Best Credit Card For 0% On Purchases For 12 Months??

JamesEK4

Hi guys,

I'm thinking of getting a credit card soon as I could do with some money for my holiday in August, but really had to ask myself if I needed it, and I think I do. I've never had one before as I've always been a little terrified at all the different sorts out there, just got my current account with HSBC (switch card)

I was looking to borrow in the region of £750, and would be able to pay it off in under a year. I would only use the card for purchases.

Could anybody point me in the right direction in what the best card suitable for me would be, I would be very grateful,

Thanks in advance,

James

tehone

Abbey Zero Card? (Only 0% for 6 months though)

dylanuk

Hi James,

The best 0% purchase credit card available at the moment is the Capital One Platinum credit card (http://www.credit-card-comparison-online.co.uk/capital-one/platinum.asp) offering 0% for 15 months (until 1st Oct 2009).

If you used it abroad you would have to pay a 2.75% fee of each transaction though.

Alternatively, you could get a balance transfer credit card that will let you move to money from the card to your current account (MBNA and Virgin cards allow this) - but then you'd have to pay around a 3% transfer fee.

The last option would be to really look around for a good credit card with low or no foreign transaction fees and a good 0% purchase period. The Post Office offer fee-free use abroad, but only offer 0% purchases for 3 months.

Nationwide also offer fee-free use abroad too, but also only offer 0% purchases for 3 months.

You would be best off getting an ample 0% period on your purchases - than to avoid any foreign transaction fee though. (Or you'd only have to start paying interest or move it to a 0% bt card and pay a fee anyway).

Hope this helps!

Moggles_2

dylanuk wrote: »

The best 0% purchase credit card available at the moment is the Capital One Platinum credit card offering 0% for 15 months (until 1st Oct 2009).

If this would be the OP's first credit card, they would not meet the criteria listed on the C1 website (e.g. held a credit card for 5 years, a credit limit of at least £5,000 etc.)

NickX

tehone wrote: »

Abbey Zero Card? (Only 0% for 6 months though)

I agree that Abbey Zero would good be a good option because of the fee-free foreign currency transactions.

However it is only a 6 month promotion.

I do not know of any other fee-free foreign currency transaction cards with a longer purchases promotion. Anyone else ?

latecomer

trouble is that because the OP has never had a crdit card, they might not qualify for the ones with good rates or a good limit.

Moggles_2

JamesEK4 wrote: »

I'm thinking of getting a credit card soon as I could do with some money for my holiday in August, but really had to ask myself if I needed it and I think I do. I've never had one before as I've always been a little terrified at all the different sorts out there. Just got my current account with HSBC (switch card)

Presumably you're registered on the electoral roll at your current address. Prior to opening your new HSBC current a/c, who did you bank with?

dylanuk

Maybe the HSBC credit card might be a good bet if you've never had a card before?

If you're banking with them it might be worth a shot - they only offer 0% purchases for 3 months and 16.9% APR, but it's better than getting a credit card for 'those who are new to credit' and an APR in excess of 30%.

JamesEK4

Sry guys I meant the only account I have ever had is my HSBC current account, had it since I was 13!

And again sorry I think I'm confusing you, I'm not going to pay for anything abroad with it, I'm paying for my holiday with it. Money from my current account will be used for spending money.

I've just read my original post and confused myself! lets just say its been a long day!

Thanks

Moggles_2

JamesEK4 wrote: »

I meant the only account I have ever had is my HSBC current account, had it since I was 13! Again sorry I think I'm confusing you, I'm not going to pay for anything abroad with it, I'm paying for my holiday with it. Money from my current account will be used for spending money.

The good news is that lenders like stability, so the longer you've been with your current bank the better. The not so good news is that a 0% card may not be an option at the mo, simply because you have never previously held a credit card.

Lenders launch these interest-free promotions, which are sometimes heavily advertised, to draw in new customers. Often they are flooded with applications and can afford to cherry-pick applicants. They are all going to see your lack of a credit history in the same light.

None of this affects you permanently, but it takes time to build a credit history.

I would have a look at the Credit Rating articles on the main site, in particular, Martin's *Check and Improve your Credit Score* article, before you submit your application to make certain there are no other factors working against you, which can be put right

JamesEK4

Thanks Moggles, and for everyone's suggestions, I'll have a look at Martins "Check and Improve your Credit Score" when I get a chance,

Thanks again,

James