The best 0% purchase credit cards


Updated on 13 September 2021 | 0 Comments

Want to make a big purchase and spread the cost of repayments? A 0% purchase card might be worth considering. Here’s the top 0% purchase credit cards currently on the market.

If you want to make a big purchase and spread the cost of repaying it, a 0% purchase credit card can be a good option – provided you keep on top of your repayments.

These cards give you a lengthy interest-free period to pay off your debt without incurring any costs whatsoever.

Unfortunately, it appears that interest-free terms are becoming less generous.

Santander’s All in One card has long dominated the purchase card best buy tables as it offered 26 months on new purchases (and balance transfers).

But the bank recently slashed the 0% period on new purchases to 20 months and hiked its APR to 23.7%.

Tesco Bank currently offers the longest interest-free period for purchases at up to 22 months.  

Below is a detailed roundup of all the longest purchase cards on the market.

We're working with Compare the Market* where you can find out what credit cards you are eligible for without harming your credit score. Click here to find out more or jump straight in and discover which credit cards you're likely to qualify for.

Longest 0% purchase credit cards

Credit card

0% period (months)

Representative APR

Tesco Bank Purchases Credit Card

Up to 22

20.9%

Sainsbury’s Bank Nectar Dual 21 Month Credit Card*

Up to 21

20.9%

Barclaycard Platinum Purchase and Balance Transfer Card

Up to 21

21.9%

Lloyds Bank 0% Purchase and Balance Transfer Card

Up to 21

21.9%

MBNA 0% Transfers and Purchases Card

Up to 21

21.9%

*You have to be a Nectar member for at least six months to apply

Some of these top cards also offer lengthy 0% interest-free periods on balance transfers, which might come in handy if you have existing credit card debt.

But we'd recommend choosing a dedicated 0% balance transfer card if that's your primary focus.   

When 0% purchase cards are a good idea

The beauty of a 0% purchase credit card is there are no fees, so every penny goes to paying off your debt. Provided you clear the debt before the 0% window ends, you won't have spent any more than the original cost of your purchase.

So, if you know you've got a big purchase ahead of you, going for a 0% credit card is a good option.

Why you need to think carefully about what card you pay with

The risks of a 0% purchase card

Compare credit cards (Image: Compare the Market - loveMONEY)There are some hurdles to consider though.

For starters, you need to make more than the minimum payment each month or you could lose the interest-free offer.

However, this shouldn't be a risk for most as you need to try and pay off as much as possible each month.

Fail to do so and you could be left with a sizeable balance when the 0% window closes.

If this happens, you should consider shifting the remaining debt to a 0% balance transfer card, which will also offer an interest-free period on your debt (although many will charge a fee). 

For more on balance transfer cards, head this way.

Finally, there’s the fact that to get your hands on a 0% card, you’ll need to have a very good credit record.

Credit card providers don’t make a habit of handing out these cards to any borrower – ironically borrowers who would most benefit from breathing space in paying off their debts are the ones who find it most difficult to get their hands on such cards.

You may find that your credit rating is good enough to get a 0% purchase card, but not good enough to get one of the best 0% balance transfer cards.

So, make sure you use an eligibility checker to work out how likely you are to successfully apply for a card without leaving a mark on your credit report.

We're working with Compare the Market* where you can find out what credit cards you are eligible for without harming your credit score. Click here to find out more or jump straight in and discover which credit cards you're likely to qualify for.

Improve your chances of getting a 0% card

It's always a good idea to ensure your credit rating is as spotless as possible.

There are a number of simple things you can do to improve your credit rating, which we've detailed in this guide.

Still not found the right card for you? View our complete guide to credit cards to see all your options.

*loveMONEY has teamed up with Compare the Market to provide credit card price comparison services. Compare the Market Limited acts as a credit broker, not a lender. To apply you must be a UK resident and aged 18 or over. Credit is subject to status and eligibility.

 

Comments


Be the first to comment

Do you want to comment on this article? You need to be signed in for this feature

Copyright © lovemoney.com All rights reserved.