The Post Office credit card is a brand credit card from the great British institution - the Post Office! The post office has, for a long time, offered various financial products like savings, insurance and loans and now they have ventured into the business of credit cards with their brand name offering of the post office credit card.
The big difference with the post office credit card is that it is a double 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 as compared to the 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 refrigerator on your card, you could buy the Refrigerator as usual 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 which is sufficient enough for you to repay it in easy installments.
You could obviously use the Post Office credit card like any normal credit card. They offer a great 0% on balance transfers for up to 8 months and 0% for 3 months on purchases and then a standard rate of just 14.9% APR, which is really on the lower side compared to what is offered by other cards in the UK market.
Another great benefit is for travellers - The post office are one of only a handfull of credit card providers who charge no commission on foreign currency purchases. Simple great offer!
Details of Post Office credit card
| Introductory Balance Transfers | 0% |
| Monthly Rate | 0% |
| Period | 8 Months |
| Introductory Purchases | 0% |
| Monthly Rate | 0% |
| Period | 3 Months |
| Standard APR | 14.9% |
| Monthly Rate | 1.167 % |
| Cash Advance | 14.9% |
| 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 Review SummaryThe Post Office credit card is an interesting credit card product offered by the UK’s most reputed institute – The Post office. 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. | Link to previous articles: Goldfish Credit Card Buy & Fly Credit Card Hilton Honours Credit Card RSPCA Credit Card Mint Credit Card Vanquis Credit Card |
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