New market-leading low-rate credit cards
New low-rate cards from Lloyds Bank and Bank of Scotland.
If you want a credit card that charges a low rate for life, not just for a limited period, then you might want to check out two new cards from Lloyds Bank and Bank of Scotland.
These new cards offer a representative APR of just 6.4%.
How does that compare?
The Lloyds Bank Platinum Low Rate and Bank of Scotland Low Rate cards come with the lowest representative APRs available on the market today.
MBNA’s Low Rate Credit Card is a close second with a representative 6.6% APR, while Sainsbury’s Nectar Low Rate Credit Card boasts a rate of 6.9%.
Note that the rates here are the representative APR. This rate only has to be offered to 51% of successful applicants, so if your credit record is less than spotless you may be offered a much higher rate.
Pay no interest
If you know that you have some big purchases coming up and need to spread the payments, it may be a better idea to go for a card that offers a 0% period on spending. For a given period, no interest will be charged on your balance.
Currently you can avoid interest for up to 20 months with a Halifax Purchase credit card, while there's a suite of cards offering 0% for 19 months from Tesco, Clydesdale Bank, Yorkshire Bank and M&S.
For more, read The best 0% purchase credit cards.
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