MyFinances.co.uk
News feeds Free newsletter

All the latest personal finance news - helping you make the most of your money

Credit cards glossary

0% credit cards

0% credit cards offer to take on new spending, or an existing credit card balance, and not charge interest on this money for a set period.

Designed to encourage credit card users to switch lenders, 0% credit card deals can prove great value - but consumers need to be aware of when their 0% period ends as interest rates often jump up afterwards.

Additionally, banks are increasingly charging consumers a fee to conduct a 0% balance transfer (normally no more than £50) after people – branded "rate tarts" - began switching cards every six months and never paying interest.

Consumers should also be aware that many card issuers allow interest to build up on new spending on the card, while any money paid in goes towards clearing the interest-free balances first.


Related articles 

  • Soldiers' details lost by MOD contractor

    MoD loses hard drive

    A computer hard drive containing the private details of 100,000 armed forces personnel has gone missing, the Ministry of Defence (MoD) has confirmed. More...

Disclaimer:
myfinances.co.uk is not authorised to give advice under the Financial Services and Markets Act 2000.

Terms:
By using this site, you are deemed to have accepted our terms of use.

myfinances poll 

As a global banking crisis hits, we want to know how the crisis is affecting you. Is your money safe? Vote now and tell us your views.

Free stuff 

Sign up for our free daily newsletter and other free stuff.