Best of the Week
Most Popular
1.What Happened to the Stock Market Crash Experts Were Predicting - Sol_Palha
2.London Housing Market Property Bubble Vulnerable To Crash - GoldCore
3.The Plan to Control ALL Your Money is Now at Advanced Stage
4.Why Gold Is Set For An Epic Rally This Spring - James Burgess
5.MR ROBOT NHS Cyber Attack Hack - Why Israel, NSA, CIA and GCHQ are Culpable - Nadeem_Walayat
6.Emmanuel Macron and Banking Elite Win French Presidential Election 2017 - Nadeem_Walayat
7.Trend Lines Met, Technical's are Set - US Dollar is Ready to Rally (Elliott Wave Analysis) - Enda_Glynn
8.The Student Debt Servitude Sham - Gordon_T_Long
9.Czar Trump Fires Comey, Terminates Deep State FBI, CIA Director Next? - Nadeem_Walayat
10.UK Local Elections 2017 - Labour Blood Bath, UKIP Death, Tory June 8th Landslide - Nadeem_Walayat
Last 7 days
GBPUSD Top in Place, GOLD Price Ready to Rocket? - 27th May 17
Silver Mining Stocks Fundamentals - 27th May 17
BBC Newsnight Falls for FAKE POLLS, Opinion Pollsters Illusion for Mainstream Media to Sell - 27th May 17
UK Local Election Results Forecast for General Election 2017 - 26th May 17
Stock Market & Crude Oil Forecast! - 26th May 17
Opinion Pollsters UK General Election Seats Forecasts 2017 - 26th May 17
Bitcoin and AltCoins Crypto Price Correction - 26th May 17
Bearish Head and Shoulders in EURUSD? - 26th May 17
SELL US Stocks - Massive Market CRASH WARNING! - 26th May 17
EURGBP: A Picture of Elliott Wave Precision - 26th May 17
Credit Downgrades May Prompt Stock Market Capital Shift - 26th May 17
Rosenstein and Mueller: the Regime Change Tag-Team - 25th May 17
Stock Market Top - Are We There Yet? - 25th May 17
Should I Invest My Fortune in Gold? Inaugural Lecture by Dr Brian Lucey - 25th May 17
USD/CAD Continues Decline - 25th May 17
Bitcoin Price Goes Loco! Surges through $2,500 Despite Unclear Fork Issues - 25th May 17
The US-Saudi Arms Deal - Sordid Saudi Signals - 25th May 17
The No.1 Commodity Play In The World Today - 24th May 17
Marks and Spencer Profits Collapse, Latest Retailer Hit by Brexit Inflation Tsunami 2017 - 24th May 17
Why Online Trading Platforms Are Useful for Everyone - 24th May 17
The Stock Market Will Tank Hard - 24th May 17
It’s Better to Buy Gold & Silver When It DOESN’T Feel Good - 24th May 17
Global Warming - Saving Us From Us - 24th May 17
Stock Market Forecast for Next 3 Months - Video - 23rd May 17
Shale Oil & Gas Production Costs Spiral Higher As Monstrous Decline Rates Eat Into Cash Flows - 23rd May 17
The Only Metal Trump Wants More Than Gold - 23rd May 17
America's Southern Heritage is a Threat to the Deep State - 23rd May 17
Manchester Bombing - ISIS Islamic Terrorist Attack Attempt to Influence BrExit Election - 23rd May 17
What an America First Trade Policy Could Mean for the US Dollar - 22nd May 17
Gold and Sillver Markets - Silver Price Sharp Selloff - 22nd May - 22nd May 17
Stock Market Volatile C-Wave - 22nd May 17
Stock Market Trend Forecast and Fear Trading - 22nd May 17
US Dollar Cycle : Deep Dive - 21st May 17
Bitcoin Breaks the $2,000 Mark as Cryptocurrencies Continue to Explode Higher - 21st May 17
Stocks, Commodities and Gold Multi-Market Status - 21st May 17
Stock Market Day Trading Strategies and Brief 20th May 2017 - 21st May 17
DOW Needs to Rally Big or Correction is Next - 20th May 17
EURUSD reaches DO or DIE moment! - 20th May 17
How to Get FREE Walkers Crisps Multi-packs! £5 to £28k Pay Packet Promo - 20th May 17
UK BrExit General Election 2017 - Will Opinion Pollsters Finally Get it Right? - 19th May 17
Gold Mining Junior Stocks GDXJ 2017 Fundamentals - 19th May 17
If China Can Fund Infrastructure With Its Own Credit, So Can We - 19th May 17
Evidence That Stocks are More Overvalued than Ever - 19th May 17
Obamacare May Become Zombiecare In 2018 - 19th May 17
The End of Reflation? Implications for Gold - 19th May 17
Gold and Silver Trading Alert: New Important Technical Development - 19th May 17

Market Oracle FREE Newsletter

Why 95% of Traders Fail

Record-breaking 0% Credit Card for Spending Deals

Personal_Finance / Credit Cards & Scoring Feb 28, 2017 - 12:18 PM GMT

By: MoneyFacts

Personal_Finance

It’s impossible to plan for unexpected expenses, so those caught by surprise with breakdowns of white goods or even the necessity to replace a car will likely be hard-pressed to cover the cost at short notice. Fortunately for consumers who may not have a large enough nest-egg to dip into, there are an abundance of interest-free purchase credit cards to choose from that can help spread the cost.


In fact, the latest research by Moneyfacts.co.uk reveals that the length of an interest-free deal on purchases has grown to its longest ever term, with Halifax offering the longest ever 0% purchase card at 30 months, which is an entire year longer than the Best Buy on offer five years ago.

Half of the overall credit card market now offers interest-free purchase deals (104 cards), and 53% (55) of the 0% deals on offer are for six months or more, with 35% (37) offering 12 months or more.

Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“It’s encouraging to see rivalry in the credit card market, which is particularly good news for customers looking to make a large purchase. Today, there are deals available that could give them an entire year more interest-free, if you were to compare the current Best Buy with the best deal available five years ago. With this extended time to repay their debts, these types of cards could significantly help those faced with an emergency purchase who have no other means to cover the unexpected cost.

“Whilst the number of interest-free purchase cards has remained relatively stable over the years, it’s the deals themselves that have improved immensely, as card providers continue to leap-frog to the top of the Best Buys.

“The average length of a 0% interest-free purchase deal has increased by more than two-thirds (77%) over the last five years, from 176 days to 312 days. Even if customers don’t apply for the longest deal, half of the interest-free market for purchases still provides six months or more at 0%, which can make a big difference to consumers who have run out of options to pay for goods or a service.

“Those customers who make a £5,000 purchase on a 30-month 0% purchase credit card would have a much more manageable monthly repayment than if they had taken out a credit card with a 12-month interest-free deal and aimed to pay it back within the year. Whilst borrowers may have the best intentions to repay the debt over the short-term, it isn’t always possible, and it’s all too easy for borrowers to fall back and make miniscule repayments each month, resulting in debt staying on the card far beyond the interest-free offer. As an example, borrowers could make 30 repayments of £167 with Halifax, or if they choose a one-year 0% deal make 12 repayments of £417 to clear the £5,000 before interest applies.

“Whichever option customers choose to help them manage their money, they ideally need to have a glossy credit rating to be eligible for the best deals. Therefore, it’s vital they review their credit score, for instance with Experian, check credit limits across their cards, and above all else keep up with regular repayments on any debts, to be viewed favourably by lenders.”

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


© 2005-2016 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

Catching a Falling Financial Knife