And the new Post Office Matched credit card, offering a market leading 27 months’ interest-free spending, could be just the card you’re looking for.
The Post Office Matched credit card offers 27 months at 0% on purchases, making it the longest interest-free purchase deal on the market.
In other words, you can spend on this credit card without paying interest for more than two years.
However, to qualify, you must make a purchase on the card within the first three months - otherwise the 0% window will shrink to 16 months.
You should also ensure you clear your balance before the interest-free period is over and the card’s representative rate of 18.9% APR (variable)* kicks in.
Is this for you?
A recent MoneySuperMarket survey revealed that almost a quarter of Brits are set to use a credit card to pay for presents, food and other costs this Christmas.
So if you’re one of them, or you have other big expenses coming up, the Post Office Matched credit card offers a great way to spread the cost of your spending over 27 months without worrying about paying interest.
What makes it special?
The Post Office credit card offers the longest 0% purchase deal on the market. So you won’t currently find a better deal anywhere else.
Watch out for
As mentioned, to qualify for the 27 months’ interest-free spending, you must use your credit card within the first three months.
You’ll also need to earn at least £8,000 a year and have a good credit score to be accepted for this card. If you haven’t checked your credit rating for a while, head over to our credit monitoring channel.
It’s also worth using our Eligibility Checker tool which will give you an idea of the credit cards you’re more likely to be accepted for.
Bear in mind too that you need to make at least the minimum payment on time each month and stick to your credit limit to ensure your 0% offer isn’t withdrawn.
Finally, remember to clear your balance before the 0% window ends and you start paying interest.
What else is worth a look?
You could also consider the Clydesdale and Yorkshire Bank Gold MasterCard which offers 0% on purchases for 26 months. But the drawback is that you can’t manage your account online unless you’re an existing customer registered for internet banking. The cards have a representative rate of 18.9% APR (variable)*.
Alternatively, the Sainsbury’s Bank Nectar Purchase credit card could be worth a look.
It offers a slightly shorter 25 months’ interest-free on purchases, but has the added benefit of allowing you to earn Nectar points as you shop. You’ll earn two Nectar points for every £1 spent on Sainsbury’s shopping and fuel, and one Nectar point for every £5 spent elsewhere.
The card has a representative rate of 18.9% APR (variable)**.
Alternatively, you could consider a low rate credit card instead. Although you will be charged interest on your purchases, rates on these cards are generally very competitive, and the advantage is the rate is ongoing – so it won’t suddenly shoot up after a number of months.
For example, Halifax, Lloyds and Bank of Scotland all offer credit cards with a representative rate of 6.4% APR (variable)***.
*Representative Example: If you spend £1,200 at a purchase interest rate of 18.9% p.a. (variable) your representative rate will be 18.9% APR (variable).
**Representative Example: If you spend £1,200 at a purchase interest rate of 18.95% p.a. (variable) your representative rate will be 18.9% APR (variable).
***Representative Example: If you spend £1,200 at a purchase interest rate of 6.45% p.a. (variable) your representative rate will be 6.4% APR (variable).
All credit cards are subject to status and terms and conditions. Over 18s, UK residents only. Terms and conditions apply. See MoneySuperMarket.com for further information.