Revamped card offers interest-free spending for 26 months
Clydesdale Bank and Yorkshire Bank have boosted the 0% period on the Gold MasterCard making it the longest-lasting 0% purchase deal on the market.
The Gold MasterCard now offers an incredible 26 months of 0% interest on purchases, giving cardholders over two years to spend interest-free.
The competition has been heating up in the 0% purchase credit card market over the last few months with Virgin Money and Post Office Money battling to top the tables. But now Clydesdale and Yorkshire have cut in on the action with the longest 0% period ever seen on a purchase credit card.
How the cards compare
Here’s how the new deals stack up to other leading 0% purchase credit cards.
|
Credit card |
0% purchase period |
Representative APR |
|
26 months |
18.9% |
|
|
26 months |
18.9% |
|
|
25 months |
18.9% |
|
|
24 months |
18.9% |
|
|
23 months |
16.5% |
|
|
21 months |
18.9% |
|
|
Halifax Purchase Credit Card |
21 months |
18.9% |
|
20 months |
18.9% |
|
|
20 months |
18.9% |
|
|
20 months |
18.9% |
|
|
20 months |
19.9% |
*Annual fee of £24
For more of the top deals check out: The best 0% purchase credit cards.
Why get a 0% purchase card?
With a 0% purchase credit card you can spread the cost of big spends and if you’re disciplined pay it all off before any interest kicks in.
Longer lasting interest-free periods are important because they allow you to spread repayments into more manageable chunks.
The table below shows how different levels of spending pan out on a 20-month, 24-month and a 26-month deal.
|
Credit card spend |
Cost of repayments spread over 20 months |
Cost of repayments spread over 24 months |
Cost of repayments spread over 26 months |
|
£2,000 |
£100 |
£83.33 |
£76.92 |
|
£4,000 |
£200 |
£166.67 |
£153.85 |
|
£6,000 |
£300 |
£250 |
£230.77 |
[SPOTLIGHT]As you can see the longer 26-month deal can really help reduce what you have to pay each month in order to clear the cost of a large purchase.
A word of warning
You should take care to keep up with the minimum repayments and stay within your credit limit once you get a 0% purchase credit card.
If you don’t your interest-free promotional rate may be withdrawn and standard interest will kick in on your balance.
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