Credit card: Longest 0% deals currently on the market for Britons | Personal Finance | Finance
Credit cards are used by millions of people, usually to meet more significant expenses, or as an alternative to cash – which can be very helpful at the current time. But for those who are focused on making repayments, a zero percent credit card is likely to be a good solution. Described as one of the cheapest ways to borrow, making purchases without paying any interest for a fixed period is an attractive option for many.
But what are the options which are currently available to Britons in this regard?
Speaking to Express.co.uk, Katie Brain, Insight Analyst at Defaqto, offered insights into the leading deals.
People are likely to see some very familiar providers offering good deals to those looking for this kind of support.
Currently offering the longest zero percent balance rate is the TSB Platinum Balance Transfer Card, with an introductory balance transfer fee of 2.95 percent.
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And the Halifax Balance Transfer Credit Card has an offer of 23 month at zero percent, with a balance transfer fee of 1.50 percent.
A number of familiar providers currently offer 22 month zero percent balance rates to their customers.
These are the Bank of Scotland, Lloyds Bank, Tesco Bank and Virgin Money.
However, the introductory balance transfer fees on these accounts range from 1.99 to three percent, so it is worth checking.
Finally, rounding out the leading zero percent credit card offers are TSB and M&S Bank, who also topped the list for duration.
The Shopping Plus Credit Card from M&S and the Platinum Purchase Card from TSB both offer 20 months of zero percent balance rate.
The data excludes any restricted products, meaning availability should be fairly open to Britons looking for this kind of deal.
However, it is worth noting zero percent deals are usually only an option for those who have a good credit rating.
Bearing a credit rating in mind is important at every stage of the application process.
Those with a poor credit rating may find themselves unable to access zero percent deals.
However, people who are unsure may wish to use an eligibility checker to find out if they will be accepted.
This, though, could be marked on their credit file, and potentially affect chances of securing credit in the future.
There are a number of companies which will provide people with the opportunity to check their credit report without it affecting their rating or score.
The Money Advice Service therefore recommends Britons to ask for a quotation, a ‘quotation search’ or a ‘soft search credit check’.