Negative Credit Balance Bank of America How to Transfer Back to Checkings

FEATURED PARTNER OFFER

M&S Bank Shopping Plus Offer

0% purchase period

Representative APR

CX score*

Representative Example

The representative APR example gives you an estimate of how much it might cost if you borrowed a certain amount of money. This helps you compare products and provides a guide on how much carrying a balance could cost. Your personal offer may vary from the representative APR example.

At an assumed credit limit of £1,200, at a purchase rate of 21.9% p.a. (variable), the representative APR is 21.9% (variable). Credit available subject to status.

M&S Bank Shopping Plus Offer

0% purchase period

Representative APR

CX score*

Representative Example

At an assumed credit limit of £1,200, at a purchase rate of 21.9% p.a. (variable), the representative APR is 21.9% (variable). Credit available subject to status.

Why We Picked It

Alongside almost two years' interest-free on purchases, this card offers a reward scheme that pays one M&S point for every £1 spent in M&S stores, plus another point for every £5 spent elsewhere.

At the end of the 0% period, you'll have to pay a representative APR of 21.9% (variable) on any outstanding balance.

Pros & Cons

Get full 23 months if accepted
Same 0% period on balance transfers (2.9% fee)
Earn M&S points on spending

Rewards limited to M&S
2.9% fee if transferring balance

FEATURED PARTNER OFFER

Tesco Bank Purchase Credit Card

0% purchase period

Representative APR

CX score*

Representative Example

At an assumed credit limit of £1,200, at a purchase rate of 20.9% p.a. (variable), the representative APR is 20.9% (variable). Credit available subject to status.

Tesco Bank Purchase Credit Card

0% purchase period

Representative APR

CX score*

Representative Example

At an assumed credit limit of £1,200, at a purchase rate of 20.9% p.a. (variable), the representative APR is 20.9% (variable). Credit available subject to status.

Why We Picked It

This card is market-leading in terms of the 0% offered on spending. And it pays one Clubcard point per £4 on almost all spending at Tesco, (plus your normal Clubcard points of 1 point for every £1) and one per £8 elsewhere.

If you still have a balance after the 0% period the representative APR is 20.9%.

Pros & Cons

Longest 0% period
Earn Clubcard points on spending

New customers only
Could be offered 18 or 14 mnths 0% on purchases

FEATURED PARTNER OFFER

Sainsbury's Bank Nectar Dual 22 Month Credit Card

0% purchase period

Representative APR

CX score*

Representative Example

At an assumed credit limit of £1,200, at a purchase rate of 20.9% p.a. (variable), the representative APR is 20.9% (variable). Credit available subject to status.

Sainsbury's Bank Nectar Dual 22 Month Credit Card

0% purchase period

Representative APR

CX score*

Representative Example

At an assumed credit limit of £1,200, at a purchase rate of 20.9% p.a. (variable), the representative APR is 20.9% (variable). Credit available subject to status.

Why We Picked It

Sainsbury's Bank offers 22-months of interest free spending, so long as you've been a Nectar Card holder for at least six months. But you may be offered 13 months depending on your personal circumstances. Any outstanding balance after the promotional period will attract interest at a representative 20.9% APR (variable).

You can collect 500 bonus Nectar points for each time you spend £35 or more on Sainsbury's shopping (but not fuel) in the first two months (max 5,000 points, which is worth £25).

It then pays an ongoing two points for every £1 spent at Sainsbury's shopping, Argos or Tu Clothing, and one point for every £5 spent elsewhere.

The card also offers interest-free balance transfers for 21 or 13 months, subject to a 3% transfer fee (equal to £60 on a £2,000 transfer).

Pros & Cons

Up to 22 months' interest-free spending
Bonus Nectar Points on spending

Only available to Nectar Card holders (for at least 6 months)
May be offered 13 months' interest-free spending
3% fee if transferring balance

FEATURED PARTNER OFFER

Barclaycard Platinum Credit Card

0% purchase period

Representative APR

CX score*

Representative Example

At an assumed credit limit of £1,200, at a purchase rate of 21.9% p.a. (variable), the representative APR is 21.9% (variable). Credit available subject to status.

