Virgin Money has launched the longest offer on the market, giving you up to 30 months interest-free on purchases. You'll also get 0% on money transfers for 18 months but it does carry a hefty 4% transfer fee. The card itself has a higher-than-average 19.9% APR though, so watch out for that.
Current longest 0% purchase credit cards
Here are the longest 0% periods on offer today for purchases.
|0% period||Representative APR|
Tesco Bank Clubcard Credit Card for Purchases
Clydesdale Bank Gold MasterCard
Yorkshire Bank Gold MasterCard
The supermarkets are also dishing out great products with the Tesco Bank Clubcard Credit Card for Purchases and Sainsbury's Bank Nectar Purchase Credit Card offering 28 months interest-free purchases.
The pros of a 0% purchase card
The beauty of a 0% purchases credit card is, so long as you pay it off within the interest-free period, every penny goes to paying off your debt.
So if you know you've got a big purchase ahead of you, going for a 0% credit card is a sensible course of action.
The downsides of a 0% purchase card
There are some hurdles to consider though. What if you don't manage to clear your balance before the 0% period finishes and you still have thousands of pounds sat on the card?
You have a couple of options. The first is to do nothing – leave your debt where it is, continue making your monthly payments, and your debt will eventually disappear. That said, you will end up spending a decent chunk of cash on interest.
Or you can move the remaining debt to a balance transfer card, which will also offer a period of 0% interest on your repayments.
And then there's the fact that in order to get your hands on a 0% card you'll need to have a good credit record. Credit card providers don't make a habit of handing out these cards to any old borrower – ironically the borrowers who would most benefit from a bit of breathing space in paying off their debts are the ones who find it most difficult to get their hands on 0% cards.
Alternatively, you may find that your credit rating is good enough to get a 0% on purchases card, but not good enough to get the very best 0% card. Halifax is now offering 'tiered 0% deals' where some applicants get 0% cards but with shorter interest-free periods.
Improve your chances of getting a 0% card
Therefore, the best way to get a 0% card is to ensure your credit rating is as spotless as possible.