The Post Office Credit Card could be a great option for you. One of the most amazing features of a credit card is its ability to obtain fast credit. It helps you borrow money, and pay it back in full by the due date or slowly over time with the interest. This all contributes to a consumer’s credit score which can later contribute to a loan application and other perks offered by the service provider.
These cards also offer a bundle of freebies like cash back, rewards points, and interest-free days. One such similar card is the Post Office Credit Card. The bank of Ireland and the Post Office brand previously worked together for the credit card services. Now, Capital One issues the cards for the Post Office.
Also, Capital One is known for its services for low credit score customers. Some critics say that Post Office Money is a broker, not a direct lender. The Post Office Credit Card offers many perks like no balance transfer fee for the introductory period, no annual fee, and many more. Let’s discuss the card feature and benefits in detail.
Post Office Credit Card benefits
The Post Office Credit Card offers up to 12 months of interest-free period on purchases as an introductory offer. The eligible purchases are quite unique and interesting, allowing you to choose from a variety of options. You can benefit from up to 56 interest-free days in each billing period.
It is worth mentioning that some terms and conditions may vary from person to person. This card also offers up to a 12 months interest-free period on the balance transfers. The minimum credit limit is £200 and the maximum limit is £8,000. With no annual fee, this credit card helps you in saving a considerable amount of money.
You can check your eligibility for the card via QuickCheck Service. The eligibility checker also provides a clear understanding of different offers. These offers may be different for the applicants. You can manage accounts easily with the Post Office Credit Card classic app. It is a good opportunity.
This app is available on both iOS and Android. This credit card is a Mastercard and is secured with the Mastercard SecureCodeTM. This is a great feature in terms of security as it acts as a protective layer for online transactions. Keep reading our article to learn more about this great credit card.
The Post Office App provides you the option of setting up a direct debit or making manual repayments. Many people forget their repayments which damages their credit score. A direct debit helps you make repayments on time and it also saves you the late payment fee. Direct debit for the repayments can be arranged while applying for the credit card.
There are different options for the Post Office Credit Card monthly repayments. You can choose a fixed amount or a minimum amount of 3% or £3 (the greater value) or any kind of interest (total), default charges added with a 3% of the amount you owe. The recommended option is to pay off the outstanding balance in full, every month on time.
Post Office Credit Card rates and fees
The Post Office Credit Card helps you save some extra money as it has no annual fee. The foreign usage charge for the EU and the rest of the world is 2.75%. Any balance transfer will add to a 2.9% fee. There is a 2.9% fee for the money transfers. Please note that any delayed or missed payments will add to a £12 late payment fee. The representative annual percentage rate is 34.9% and there is a £12 over-limit fee as well. The Cash advance fee is 3% (minimum £3).
Post Office Money offers a variety of cards each having different requirements, so it is advised to check your eligibility before applying for the desired credit card. As mentioned earlier, it is a good practice to have a look in the QuickCheck eligibility checker to confirm whether you are eligible or not.
It only takes a few minutes and it will not affect your credit score. The eligibility criteria for this credit card are as follows. The applicant must be of age 18 or above with a permanent settlement in the UK. The applicant must also possess a UK bank account or a building society account.
Applicants who already own a Post Office Money credit card are not eligible for this card. The applicant must be employed, retired personnel, or a homemaker. The applicant’s income must be £8,000 or above, excluding any unemployment perks. Remember that, Post Office money will not entertain you if you have any kind of pending Country Court Judgements.
Post Office Credit Card application process
The pre-application process for the Post Office Credit Card starts with a QuickCheck eligibility checker, where you will get a clear picture of your eligibility. The online application process is pretty simple and takes only 10 to 15 minutes. This whole process will not contribute to your credit score and the response time is 60 seconds.
The first step for the credit card application is to fill in the details about yourself like your name, date of birth, Email address, and mobile number. The next step is entering the residential status, and current address. Moving on, you have to fill in the employment status, occupation, number of people financially dependent on you, annual income (excluding taxes), and other sources of income.
The last step is to confirm whether you are interested in taking cash advances and transferring a balance or not. The Post Office Credit Card is a good option for consumers with a bad credit history. The perks like no annual fee, no duplicate statement, and dormancy fee are great. The cash advance rate and foreign transaction fee are on average as of a standard card.
Things get doubtful when you are not clear about the APR, this credit card is not clear about the APR. Keeping the credit limit and interest free period is also not a good idea. It does not offer a lot of perks and the gambling websites also attract cash withdrawal fees. Keep reading our articles to know more.