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Looking for a great low interest credit cards UK? You’ve probably seen countless options with tempting limited-time 0% interest rates, and it’s easy to get carried away with excitement.
However, the question remains, how do low interest credit cards UK work and what are the best alternatives? Whether you’re trying to manage your finances, pay off existing debt, or just want to make big purchases without the high-interest rates. Understanding low-interest credit cards can be the key to success.
Today, you will know everything you need to be able to decide the best low interest credit cards UK, all in 05 minutes. Keep reading, paying attention to choose the best alternative.
Best Low-Interest Credit Cards to Consider
Let’s take a look at some of the top options you should consider.
1. MBNA Dual 0% Transfer and Purchase
MBNA Dual 0% Transfer and Purchase has an excellent combination of benefits for those looking to transfer debt balances and make purchases without paying interest for a long period.
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At first, it will have up to 24 months of 0% on balance transfers and up to 22 months of 0% on purchases.
However, there is a transfer fee of 3.49%, which can be an extra cost to consider.
The representative APR after the interest-free period is 24.9% (variable). After the promotional period ends. The interest can be high if the balance is not paid.
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2. Buy M&S Plus
M&S Purchase Plus is for those who shop frequently at Marks & Spencer stores. And want to enjoy the benefits of a low-cost credit card.
It will also have 24 months of 0% on purchases. Thus, you will be able to make large purchases without worrying about interest for a long period.
In addition, you will have a rewards program, being able to accumulate points that can be exchanged for M&S vouchers.
For those who need to transfer balance, the card offers 12 months of 0% on transfers made in the first 90 days with a rate of 3.49%. The representative APR after the interest-free period is 24.9% (variable).
3. NatWest Balance Purchase & Transfer
The NatWest Purchase & Balance Transfer is for those looking for a credit card with long periods of 0% interest for both purchases and balance transfers.
First, you will have 20 months of interest exemption for purchases and 18 months for transfers made in the first 3 months, with a transfer fee of 2.99%.
4. Buy HSBC Plus
HSBC Purchase Plus offers an interesting option for those looking for a credit card with 0% interest for a considerable period on purchases and balance transfers.
It is worth noting that it has up to 20 months of interest exemption on purchases and 17 months for transfers made within the first 60 days, with a transfer fee of 3.49%.
5. Santander Credit Cards
Santander offers a variety of low-interest credit cards, each with specific characteristics, to meet the needs of different consumer profiles.
For example, the Santander Everyday Long Term Balance Transfer is a standout with up to 31 months of interest-free for balance transfers, with a rate of 3.45%.
Now, if you are more interested in a shopping card, the Santander All in One Credit Card is a good choice. With up to 15 months of interest free on purchases and the possibility of earning 0.5% cashback on all purchases. Additionally, this traditional bank offers a range of cards. Consider each carefully to make a good choice.
FAQs: Low interest credit cards UK
1. What is a 0% interest credit card and how do interest-free periods work?
A 0% interest credit card offers an introductory period during which you will not be charged interest on your purchases or balance transfers.
This time can range from a few months to more than two years, depending on the card.
2. What are the main risks and pitfalls to avoid with low-interest credit cards?
While low-interest credit cards can be beneficial, they come with potential risks that need to be managed carefully.
One of the biggest risks is not paying off the balance before the end of the 0% period, as interest can accumulate quickly afterwards.
Additionally, failure to pay can lead to fines, loss of the 0% rate. And a negative impact on your credit score.
3. How does my credit history affect the offers I receive from low-interest credit cards?
Your credit history plays a crucial role in determining the credit card offers available to you, including low-interest cards.
A strong credit score increases your chances of approval for cards with the best terms. Such as the longest 0% introductory periods and lower annual interest rates (APRs).
4. How can I ensure that I will pay my credit card debt on time?
To ensure that you pay off your credit card debt on tim. And avoid high-interest rates, it is essential to have a clear payment plan in place.
The best approach is to set up automatic payments to at least the minimum payment, which ensures that you never miss a due date.
Conclusion
In the end, low-interest credit cards can be an excellent way to manage your personal finances. As long as they are used strategically.
In fact, choosing the right card depends on your financial goals. Whether to transfer debts from other cards or finance purchases.
We also emphasize that it is crucial to make a careful assessment of your credit history, understand the fees involved, and plan how you will pay off your balance before the end of the 0% interest period.
With good planning, these cards can be good for controlling your budget and reducing long-term debt. Also, remember these tips: be extremely careful, as one of the biggest causes of debt is credit cards. So, use them wisely.
Now, if your goal is just to reorganize your finances, without worrying about finances, the best option is to use one of the credit cards for bad credit UK. These cards are easily approved, usually within minutes. They can undoubtedly benefit you depending on your current life situation.