Barclaycard Platinum Credit Card

0% purchase period

Representative APR

CX score*

Representative Example

At an assumed credit limit of £1,200, at a purchase rate of 21.9% p.a. (variable), the representative APR is 21.9% (variable). Credit available subject to status.

Why We Picked It

The Barclaycard All Rounder Platinum Card offers interest-free spending for up to 22 months. The card's post-promotion-period rate stands at 21.9% (variable).

The card also offers zero interest on balance transfers for up to 20 months when you pay a 2.9% transfer fee (that's £29 on every £1,000 you transfer) and make the transfer within 60 days.

As well as the current promotion of 4 free Apple subscriptions for up to 5 months (paid subscription thereafter), cardholders get access to Barclaycard Entertainment which promises presale access to tickets for live events, discounts, and money off food and drink.

Pros & Cons

4 free Apple subscriptions for up to 5 months
Early access to live events via Barclaycard Entertainment

May be offered 11 months at 0% on purchases
2.9% fee if transferring a balance

FEATURED PARTNER OFFER

Lloyds Bank 0% Purchase and Balance Transfer

0% purchase period

Representative APR

CX score*

Representative Example

At an assumed credit limit of £1,200, at a purchase rate of 21.9% p.a. (variable), the representative APR is 21.9% (variable). Credit available subject to status.

Lloyds Bank 0% Purchase and Balance Transfer

0% purchase period

Representative APR

CX score*

Representative Example

At an assumed credit limit of £1,200, at a purchase rate of 21.9% p.a. (variable), the representative APR is 21.9% (variable). Credit available subject to status.

Why We Picked It

Lloyds Bank offers interest-free period on purchases for up to 21 months.

Some customers will be offered a shorter, 12-month window depending on their circumstances. But at whatever point the card starts charging interest, you'll pay a representative 21.9% APR (variable) or 27.9% APR (variable) on any outstanding balance.

The card also comes with a 0% balance transfer offering within the first 90 days for a 2.99% transfer fee (£59.80 on a £2,000 transfer).

Pros & Cons

Up to 21 months' interest-free spending
Up to 18 months' 0% on balance transfers

You may be offered 12 months' interest-free spending
2.99% balance transfer fee

FEATURED PARTNER OFFER

Santander All In One

0% purchase period

20 months

*plus £40 Amazon voucher

Representative APR

CX score*

Representative Example

At an assumed credit limit of £1,200, at a purchase rate of 17.9% p.a. (variable), the representative APR is 23.7% (variable). Credit available subject to status.

Santander All In One

0% purchase period

20 months

*plus £40 Amazon voucher

Representative APR

CX score*

Representative Example

At an assumed credit limit of £1,200, at a purchase rate of 17.9% p.a. (variable), the representative APR is 23.7% (variable). Credit available subject to status.

Why We Picked It

Santander's All In One credit card charges no interest on purchases for 20 months and no interest on balance transfers for 26 months with no balance transfer fee.

However, the card comes with a £3 monthly fee. This means you have to pay Santander £36 a year, whether you use it or not. The monthy fee puts the APR at an above-average 23.7% (variable).

You can earn 0.5% cashback on all purchases and up to 15% cashback via Santander's Retailer Offers, which allows you to choose which retailers you want to earn cashback from, including the likes of Sky, Costa and Just Eat.

Currenty, Santander is also offering a £40 Amazon voucher to all applicants accepted for the card. You'll need to claim your voucher via a link which will be sent to you by email after 30 days (and will be valid for a further 30 days).

Pros & Cons

Claim £40 Amazon voucher if accepted
No fee if transferring a balance
Earn cashback on all purchases
No foreign transaction fees if using abroad

£3 monthly fee
Longer 0% periods available

FEATURED PARTNER OFFER

Virgin Money 19 Month All Round Credit Card

0% purchase period

Representative APR

CX score*

Representative Example

At an assumed credit limit of £1,200, at a purchase rate of 21.9% p.a. (variable), the representative APR is 21.9% (variable). Credit available subject to status.

