In this article, we review the Post Office Money Classic credit card, which offers interest-free balance transfer and purchase offers for those with less-than-perfect credit scores.
Key facts about the Post Office Money Classic credit card
Best for: Those with little or a poor credit history looking for a balance transfer offer.
Introductory offer: Up to 12 months interest-free on purchases and up to 12 months on balance transfers, depending on circumstances.
Representative APR: 34.94% variable.
Fees: No annual fee, 2.90% balance transfer fee.
- Perks: No specific perks.
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- 26.5% APR Representative (variable)
Pros of the Post Office Money Classic credit card
- The introductory offers or interest-free periods on balance transfers and purchases are attractive when compared with what is on offer from rival cards.
- Although there are a range of APRs available – subject to status – they all stack up favourably when compared with other credit-builder cards.
- You could be given a credit limit of up to £8,000, although the minimum credit limit is just £200.
Cons of the Post Office Money Classic credit card
- It is unclear at the outset as to what APR, credit limit and interest-free offers you are likely to be offered.
- There is a balance transfer fee of 2.9%, although there isn't an annual fee.
- There is a £3 or 3% cash withdrawal fee (whichever is largest) which also applies to gambling websites and foreign exchange bureaus.
How to manage your payments on the Post Office Money Classic credit card
Cardholders can manage their accounts online via the Post Office Money Classic app on iOS and Android.
How to apply for the Post Office Money Classic credit card
Applicants should first complete an eligibility checker, which will give you an indication of whether you are likely to be accepted and the credit limit and APR you will be offered.
How to find out which credit card is best for you
Money to the Masses has partnered with Creditec* to help find the best credit card for you. By entering a few basic details, you will be able to see a tailored list of the best credit cards based on your individual circumstances. You can sort your results by the feature that interests you most, such as by card type, total fees or cashback offered. On top of this, the credit cards that have been pre-approved for you will be highlighted, meaning you can be more confident that you will be accepted if you apply. (Pre-approval does not guarantee acceptance and is still subject to additional lender checks). Your details will be used to conduct a soft credit search often referred to as an eligibility check, which means your credit score will not be affected. Click on this link to get started*.
Alternatives to the Post Office Money Classic credit card
If a link has an * beside it this means that it is an affiliated link. If you go via the link Money to the Masses may receive a small fee which helps keep Money to the Masses free to use. But as you can clearly see this has in no way influenced this independent and balanced review of the product.