your card thinking you won't have to pay the high interest on it

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News

January 5 set to be busiest day for Balance Transfers
January 5 set to be busiest day for Balance Transfers

05-Jan-09

Day will see more than double the number of searches for ’Balance Transfers
Fairer terms from credit card providers
Fairer terms from credit card providers

12-Dec-08

Credit card rates have not decreased with the base rate

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