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Interest Free Loans

Written By On 26/05/2014

When pressure is on to pay a bill on time and cash-flow is tight, it’s always worth trying to take a step back to look at other alternatives more objectively.

It is not easy to see things as clearly as normal when money is tight. A payday loan is of course an option, but there may be a more economical way to sort out the problem for some people.

There are many credit cards offering introductory interest free rates on purchases that you might be eligible for, provided you have a decent credit history. If you are approved, the credit card company will authorise you with a credit limit. Some of those have an interest free period on balance transfers which may prove to be useful to a few.

The team at Cash Sorted have compiled their own top ten credit cards (not in any particular order) which we feel offer some of the best 0% deals at the moment.

The Tesco Bank Clubcard MasterCard offers 0% interest on purchases for eighteen months, plus you will also build up Tesco clubcard loyalty points for any items that you buy. Any balance transfers will have 0% interest for just three months, but their rate then goes quite high.

You can apply here for the Tesco credit card.

Santander offer two credit cards that both compare quite favourably with the rest of the credit cards offering 0% interest rates on the market.

The first is the Santander Credit Card MasterCard. They also offer 0% interest on purchases for eighteen months and balance transfers will have 0% interest for nine months. This account can be managed 24 hours a day from your smart phone by downloading the bank’s mobile app.

You can apply here for the Santander credit card.

The bank’s other card that we find interesting is the Santander 123 Credit Card MasterCard. It offers the same 0% interest on purchases for eighteen months, plus 3% cashback on top. The cash back is capped each month at £9 for any purchases on petrol, TFL and National Rail.

If you hold a current account with Santander there is no charge for the first year. However, if you do not, there will be an annual charge of £24.

You can apply here for the Santander 123 credit card.

The Halifax Purchase Credit Card MasterCard offers 0% interest rates up to the first 17 months on purchases. They will also give you six months 0% on balances transferred within the first 90 days. This account can also be managed online via a smart phone.

You can apply here for the Halifax credit card.

The Marks and Spencer Bank Credit Card MasterCard will give you 15 months at 0% interest, plus you are able to acquire M&S points when you use it. If used sensibly and in the correct fashion, you’ll get as much as 55 days interest free credit throughout the year. For any balance transfers made within 60 days of opening your account, there will be 0% interest for up to one year.

If interested you can apply here for the M & S credit card.

The Halifax All in One Credit Card MasterCard are offering their approved new applicants no interest on purchases for 15 months. They are also offering the same length of time and interest on balance transfers within the first 90 days. Like their other card, you can manage your account through a smart phone. However, it is more costly to use this card than others when you are abroad.

You can apply here for the Halifax All in One MasterCard.

Sainsbury's Bank have their Nectar Purchase Credit Card offering 0% interest rates for 16 months. Any balances transferred from other accounts will also be interest free for the same amount of time. They will award you double Nectar points for purchases at Sainsbury’s, but only one Nectar point for every £5 you spend elsewhere.

If the Sainsbury’s Bank Nectar Purchase Credit Card is of interest to you, you can apply here

The Nationwide Building Society Purchase Visa Credit Card will offer you 0% interest for 15 months, plus an exceptionally long 26 months interest free for balance transfers. You can also earn a cashback of 0.5% for purchases within the UK (if you hold a current account with them), plus a commission-free allowance when used abroad.

You can apply here for the Nationwide Building Society credit card.

The American Express Platinum Cashback Credit Card are currently offering 0% interest for purchases up to 16 months. There is a reward of 1.25% cashback provided against any purchases, plus promotion schemes of extra cash back rates from time to time. Their annual fee is one of the most expensive around at £25.

You can apply here for the American Express Platinum Cashback Credit Card.

Last, but not least on our list is the Barclaycard Platinum Purchase and Balance Transfer Visa. This credit card is showing 0% interest for 14 months on purchases and 0% for 19 months on balance transfers. This card too can prove to be more expensive than most when used overseas.

Apply here for the Barclaycard Platinum credit card.

If these avenues are just not the ones you wish to take, then there is still the option of a payday loan