By: Harvey Jones | Updated: 8th March, 2019.
Thanks to recent changes to the 0% term lenghts, the Post Office Platinum isn't quite as good of an offer as it once was. Still, 8 months on both purchases and balance transfers (fee applies) is nothing to sneeze at. Better still, this is also a great card for travelers, since you don't pay fees on purchases made overseas and can buy Post Office Travel Money with no fee.Read full review >
|Assumed credit limit||£1,200|
|Representative APR (variable)||18.9%|
|Purchase rate p.a. (variable)||18.9%|
I’m a big fan of 0% introductory-rate credit cards. I’m an even bigger fan of credit cards with no overseas charges. So you can imagine what I think of a card that gives you both.
It might seem an odd combination. A matching eight-month 0% intro rate on new purchases and balance transfers. So who thought of throwing in fee-free overseas purchases overseas on top? I don’t know, but I admire their originality. A very special delivery from the Post Office.
This card used to have a 0% intro period comparable to the top cards in the category. That’s no longer the case, as eight months doesn’t quite stack up. However, with eight months of 0% interest on both purchases and balance transfers, plus traveller benefits and a low representative APR, this is still very much a card worth considering.
I’ve been a personal financial journalist for 30 years, writing for national newspapers, magazines and websites. I reported on the technology boom in the 1990s, and the subsequent bust. I covered the financial crisis, and the tentative recovery. Decades of writing about the big banks has taught me to be sceptical, to examine every pledge and promise, and look closely at the small print of their product offerings. I’m on the side of the consumer, alert to rip-offs while also keen to highlight top deals. There are plenty out there, if you know where to look.
Post Office Platinum Card shines but could do with being buffed up in one or two places.
If you’re looking for the longest 0% purchase offers on the market, this card doesn’t rank well. Eight months is nothing to sneeze at, but some competition is still offering more than two years of 0% goodness. However, if you don’t need more than eight months to clear your purchase balance, then this is definitely a card worth considering, especially if you travel, as you won’t find those travel benefits on most of the cards from the competition.
You need a nice clean credit score to get the most out of this card. Applicants with lesser credit will be given a slightly inferior APR, while others may be rejected altogether. As ever, a blemish-free credit history helps. You need to be at least 18 years old and be either employed, retired or a “homemaker” with an annual income of more than £8,000, excluding benefits. You must not have any outstanding County Court Judgments against your name.
Like a growing number of credit card issuers, the Post Office has a fast credit checker, so you can check your eligibility without affecting your credit score.
You can apply online, which should take just a few minutes with an instant decision. You will need your income and employment details, the sort code and account number of your bank or building society account, and your previous address (if you’ve lived at your current address for less than three years).
If your application is successful you can expect to receive your card within seven working days.
The headline offer of 0% interest on new purchases for eight months is good, but not great. If you need to make a big purchase, or a series of purchases over the next few months, and you plan to clear that balance in eight months or less, then this could be a great way of funding the lot without racking up interest charges. Again, just be sure you can clear it all before the post-offer APR kicks in. The fee on the balance-transfer offer makes the eight months of 0% interest there a bit less attractive, but depending on your circumstances, that could be a good way to consolidate your debt. The real cherry on the top of this offer though comes if you regularly travel overseas, as the fee-free foreign purchases seal the deal.
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