Thinking of getting interest free credit cards? Not sure where to start? We breakdown all the information in a table to ensure that you can understand exactly what you’re getting from your credit card and which is the best for you. Read the below to fully understand what interest free means and what to look out for.
What are interest free credit cards?
They are credit cards where no interest is charged on purchases for the period of time, as long as all the minimum payments are met. For example, if you have a credit card which offers 0% interest for three months, then for three months you will not be charged interest for your purchases. The time period offered is dependent on the provider, it can be as little as three months, or as long as eighteen.
Once the interest free period is over, then a rate of interest is immediately applied to your remaining balance.
Click on the images and buttons below to find the best 0 interest free credit card for you. Alternatively, use the table to compare deals available.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Free Credit Card Deals
| Merchant | Description | Deal | APR | Get Deal |
|---|---|---|---|---|
 | Halifax All In One credit card | 0% on first 13 months | 17.9% APR |  |
| Halifax- Bank of Scotland all in one | 0% for first 12 months | 17.95% APR | |
| Halifax- Bank of Scotland Exclusives Card | 0% for first 13 months | 17.95% APR | |
| Halifax- Bank of Scotland Plus Card | 0% for 18 months | 16.9% APR | |
 | American Express Rewards Credit Card | 0% for 6 months | 17.9% APR | |
 | Natwest Platinum Credit Card | 0% for 18 months | 16.56% APR | |
| Halifax Balance Transfer Credit Card | 0% on balance transfers up to £3,000 for 20 months | 16.94% APR | |
Which banks offer interest free credit cards?
You can get interest free credit cards from Halifax, Lloyds TSB, Natwest, MBNA, RBS and American Express.
Are there different types of interest free cards?
Different credit card providers will offer different interest free periods and 0 interest free credit cards. Some may give consumers zero interest for three months, others will offer up to eighteen months.
You also need to check what interest free will and will not cover- most offer zero interest on purchases only and not on cash withdrawals, travellers cheques or gambling bills.
What are balance transfers?
Interest free transfers on credit cards enable consumers to switch their credit card balance from one credit card to another, and pay off what is owed without any further interest. There is a fee to make this change, which is usually 2-3% of the balance transferred. When the period of no interest is over, then the interest will be charged on items which have not been paid off in full.
How do I apply?
To apply, just click on the ‘Check Interest Free Deals’ buttons above, or on the credit card image. This will then take you to the right place online. All you need to do now is enter your details online and the bank will contact you.
Note: Banks have their own criteria as to who is or is not accepted.
Is there any specific criteria for applying?
Whether you are accepted for the card or not is dependent on your credit rating and other criteria which is set by the bank itself. Therefore before applying for a credit card, it’s worth checking the terms and conditions of the bank.
What to watch out for
If you’re transferring your balance from one credit card to another, you may incur a one off handling fee of 2% or 3%. This means that you will pay an extra 2-3% of the balance transferred.
Whilst interest free credit cards help you to save money in the long run, keep an eye on your package. The minute your interest free period is up, high interest fees can creep in so it’s important to ensure you know when it runs out. This way, you can manage your finances and avoid heavy interest fees.
It is also worth noting what your interest free period covers. Cards will often rule out certain transactions from their interest free agreement. Things such as cash withdrawals, buying travellers cheques or foreign currency, gambling, getting cash back at supermarkets and paying bills will be charged interest, so it’s worth making a note of this before making a decision.