Virgin Money 19 Month All Round Credit Card

0% purchase period

Representative APR

CX score*

Representative Example

At an assumed credit limit of £1,200, at a purchase rate of 21.9% p.a. (variable), the representative APR is 21.9% (variable). Credit available subject to status.

Why We Picked It

Virgin Money's 19 Month All Round credit card offers interest-free spending for more than a year-and-half. The card charges an APR of 21.9% (variable) after the initial 19 months, should you still have a balance to settle by then. It's pretty typical for a credit card but still best avoided.

As its 'all rounder' name implies, the card also charges no interest on balance transfers for 19 months. This great if you have a balance accruing interest on another card and want some help paying it down. Just be aware there's a fee equal to 2.9% of whatever sum you transfer to the card.

Finally, there's the chance to earn cashback on purchases from select retailers via the Virgin Money Back scheme. You can have the cash sent straight to your bank account or use it to pay off your card balance. Participating retailers include the likes of Caffe Nero (great for your morning coffee) and Matalan.

Pros & Cons

Joint-leading 0% purchases for 19 months
Same 19-month 0% window on balance transfers
Earn cashback

Not the lowest APR once the 0% period ends
Balance transfer fee of 2.9%

FEATURED PARTNER OFFER

HSBC Purchase Plus

0% purchase period

Representative APR

CX score*

Representative Example

At an assumed credit limit of £1,200, at a purchase rate of 22.9% p.a. (variable), the representative APR is 22.9% (variable). Credit available subject to status.

HSBC Purchase Plus

0% purchase period

Representative APR

CX score*

Representative Example

At an assumed credit limit of £1,200, at a purchase rate of 22.9% p.a. (variable), the representative APR is 22.9% (variable). Credit available subject to status.

Why We Picked It

HSBC's Purchase Plus credit card charges no interest on purchases or balance transfers for 18 months (subject to a 2.9% balance transfer fee), but offers little in the way of perks or incentives.

If you take the card and find you still have a balance lingering beyond the 18-month mark, you'll be charged interest at a pretty punchy 22.9% (variable), which means it's especially important to clear the balance before then.

The card comes with some worldwide offers and discounts on shopping, if you register with HSBC home&Away.

Pros & Cons

Guaranteed terms if accepted
Offers and discounts via HSBC home&Away

Longer 0% periods available
2.9% if transferring balance
Relatively high representative APR

FEATURED PARTNER OFFER

Santander World Elite

0% purchase period

Representative APR

CX score*

Representative Example

At an assumed credit limit of £1,200, at a purchase rate of 18.9% p.a. (variable), the representative APR is 49.8% (variable). Credit available subject to status.

Santander World Elite

0% purchase period

Representative APR

CX score*

Representative Example

At an assumed credit limit of £1,200, at a purchase rate of 18.9% p.a. (variable), the representative APR is 49.8% (variable). Credit available subject to status.

Why We Picked It

Santander's World Elite offers big perks for frequent travellers. But it comes with a £15 monthly fee which pushes the card's effective interest rate to 49.80% (variable) after the 18-month promotional periods have ended.

In return however, you'll gain access to more than 1,000 airport lounges around the world and 24/7 Mastercard Concierge.

The card also charges no foreign transaction fees on overseas purchases made in the local currency and pays 0.5% cashback on all purchases up to £3,000 per month (maximum monthly cashback is £15) which will earn you back the monthly fee.

There's also 40% off Santander's travel insurance when you buy a policy online.

Pros & Cons

0% on purchases for 18 months
Access to 1,000 airport lounges
24/7 Mastercard Concierge
0.5% cashback
No foreign transaction fees
No balance transfer fee

£15 monthly fee
Maximum cashback capped at monthly fee
Longer 0% periods available

FEATURED PARTNER OFFER

First Direct Gold Card For Purchases

0% purchase period

Representative APR

CX score*

Representative Example

At an assumed credit limit of £1,200, at a purchase rate of 16.9% p.a. (variable), the representative APR is 16.9% (variable). Credit available subject to status.

