Everything you need to know about Post Office credit cards by DAVID P WALKER

The Post Office is a British institution and an increasingly strong competitor when it comes to insurance or travel money, but one area not generally associated with your local postie is credit cards, with people generally preferring to go with their existing bank or their primary supermarket.

However, the Post Office offers a couple of different cards with a multitude of pros and cons, the first being the variable APR credit card, while the other is a prepaid card. This article will focus on the pros and cons of the variable rate credit card.

What are the pros?
The Post Office credit card offers some interesting benefits which are hard to find elsewhere. The most notable of these is the option of two different APRs. One is for everyday purchases, which is variable, and one is for larger purchases of between 500 pounds and 2,000 pounds. The latter allows you to contact the Post Office and transfer the balance to a fixed rate payment plan.

This credit card is a strong contender if you’re looking for a card to use overseas. It offers 0 percent fees on all foreign transactions, as well as voiding the cash advance fee when purchasing travel money. However, you should be aware that you will still incur charges when using an ATM. If you plan to do this while on holiday, consider the prepaid card instead, which won’t charge you for withdrawals.

This card also offers 0 percent balance transfer for 12 months and an additional 0 percent interest on balance transfers for 5 months after your first and second year anniversaries. Finally, anything that you purchase will be covered for 90 days against loss, theft or accidental damage, as well as the standard protection on purchases between 100-30,000 pounds that all credit cards offer. no teletrack installment loans direct lenders - According to school level and state level, there are many loan options and information about these higher education loans can be obtained from the applicant’s own school.

What are the cons?
While there are certainly a lot of benefits to the Post Office’s credit card offering, online reviews don’t look so positive. Many complain that the application process is too complicated and drawn out, while others grumble that their applications have been delayed by administrative errors or that contacting the Post Office is difficult as they are not open at weekends.

Another commonly voiced issue with this card is that, according to some users, the online banking leaves much to be desired, with poor site usability. Aside from personal opinion, one area this credit card does fall down, is that there is no loyalty option, as there is with many supermarket credit card offerings, but really this is a matter of priority.

Is it for me?
As with most credit cards, you need to be over 18 years of age and a UK resident to be accepted for a Post Office credit card. You’ll also need to have a minimum salary of 15,000 pounds. It’s also worth saying that credit cards should only be taken out by if you’re 100 percent sure that you can pay your balance back on time. Otherwise you may incur additional fees and mounting interest, which can lead to serious debt problems.

Credit Choices gives impartial, comprehensive advice on credit cards, loans and mortgages. For more information about Post Office credit cards visit the Creditchoices.co.uk site