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Interest Free (0%) Credit CardsHere are some of the current offers - these are changing constantly so check with the individual credit card company and read the small print! Barclaycard Credit CardA promise of interest free (0%) interest on balance transfers for the life of the debt has landed Barclaycard in serious trouble with the Office of Fair Trading. This is because to get the 0% rate you must spend at least £50 a month on the card, or interest rises to 6.9%. Purchases are charged at up to 17.9%. Cash withdrawals are charged at between 19.3% and 28.1%. Balance transfers are paid off first, so you could pay dearly if you do not clear other balances promptly. Egg Credit Card0% on balance transfers and purchases until May 2004, after which the rate rises to 13.9%. Rate for cash withdrawals is 16.3%, which includes a fee of 1.25%. There is no fee if you already bank with Egg. You can also switch cash from the card into a current or savings account. Though this is effectively a cash withdrawal, there is no interest charge during the offer period. RBS Advanta Credit CardZero percent (0%) on balance transfers and purchases until June 2004, rising to 12.9% after the initial period. Interest on cash withdrawals is charged at 15.2%, on top of a fee of 2% when you take out the cash. Minimum monthly payments of 2.25% are used to clear the balance transfer first. Sainsbury’s Bank Advantage Credit Card0% on balance transfers, cash withdrawals and purchases for first five months, after which interest is charged at 13.9%. Fee of 1.5% or a minimum of £1.50, for cash withdrawals. Punitive £25 fee for late payments. Nationwide Credit CardNo interest (0%) for 6 months on balance transfers, purchases and cash withdrawals, though a fee of 1% is charged for cash withdrawals. Rate reverts to 13.9% after offer period. Late payment charge is a low £12. |
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