Don’t let credit cards add 10% to the cost of Christmas

With Christmas now looming on the horizon most of us will be bashing the cash and credit cards.  But if you are not careful, it can easily add 10% to the cost of Christmas.

There are two options for minimizing interest charges – go for a 0% on purchases new deal or choose a card with a low standard rate.   ‘Whilst there are still some long term 0% purchase credit cards still available, lenders have significantly tightened up their credit scoring criteria and unless you have a blemish free credit record these interest free deals may not be available to you,’ warns Andrew Hagger of Moneynet.

He advises, ‘if you’re comfortable that your credit record is in A1 condition, then you’ll need to apply now as it’ll probably be a couple of weeks between applying and actually having the card in your hand.  A popular choice for those who don’t already have one is a Tesco Clubcard Mastercard which is offering an introductory deal of 0% on purchases for a generous 12 months.  After this offer expires you will pay 16.9%.  

If you already have a Tesco card you can apply for a Sainsbury’s Finance Master card which is offering 0% on purchases for the first 10 months or M&S which also has 10 months interest free on purchases on it Mastercard.