Please don’t borrow unless you require it. Because lending leads to problems sometimes. Also, if you require, you can go forward with an interest-free credit card to make your payments.
These credit cards are the cheapest way to borrow.
So, if you are looking for the best interest-free credit cards, this article is for you.
Here, in this article, I am going to wrap together what is an interest-free credit card, how an interest-free credit card works, and the 10 best interest-free credit cards up to 20 months or above in the UK.
Let’s dive into the deep!
What is an Interest-free credit card?
One thing that you should consider while applying for a credit card is that it comes with a high-interest rate. But, do you know that a credit card has an interest-free period?
During this period, you can get the benefit of 0 interest. Every credit card has a billing cycle that lasts 28 to 31 days.
The purchases and transactions you have made using the card will be billed to you at the end of this period.
This is the time when the credit card statement will be issued to you. Then you will get 18 to 25 days to pay the credit card bill without any interest charges thereon.
The time frame between the transaction data to the payment due date is the interest-free period. The length of the interest-free period can range from three months to 21 months in some cases.
How Does an interest-free credit card work?
If you are looking to make an expensive purchase but are not in a position to cover the cost, an interest-free credit card can help you to purchase up front.
You can spread the entire cost of the purchase over several months over a longer period.
These cards will not charge any interest on purchases for an initial time frame between three months to 21 months. Moreover, to get real benefits, you need to pay the debt before the promotional period ends.
Otherwise, the company will charge you interest on the remaining balance. At this stage, the interest rate will be the card’s standard APR -usually around 24%.
The 10 Best Interest-Free Credit Cards up to 20 Months and Above, UK
1. M&S Bank Transfer Plus Credit Card
M&S Bank Transfer Plus Credit Card is one of the best interest-free credit cards UK. It offers an interest-free purchase term is up to 20 months. Its
- Representative APR (variable): 24.9% APR
- Interest on Balance Transfers: 0% for 28 months with a 3.49% fee
- Interest on purchases: 0% for 3 months
Additional Information
- 0% on balance transfer for 28 months
- Collect 1 point per 1 pound spent at M&S online and in-store
- Collect one point per 5 Pounds spent elsewhere and abroad.
- 0% on shopping for up to three months
Eligibility
- You should have a good credit rating
- You must be 18 or older
- You must have a permanent UK home address
- You have an annual income/ pension of at least 6,800 Pounds
2. Virgin Money Balance Transfer Credit Card: (25 months) (24.9%)
Virgin Money Balance Transfer Credit Card allows the cardholder to earn cashback on spending through their credit card.
However, they can avail of the facility while they deal with the participating retailers enrolled in the program.
- Representative APR (variable): 24.9% APR variable
- Interest on Balance Transfers: 0% for 25 months with a 3% fee
- Interest on Purchases: 0% for 3 Months
The standard interest rate on purchases is 24.9% p.a. (variable)
Additional Information
- 25 months 0% on balance transfers (3% transfer fee)
- 12 months 0% on money transfer (4% transfer fee)
- 3 months 0% on purchases
Eligibility
- You should have a permanent UK home address
- You must be 18 or older
- You must have a good credit history
- No balance transfers from Clydesdale Bank PLC
3. Santander Everyday Long-Term Balance Transfer Credit Card
- Representative APR (variable): 23.9% APR
- Interest on Balance Transfers: 0% for 26 months with a 3% fee or a minimum of 5 Pounds
- Interest On purchases: 0% for 3 Months
Additional Information
- 0% for 26 months on balance transfers, and a 3% balance transfer fee
- 0% for 3 months on purchases
Eligibility
- You should have a permanent UK resident address proof
- You have to be 18 or older
- You must have a minimum income of 10,500 Pounds
- You must have a good credit rating
- Must not have a Santander balance Transfer Credit Card
4. Royal Bank of Scotland Longer Balance Transfer Credit Card
- Representative APR (variable): 24.9% APR variable
- Interest on Balance Transfer: 0% for 23 months with a 2.99% fee
- Interest on Purchases: 0% for 3 Months
The standard interest rate on purchases is 24.9% p.a. (variable).
Additional Information
- 0% for 23 months on balance transfer from the day of account opening made within the first three months. After that, standard rates will be applied
- 0% on purchases for 3 months from the day of account opening. After that, the standard rates will be applicable
- 2.99% balance transfer fee
- The balance transfers are limited to 95% of your available credit limit.
- The minimum balance transfer amount is 100 Pounds
- You can transfer your balance from most store cards and c credit cards.