First Direct Gold Card For Purchases

0% purchase period

Representative APR

CX score*

Representative Example

At an assumed credit limit of £1,200, at a purchase rate of 16.9% p.a. (variable), the representative APR is 16.9% (variable). Credit available subject to status.

Why We Picked It

Gold Purchase cardholders get interest-free spending for 17 months, followed by a competitive representative APR of 16.9% (variable) on outstanding balances plus by-far the best customer service of any card issuer on our list.

However, First Direct's is also the only card we've listed that doesn't offer interest-free balance transfers. And it's far from the market-leader in terms of the duration of its interest-free purchases window.

The card is also only available to First Direct customers, which means you'd need to open a current account with the bank if you wanted the card.

Pros & Cons

0% on purchases for 17 months
Low rate of interest thereafter
Great customer experience scores

No interest-free balance transfers
First Direct customers only

*Fairer Finance data (December 2021)

How did we rank the cards?

We've ranked the top 0% purchase cards by the following factors, and in order of importance:

0% interest period: how many months you can make purchases on the card without being charged interest
Interest rate: the representative APR you'll be charged when the zero-interest period ends
Customer experience: the customer experience rating of the card issuer (rounded up or down to the nearest whole), as measured by independent data provider, Fairer Finance.

There is a good chance the APR (annual percentage rate) you see advertised will not be the one you are offered. APRs are 'representative' which means they must only apply to 51% of successful applicants.

The 0% purchase cards with the lengthiest terms are reserved for applicants with top credit scores. Always use an eligibility checker before applying to see your chances of being accepted. This way your credit score isn't damaged if you're rejected.

0% purchase credit cards in a nutshell

A 0% purchase credit card charges zero interest on borrowing for new purchases for a stated number of months. This time period is normally referred to as an 'introductory offer' or 'promotional period'.

During the promotional period, 100% of your credit card repayments will go towards repaying your debt, not towards paying interest.

So, using a 0% purchase credit card means you can effectively borrow money for free, so long as you repay the entire debt before the end of the 0% period – and don't incur other fees.

What can you use a 0% purchase card for?

For this reason, these cards are ideal for spreading the cost of large purchases, such as a new car or holiday. Alternatively, you can use a 0% purchase card for numerous small purchases.

Either way, the golden rule is to repay your debt within the interest-free period. For example, if you borrow £2,000 on the card and can afford to repay £100 a month, you need a card offering 0% interest on purchases for at least 20 months.

How can I find the best deal?

Broadly speaking – and so long as you use the card efficiently – the best 0% purchase card is simply the one that offers the longest interest-free period.

However, there are other factors to consider too. For example, any annual fees for having the card as well as the APR (annual percentage rate) that applies after the interest-free period ends, should you have a balance remaining.

Be aware that the rate advertised is representative which means it only has to be offered to 51% of successful applicants. You could be in the 49% of customers given a higher rate.

Customer experience can also play a part. Having a credit card that's easy to manage will help when it comes to clearing your purchase balance before interest kicks in.

Unlike 0% balance transfer and money transfer credit cards, there's no particular timeframe in which you need to make purchases to qualify for 0%. The only stipulation on 0% purchase cards is that purchases will need to be made within the 0% introductory offer period.

What about fees?

There are not usually any upfront fees associated with a 0% purchase credit card, although some premium credit cards might charge monthly or annual fees, while some kinds of transactions (such as taking cash out of an ATM or using your card overseas) are also likely to cost.

And, just like any other credit card, you still need to make at least the minimum payment each month. If you don't you'll be charged a late payment fee which is normally about £12. You may also lose your 0% promotional offer, and your credit score is likely to be damaged.

Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author's alone and have not been provided, approved, or otherwise endorsed by our partners.

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Negative Credit Balance Bank of America How to Transfer Back to Checkings

Source: https://www.forbes.com/uk/advisor/credit-cards/best-0-purchase-credit-cards/