Derin Clark

Derin Clark

Online Reporter
Published: 06/11/2019

Post Office Money® has partnered with Capital One UK to launch two new credit cards, which will be available in branch from 2020.  

Its black Travel Credit Card and red Classic Credit Card are already available online, but Post Office has stated that information about the cards and the benefits will not be available in branch until the new year.

From information already available, the Classic Credit Card offers consumers the potential of 0% on balance transfers for up to 18 months, with a 2.9% transfer fee, and 0% on purchases for up to 12 months. It offers rates between 19.9% and 34.9% APR representative variable and has a credit limit of up to £8,000. The Travel Credit Card has no foreign exchange fees, a credit limit of up to £6,000 and rates between 19.9% and 24.9% APR representative variable.

Chrysanthy Pispinis, director at Post Office Money, said: “I’m pleased to announce the launch of our two new Post Office credit cards in partnership with Capital One. The two new cards are designed to meet the needs of a diverse range of customers by featuring a combination of benefits.

“Capital One’s mission to ‘Change Banking for Good’ is a great fit with Post Office’s own aspirations in financial services, to support our customers’ changing needs and give them broader access to products and services.”

Comparing credit cards

Consumers looking for a credit card can compare the current deals available by using our credit card charts. Currently, MBNA Limited is at the top of our 0% Balance Transfer chart with its Long 0% Balance Transfer Mastercard offering 0.0% for 29 months from date of card issue. It charges an introductory 2.75% balance transfer fee and a minimum income of £14,000 is required to apply for this card.

Santander is currently at the top of our Travel Credit Card chart with its Zero Credit Card Mastercard offering 0.00% foreign usage charges and cash withdrawals. This card also offers 0% on purchases for 12 months. It charges a 3.00% (minimum £5) balance transfer fee and a minimum income of £7,500 is required to apply for the card.

Rachel Springall, finance expert at Moneyfacts.co.uk, said: “These new cards from the Post Office may well turn heads, and not just because they are from a trusted brand. The Classic version has been crafted to offer a fair all-round interest-free package – although, depending on the type of applicant, the offers can be beaten elsewhere.

“Borrowers who may want to make both a purchase and balance transfer without incurring fees or interest could also consider the Tesco Bank 12 Month All Round Clubcard Credit Card Mastercard. It offers 12 months interest-free on both purchases and balance transfers and charges no transfer fee or management fee. It charges 19.9% APR on purchases thereafter and applicants will also be able to earn points with its Clubcard reward scheme.

“Those consumers heading abroad may prefer to choose the Post Office Travel Credit Card over the Post Office Classic Credit Card, as they can avoid paying foreign exchange fees. However, it’s worth keeping in mind that it will still be costly to withdraw cash out of an ATM. Holidaymakers who feel that they might withdraw cash little and often may want to consider an alternative card instead.”

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.

pile of credit cards

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