Approval for any credit card will depend on your status. The APR shown represents the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.
Post Office Money Classic Credit Card review February 2020
A versatile balance transfer card that doesn't require credit score perfection.
Finder rating: ★★★★★
Doing its job: 3.5/5
In a nutshell:
0% interest on balance transfers
0% interest on purchases
|Balance transfers||0% for 18 months months reverting to 34.9%|
|Balance transfer fee||2.9%|
|Purchases||0% for 12 months reverting to 34.9%|
|Purchases interest-free period||Up to 56 days|
|Min credit limit||£200|
|Max credit limit||Subject to status: £8,000|
|Additional cards available||3|
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
Post Office Money hasn’t exactly attempted to turn the world of credit cards upside down with this slightly unremarkable card. Instead, you’ll get a straightforward option that’s available to a fairly broad range of credit scores. You can check whether or not you’d be eligible, without affecting your credit score, using Post Office Money’s eligibility checker.
The card is perhaps most competitive as a balance transfer option for those with less than perfect credit scores – going up against specialist cards from the likes of Barclaycard and fluid. These cards allow you to transfer across debt from another credit card (for a fee) in order to save money on interest. Just bear in mind that the specific terms can vary from applicant to applicant, so if you use the eligibility checker and are offered a card take a close look at the rates and the length of any 0% periods.
The card also lets you spread the cost of an upcoming expenditure for up to 12 months without incurring any interest.
After the 0% periods have expired, realistically there’s not a lot to persuade users to hang on to this card.
How does this card compare with other similar cards on the market?
Post Office Money’s card
Other balance transfer options for lower credit scores
You can make manual repayments online or over the phone (0345 607 6500), or better still, set up a direct debit. A direct debit is a great idea because it protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee or losing any promotional rates as a result. You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
Choose from the following direct debit options for your monthly repayments:
|Minimum amount||Fixed amount||Fixed percentage||Full amount|
How to apply for the Post Office Money Classic Credit Card
You can apply online in 10-15 minutes. Before you can apply, you’ll be prompted to use the “QuickCheck” eligibility checker. This will give you a clear picture as to whether or not it’s worth applying, without hurting your credit rating. If it’s good news and you opt to actually apply, Post Office Money will run a full credit check, which has a small (and usually short-lived) impact on your credit score.
Once you’re approved, it takes up to two weeks to receive your new credit card. You’ll get your PIN first, then your card a day or so later. When you’ve got your card, you can activate it and register for online banking (then you can start tracking the card in the app too).
The first time you use your new card, you’ll need to enter the PIN – from then on you can go contactless to your heart’s content (unless your heart wants to spend more than £30, in which case you’ll need that PIN again).