Credit cards Date:
Post Office Money has increased the interest-free period for purchases on its credit card to 27 months, granting it a place at the very top of the Moneyfacts charts and earning it an 'outstanding' rating.
Online Matched MasterCard now has a 27-month interest-free period for purchases, a market-leading term, as well as a 16-month interest-free period for balance transfers (with a fee of 2.98%). Money transfers are also possible and are charged at 18.9% per annum with a 2.98% fee.
To qualify for the full interest-free period for purchases, borrowers must make their first purchase within three months of opening an account. Failing to do so will reduce the length of the 0% term to 16 months. Meanwhile, balance transfers must be made within 92 days in order for the introductory offer to stand.
Once the initial offers expire, standard purchases will be charged at 18.9% APR while balance transfers will carry a charge of 18.9% per annum as well as the fee of 2.98%.
Borrowers must be at least 18 years old and have a minimum annual income of £8,000. Applications must be made online. Borrowers should remember that rates are representative and dependent on their credit rating.
Remember, in order to secure a mortgage, credit card or personal loan you need to have a good credit rating. To find out if yours has a clean bill of health, contact a credit check provider, such as Experian CreditExpert to investigate your credit report.
The increase of the 0% purchase term has made this credit card a real contender in the market, particularly as the deal is also complemented by an attractive 16-month interest-free term for balance transfers. Borrowers who are looking to spread the cost of their purchases over a lengthy period are likely to be delighted by this extension, which is certain to ensure its popularity. This is an outstanding product that fully deserves the highest Moneyfacts rating.
Moneyfacts rating: Outstanding
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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