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Post Office Credit Card Review
Summary
The big difference with the post office credit card is that it is a dual use card meaning you can use it as a credit card, with competitive rates or if you need to make a big purchase you can pre-arrange a personal loan on the card which carries a much lower rate of interest than regular purchases. You will still have to make a minimum payment but pre-arranging a loan for a purchase on the card carries an interest rate of just 6.8% pa. So if you wanted to buy, say a new TV on your card, you could buy the TV as normal and then simply call the post office who will arrange for it to be put on the lower "loan" rate. You then have to pay that amount off in a 12 month period.
Of course for you could just use the Post Office credit card like any normal credit card. They offer a great 0% on balance transfers for up to 10 months and 0% for 3 months on purchases and then a standard rate of 15.9% APR.
One of the best benefits is for travellers - The post office are one of only a handfull of credit card providers who charge no commission on foreign currency purchases.
Details
| Introductory Balance Transfers | 0% |
| Monthly Rate | 0% |
| Period | 10 Months |
| Introductory Purchases | 0% |
| Monthly Rate | 0% |
| Period | 3 Months |
| Standard APR | 15.9% |
| Monthly Rate | 1.124 % |
| Cash Advance | 15.9% |
| Cash Advance Fee | 2% (Min £2.00) |
| Minimum Payment Required | 2.5% (Min £5) |
| Annual Fee | None |
| Loyalty Points | None |
| Travel Accident Insurance | No |
| Free Purchase Protection | Yes |
| Foreign Usage Fee | 0% |
Other Post Office Credit Card Features and Benefits
- 0% on purchases abroad
- 2 in 1 - credit card and loan
- Free Purchase protection
- Chip and Pin
- 0% on balance transfers and purchases
Post Office Credit Card Verdict
The Post Office credit card is an interesting proposition. A first for the UK market in that it offers an innovative loan feature as well as all the features you would expect from a normal credit card. There are some good savings to be made by utilising this facility and the standard card product is also competitive. The 0% commisison on foriegn currency is also a big attraction.