When searching for a UK credit card, you probably look for a number of things but one of the most important is choosing a card with a low interest rate. Now, if your credit is less than perfect, you will pay a higher rate than someone with good credit would and if you were a business owner, the interest rate would likely be less on a business credit card than a personal credit card. However, choosing a UK credit card with low interest will ultimately save you tons of money.
Although people know that a low interest credit card is a good choice, many have no real understanding of what high interest can do. A prime example is a credit card with a £657.681 balance. If the cardholder only paid the minimum monthly payment and the balance had a high interest rate of 20.00% or more, it would take more than 10 years for the balance to be paid in full. As a result, this individual would spend an enormous amount of money unnecessarily.
With so many low interest UK credit cards available, the good news is that you have plenty of options but sometimes, narrowing the choices down can be challenging. To help, we have provided some of the best credit card offers with low interest now available to people within the UK. Although multiple credit card companies and banks offer low interest cards, MBNA is known for having the best. Because of this, we used credit cards through this issuer as examples.
• Platinum Visa Card – In addition to being backed by Visa, this UK credit card offers 0% interest during a 13-month introductory period. For balance transfers, the interest would also be at 0% but only for the first 90 days after which time a 2.9% fee would apply. In addition, for purchases made during the first three months as a cardholder, 0% applies.
• Platinum MasterCard – Another popular low interest credit card offered by MBNA in the UK is this one. For the first 13 months, interest is set at 0% and again, balance transfers have 0% for the first 90 days. Interest at 0% is also set for purchased made within the first three months. After these periods end, the regular interest rate would be 16.00%. Other benefits associated with this UK credit card include no annual fee and backing by MasterCard, which is accepted all over the world.
• Rate for Life Credit Card – This particular UK card has a 5.9% interest rate on all monthly and balance transfers made now and for the life of all balances transferred to the card. However, if the credit card were applied for online and subsequently approved, balance transfers would be at 1.5% interest for the first 60 days, followed by a set rate of 3%. Interest for purchases is competitive at 16.9%.
• Platinum Rewards Visa Card – The last MBNA UK credit card we wanted to mention is this platinum card backed by Visa. For 13 months, the interest is 0% for balance transfers made within the first 90 days of being a cardholder. After that period, a 2.9% fee would apply. Then for standard purchases, the interest rate is at 0% for the first three months after being approved. Additionally, this card has a rewards program, offering discounts on travel, shopping, and more. As far as the regular APR, this card offers 16.9%.
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