Credit card for new borrowers has doubled its interest-free purchase period, but only for a couple of weeks.
Barclaycard has extended the 0% interest-free purchase period on its Initial Visa credit card from three to six months for a limited time.
Until 24th November, borrowers can bag a great deal with double the previous interest-free period.
The Initial card is designed for borrowers who are new to credit, and can help them build up a better credit rating.
[SPOTLIGHT]Everything else about the card is unchanged. The Initial card offers a credit limit of between £150 and £1,200, with an APR of 34.9%. Your APR gets reviewed and potentially reduced every 12 months.
To qualify for the Barclaycard Initial you’ll need to earn more than £3,000 a year, have a job and no record of bankruptcy in the past six years. You’ll also need to have lived at your current UK address for three months or more.
The Initial isn't the only card designed to help borrowers improve their credit scores though. For example, just last month Lloyds Bank launched its own Classic credit builder card which also has a 0% purchase period, albeit of only three months. The Lloyds card also offers 0% interest in balance transfers for six months, with a 3% transfer fee.
For a comprehensive round up, check out The best credit builder credit cards.
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