With 6 months interest-free on balance transfers and a low handling fee of 1.5%, the Play.com Credit Card is the cheapest option for a short term balance transfer.
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Play.com - Credit Card
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What's the deal?
The Play.com Credit Card gives you 6 months’ interest-free balance transfers with a handling fee of just 1.5%, currently the lowest handling fee available.
What’s more, the card offers 9 months’ interest-free purchases, making this an extremely competitive card both for short term balance transfers and new spending.
The card also operates a rewards scheme whereby you earn ‘PlayPoints’ whenever you spend on the card; these can be redeemed on Play.com gift vouchers.
When the 6 month introductory period on balance transfers is up, any transferred balances left on the card will start to accumulate interest at a rate of 17.9% APR. Any purchases on the card will be charged at the typical APR of 15.9% variable.
What makes it great?
The vast majority of credit card providers will charge a handling fee when you transfer an existing balance onto a card that offers an interest free deal; this will be a percentage of the amount you wish to transfer. This can significantly bump up the cost of transferring a balance, especially if you are transferring a large amount.
However at 1.5% Play.com offers the lowest handling fee available, and with 6 months interest-free on balances transferred, the credit card represents the cheapest option for a short term balance transfer.
The card’s additional 9 months interest-free offer on purchases also makes it a competitive choice for those wishing to transfer a balance and spend on the same card. There is also no annual fee for using the card.
Who would it suit?
Due to its low handling fee and short-term interest-free introductory offer on balance transfers, the Play.com Credit Card would ideally suit those with a relatively small balance to transfer which would take no longer than 6 months to pay off.
Before applying for the card it would be advisable to work out how long it would take to pay off the balance you wish to transfer, because if the balance is still on the card at the end of the 6-month period it will begin to be charged at the variable rate of 17.9% APR.
This credit card may also suit those who want to spend on the same card that they have transferred their balance to. Although this is not usually advisable because of the way in which repayments are allocated to your balance, as long as you pay off your transferred balance in the first 6 months and any purchases within the first 9 months, you won’t fall foul of this trick.
It’s also worth noting that you have to be 18 or over with a good credit history to apply for this card. What’s more, as the card is issued by MBNA, you won’t be permitted to transfer balances from an existing MBNA account – so this is worth bearing in mind if you are considering transferring a balance from another MBNA card.
What's the catch?
Though the Play.com Credit Card offers the cheapest option for short term balance transfers, you will have to make sure that the balance you wish to transfer can indeed be cleared within this short 6-month interest-free period.
If any of your transferred balance remains on the card after the 0% introductory period is up, it will start to accumulate interest at the significantly higher rate of 17.9% APR. In this case you would have to move your balance to a new low-interest deal to avoid paying large amounts of interest.
What’s more, if any purchases remain on your card after the 9-month interest-free period, or if you continue to spend on the card after this point, they will attract interest at a rate of 15.9% APR.
Cash withdrawals made using the card should be avoided, as these will be charged at the considerable rate of 27.9% APR.
It’s also worth noting that if you intend to transfer a balance to the Play.com Credit Card this must be done within the first 90 days of opening the account, or it will not benefit from the interest-free introductory offer and instead be charged at the standard rate of 17.9% APR.
What's the alternative?
If you’re looking for a balance transfer card that offers a slightly longer interest-free period, the Barclaycard Flexi-Rate Credit Card may be worth considering. It offers 9 months interest-free on balance transfers and charges a slightly higher handling fee of 1.7%.
Alternatively if you would rather have more breathing space on your transferred balance and want a longer interest-free offer, the Virgin Credit Card offers 16 months interest-free on balance transfers. However a handling fee of 2.98% does apply.
We have done our very best to make sure that the information included in this Deal is accurate. However, sometimes offers can be withdrawn or changed at the last minute so please do check that you're able to redeem this Deal before parting with any money, or going out of your way to take advantage of the offer.
