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Rachel Springall

Finance Expert & Press Officer
Published: 08/11/2023
Pile of credit cards

Providers appear to be scaling back 0% interest deals on credit cards in the run-up to the festive spending season. If you are looking for a new 0% introductory purchase or balance transfer card, we have put together the best deals currently available and a run-down on the current movements in the market.

Interest-free terms dwindle

Since the beginning of last month, several introductory interest-free offers have been slashed, according to Moneyfacts’ data. Barclaycard, Virgin Money, MBNA and Halifax have reduced either their 0% introductory purchase or balance transfer offers.

If you are considering an interest-free credit card to spread the cost of any purchases, you would be wise to review the latest offers in the run-up to Black Friday and Cyber Monday.

The top 0% introductory purchase credit card currently offers shoppers almost two years to pay back debts, which could be a lifeline for those worried about covering the cost of Christmas this year.

Take advantage of the top deals

You can compare the top 0% credit cards to get an idea of what's out there. To help, here are a few of the best 0% deals currently available:

Top 0% purchase credit cards

  • Barclaycard Platinum All-Rounder Visa

    Representative Purchase APR (Variable): 24.9%

    Purchase offer details: Introductory 0% purchase term of 21 months.

  • HSBC Purchase Plus Credit Card Visa

    Representative Purchase APR (Variable): 23.9%

    Purchase offer details: Introductory 0% purchase term of 20 months.

  • M&S Bank Credit Card Shopping Plus Offer Mastercard

    Representative Purchase APR (Variable): 23.9%

    Purchase offer details: Introductory 0% purchase term of 18 months.

Top 0% balance transfer credit cards

  • Barclaycard Platinum 29 Month Balance Transfer Visa

    Representative Purchase APR (Variable): 24.9%

    Purchase offer details: Introductory 0% on balance transfers for 29 months from date of issue.

    Introductory balance transfer fee: 3.45%

  • M&S Bank Credit Card Transfer Plus Offer Mastercard

    Representative Purchase APR (Variable): 23.9%

    Purchase offer details: Introductory 0% on balance transfers for 28 months from date of issue.

    Introductory balance transfer fee: 2.99% (minimum £5.00)

  • HSBC Balance Transfer Credit Card Visa

    Representative Purchase APR (Variable): 23.9%

    Purchase offer details: Introductory 0% on balance transfers for 27 months from date of issue.

    Introductory balance transfer fee: 2.99% (minimum £5.00)

Consider a fee-free deal for transferring debt

There are a few providers offering 0% introductory balance transfer offers that will not charge you a balance transfer fee, and you can explore our chart to compare these options.

Beware of rising interest rates

If you don't have a credit card with an interest-free offer, you may be concerned that interest rates within the credit card market have risen, indeed the average purchase rate stands at a record high of 34.5% APR.

If you borrowed £1,000 on a credit card that charges 34.5%, but made £100 in fixed repayments, it would cost around £165 in interest and take a year to repay.

However, if you stuck to repaying £50 per month, it would take twice as long to repay and cost around £400 in interest. (Based on a £1,000 borrowing on a credit card charging 34.5% APR, with a minimum repayment of 2.5% or £5 whichever the greater. Difference in interest based on fixed repayments of £100 or £50.)

If you are worried about covering costs, check out our guides for some handy tips. You can also use our repayment calculator to see how much interest you could save by switching deals.

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. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.

Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.