Eligibility
- You must have a permanent UK resident address
- You should be 18 or older
- Your income must be 10K Pounds per year
- Your APR and credit limits are subject to status
5. NatWest Longer balance Transfer Credit card
- Representative APR (variable): 24.9% APR variable
- Interest In Balance Transfers: 0% for 23 Months with a 2.99% fee
- Interest On purchases: 0% for 3 months
The standard interest rate on purchases is 24.9% p.a. (variable)
Additional information
- 0% for 23 months from the day of opening your account on balance transfers made within the first 3 months. After that, standard rates will be applied.
- 0% on purchases for 3 months from the day of opening your account, after that standard rates will be applied
- 2.99% balance transfer fee
Eligibility
- You must be a UK resident
- You need to be 18 or older
- Your income must be 10K pounds per year
- Your APR and credit limit are subject to status
6. Barclaycard Platinum Balance Transfer
- Representative APR (variable): 24.9% APR
- Purchases Term: 0% for 21 months
- Barclay offers a competitive up to 21 months of interest-free on purchases
Additional Information
- 0% interest on balance transfer for 18 months from the day of account opening
- 2.99% transfer fee
Eligibility
- You must be a permanent UK resident
- You should be 18 or older
- Your minimum income must be 3,000 Pounds
7. Virgin Money Balance Transfer Credit Card: (20 Months) (24.9%)
- Representative APR (variable): 24.9% APR
- Interest On Balance Transfers: 0% for 20 Months with a 2% fee
- Interest on purchases: 0% for 3 months
The Standard interest rate on purchases is 24.9% p.a. variable.
Additional Information
- This credit card allows the cash holders to earn cashback on their credit card spend.
- 0% on balance transfer for 20 months (2% transfer fee)
- 0% on money transfers for 12 months (4% transfer fee)
- 0% on purchases for 3 months
Eligibility
- You must be a permanent UK resident
- You need to be 18 or more
- You must have a good credit history
8. HSBC Purchase Plus Credit Card
- Representative APR (variable): 24.9% APR (variable)
- Purchase term 0% for 18 months
- No annual or monthly fee
This card is available to new HSBC customers and can get exclusive discounts and offers through HSBC Home and Away.
Additional Information
- 0% balance transfer for 16 months
- It provides exclusive discounts and offers
Eligibility
- You must be a permanent citizen of the UK
- You should be 18 or older
- Your minimum income must be 6,800 Pounds
9. Virgin Money Balance Transfer Credit Card (25 Months) (27.9%)
- Representative APR (variable): 27.9% APR
- Interest on Balance Transfers: 0% for 25 months with a 3.5% fee
- Interest On Purchases: 0% for 3 Months
The Standard Interest rate on Purchases is 27.9% p.a. (variable).
Additional Information
- The cardholders can get the cashback facility on their credit card spend
- 25 months on 0% on balance transfers with a 3.5% transfer fee
- 12 months 0% on Money Transfer with 4% transfer fee
- 3 Months 0% on purchases
Eligibility
- You need to be 18 or older
- You should have a permanent UK home address
- You should have a good credit score
- additional criteria for granted lenders may apply
10. Sainsbury’s Balance Transfer
- Representative APR (variable): 28.9% APR (Variable)
- Balance transfers: 0% for 20 Months
- balance Transfer fee: 3%
Additional Information
- Purchases: 0% for 3 Months
- No balance transfer is allowed to this card from Sainsbury’s Credit cards
Eligibility:
- You need to be 18 or older
- you must have a permanent UK home address
- You should have a good credit score
FAQ
What credit card has the longest 0% interest rate?
Ans: CVirgin Money Balance Transfer Credit Card has the longest 0% interest rate.
How many interest-free credit cards can I get at once?
Ans: there is generally no limit to the number of interest-free credit cards that you can have at once. As long as your credit score is good enough, your credit card application will be granted. You need to use the cards very smartly by making payments on time.
What are the pros and cons of interest-free credit cards UK?
Ans: Pros:
- low cost
- pay off debt faster
- Time to pay
Cons:
- High interest rate when interest-free term ends
- Temptation to spend
- many interest-free credit cards including Balance transfer credit cards charge a fee
Conclusion
Interest-free credit cards UK are those cards, which offer their new customers an introductory 0% offer. During this interest-free period, customers will pay no interest, but you need to make regular monthly payments on time.
well, here, I have provided every aspect of interest-free credit cards including the 10 best interest-free credit cards. So, you can go through this article and select one credit card from the list that suits you perfectly. Enjoy the interest-free period since this may allow you to pay back your outstanding debt faster!
