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The options available if you need to borrow to help pay for Christmas
Derin Clark

Derin Clark

Online Reporter
Published: 19/11/2020

With just a week left to Black Friday, the Christmas shopping season has already begun and consumers across the UK will be deciding how much they have available to pay for this year’s Christmas.

According to YouGov survey, last year the average UK consumer spent £1,116 at Christmas. Although spending is expected to fall this year, consumers are still expected to spend hundreds of pounds during the festive period. For those who have seen their Christmas spending creep over their festive budget and who are certain that they will be able to meet repayments, borrowing could be an option to help pay for this year’s Christmas.

Here, we’ve taken a look at the best options available if you need to borrow up to £1,000 to help pay for Christmas 2020.

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What is the best credit card for online Christmas shopping?

With England set to go into a month-long lockdown and local restrictions already in place for the rest of the UK due to the Coronavirus pandemic, many shoppers will be looking to do the majority of their Christmas shopping online this year.

Although online shopping can be an easy and safe way of getting Christmas shopping done, it is often advisable to use a credit card when shopping, as it offers greater consumer protection. In addition to this, consumers who decide to use a 0% purchase credit card can also get an interest-free period in which to pay off their credit card debt without incurring additional interest charges.

Unfortunately for shoppers, over the past year the longest interest-free period on a 0% purchase credit card without monthly fees has fallen by six months, from 26 months available in November 2019 to 20 months available today. Meanwhile, three years ago during November 2017, shoppers were able to get 31 months interest-free. “It is clear to see that the length of 0% purchase cards has shortened over recent years,” said Rachel Springall, finance expert at Moneyfacts.co.uk.

She added: “If shoppers acquired the top interest-free purchase card today from M&S Bank and spent £3,000, they would need to repay £150 per month to clear the debt before interest applies. However, they would have had 11 additional months to repay their debts in 2017 with the top card from Sainsbury’s Bank and therefore could have reduced their monthly repayment to around £97 per month and still cleared the debt before interest applied.”

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Zopa launches first ever credit card – how does it compare to others on the market?

Zopa has launched its first credit card, which comes with a range of features that the bank has said are designed to help customers to stay in control of their money and debt. Here, we take a look at the Zopa credit card and compare it to others available on the market.

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The best credit cards to earn rewards when Christmas shopping

With mince pies appearing on supermarket shelves and department stores launching their online Christmas shops, many shoppers will be thinking about starting their Christmas shopping. Savvy shoppers will also be looking for ways to earn rewards or cashback when buying Christmas presents, decorations and food.

To help shoppers earn the best rewards, we’ve highlighted the best 0% purchase credit cards, which will allow shoppers to spread the cost of Christmas, while also offering rewards when used.

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Interest-free terms on 0% balance transfer cards slashed – is it still worth moving debt?

Consumers looking to prepare their finances for what could be a tough winter economically, will be disappointed to see that many banks have been cutting their 0% balance transfers credit card deals.

A 0% balance transfer credit card is often a good option for those looking to consolidate or move interest-bearing credit card debt to an interest-free card, making it easier and cheaper to repay the debt. But our research has found that since July the average interest-free period on 0% balance transfer cards has fallen by 33 days, down from 553 days at the start of July to 520 days today.

“Credit card providers are tightening their 0% introductory balance transfer offers, and over the past three months over a dozen cards have seen their terms slashed,” explained Rachel Springall, finance expert at Moneyfacts,co.uk. “This movement could well be attributed to the continued economic uncertainty surrounding the Coronavirus pandemic and the subsequent impact on how much risk providers are willing to take and how consumers may be situated financially.

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Recent News

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The best 0% purchase credit cards to help spread the cost of Christmas

16th September 2020

Summer may only just be over but from today there are just 100 day left until Christmas and according to research from American Express, 32% of consumers have already started their Christmas shopping

Summer may only just be over but from today there are just 100 day left until Christmas and according to research from American Express

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What to do if your payment holiday is coming to an end

1st September 2020

The start of September will have many thinking about how to manage their finances as payment holidays on overdrafts, mortgages and credit cards will soon come to end.

The start of September will have many thinking about how to manage their finances as payment holidays on overdrafts, mortgages and credit cards will soon come t

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Borrowers looking for interest-free credit card should act quickly as deals fall

24th August 2020

Consumers looking to transfer debt to an interest-free balance transfer card are being urged to act quickly, as new research shows that lenders have withdrawn 22 deals since the start of the year

Consumers looking to transfer debt to an interest-free balance transfer card are being urged to act quickly, as new research shows that lenders have withdrawn 22 deals since the start of the year

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Borrowing rates 2020 – what are the lowest personal loan and credit card rates?

6th August 2020

Today it was announced that the Bank of England has held base rate at 0.1%. While this may seem like good news for consumers looking to borrow money, our research has found that over the last few months, interest rates on loans and credit cards have increased

Here we’ve looked at what has been happening to personal loan and credit card rates since the beginning of 2020 and highlight some of the lowest rates available

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The options available if you need to borrow to help pay for Christmas

19th November 2020

With just a week left to Black Friday, the Christmas shopping season has already begun and consumers across the UK will be deciding how much they have available to pay for this year’s Christmas

With just a week left to Black Friday, the Christmas shopping season has already begun and consumers across the UK will be deciding how much they have available to pay for this year’s Christmas

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What to do if your payment holiday is coming to an end

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The start of September will have many thinking about how to manage their finances as payment holidays on overdrafts, mortgages and credit cards will soon come to end.

The start of September will have many thinking about how to manage their finances as payment holidays on overdrafts, mortgages and credit cards will soon come t

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Zopa launches first ever credit card – how does it compare to others on the market?

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Zopa has launched its first credit card, which comes with a range of features that the bank has said are designed to help customers to stay in control of their money and debt

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