A simples guide

0% Credit Cards

There are so many interest free deals on credit cards that this is not always the key factor people are looking for anymore when applying for a credit card. You also need to know how long this 0% term will last, what is the cost of a balance transfer (if you do one), and potentially whether you can apply for the card with a bad credit history. Find out these answers and much more with a simple 0% credit cards comparison on our site. 


What are 0% credit cards?

Essentially a 0% credit card is an interest free card that allows you to spread paying back the balance owed over the length of the 0% term, sometimes up to three and a half years, without paying any interest at all (if you stay within the T&Cs.) You should always make sure that you borrow responsibly, because in the end you have to pay the money back.

Depending on which type of card you take out, you could either transfer a balance from another card or make purchases in the first few months and pay 0% interest over the term. Don’t forget though if you are making a balance transfer they can come with a fee (normally 2-3%) which will be charged on the amount you transfer. This is much less than the interest rate you might be charged on an existing card which can be anywhere from 15-20%. So a 0% credit card can be more cost effective than a loan, as long as you pay it back in time. Don’t miss a payment either, or you can sacrifice the 0% deal, damage your credit rating and make it much more difficult to get another card.  

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What are 0% credit cards with high limits?

As the name implies these cards have 0% deals that do not charge you interest on a balance owed but they offer higher limits, usually £1200 or more, which could tempt some customers to go wild at the shops.

To qualify for one of these cards then you’ll need to have a solid credit record and an income of £20,000 or more.

These cards can be useful if you need to make a big purchase, or indeed if you’re looking to consolidate several smaller cards into one account. It’s a legitimate way of organising your finances, but it’s risky. Make your purchase and then pay off the balance, or consolidate your cards and then stop spending. If you run up a large credit card debt that you cannot pay back and the interest kicks in, then you could be in real trouble.


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Can you get a 0% credit card with bad credit?

The good news is that even if you have a bad credit score there might be a variety of options for you that come with 0%.

For example, an Aqua credit card. This gives you four months of 0% spending, but you have to treat it with respect. If you miss a payment then you immediately lose your 0% status. If you run up a bill you cannot pay before the four months is up then you will open the floodgates to the 34.9% annual interest charges.

Your credit limit is normally between £250 and £1200 if you are accepted, depending on your previous credit history. Aqua will base your limit on your conduct with them after that point, so if you don’t miss any payments then your limit could be raised.

Capital One also has a 0% credit card. If you haven’t racked up CCJs or been declared bankrupt in the last 12 months then you could get 6 months 0% credit with Capital One.

There are so many 0% cards and 0% balance transfer cards that it can even bewilder the experts. Check the terms and conditions carefully, as well as the criteria that matter to you. The best way to do this is by using our credit card comparison service to see which one comes out head and shoulders above the rest to suit you and your needs.

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