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Post Office credit card review

Best Buy alert! The Post Office credit card is currently the best buy credit card for use abroad as it does not charge any foreign transaction fee - check it here.

GOING on holiday any time soon? Then hit 'apply now' now!

One of the most fundamental holiday checklist items - second only to your passport - is your credit card.

Credit cards offer real security when travelling abroad. However, this security is often levied with a price to pay if you ever actually need to pay with plastic.

The Post Office credit card removes the holiday comedown affliction of returning home to a credit card statement full of extra charges and fees by offering 0% commission on overseas purchases - saving you the standard 2.75% fee on everything you buy.

With 0% on purchases for 3 months, you could book up that Easter break and spread the cost a little more gently over the next few months.

The Post Office credit card is also an excellent money-manager credit card too. Offering 0% balance transfers for 12 months (with a 2.98% fee) and then another 0% for 5 months again in year two and year three of account ownership.

The Post Office credit card is also one of few 0% balance transfer credit cards that will allow you to move 0% credit straight to your current account, allowing you to pay off overdrafts and small loans as well as other credit cards.

The application criteria requires a minimum income of £15,000 for UK residents aged 18 or over. Online applications offer an instant decision.

Interest Rates and Fees
		Notes..
Typical APR	16.9% APR (variable)	The typical APR is the rate most people are offered.
Introductory Purchases	0% for 3 months	Payments are applied towards introductory rates first.
Balance Transfers	0% for 12 months another 0% for 5 months in 2011 & 2012	Must be made within 3 months of account opening. Payments are applied towards introductory rates first.
Balance Transfer Fee	2.98%
Cash Withdrawal Rate	24.1% p.a. (variable)
Cash Withdrawal Fee	2.5% (£3 minimum)
Annual Fee	None	-
Foreign Transaction Fee	0%	There is no fee charged on transactions made in a foreign currency. This fee will be charged if you make a purchase or cash withdrawal in a foreign currency.

Rewards
		Notes..
Reward #1	2-in-1 Loan	6.8% p.a. (variable) pre-arranged loan for up to 2 purchases costing from £500 to a total of £2000. As a cardholder you'll be able to phone the Post Office to prearrange this low rate loan with a separate payment plan to your normal card purchases.

Cardholder Services & Extras
Online Account Management		You can log in to the Post Office website and manage your Post Office Platinum credit card account online.
Fraud Guarantee		You won't be held liable for fraudulent transactions that occur if the PIN is not used with the Chip & PIN card and where you are an innocent victim of fraud.
Fraud Monitoring		24/7 Fraud Monitoring A Security System will monitor potential fraudulent transactions at all time and they will get in touch with you if they notice anything suspicious.
Identity Protection
MasterCard SecureCode		The issuing bank does not currently support MasterCard SecureCode - however this is likely to change in the future as more banks and building societies adopt the new technology. You can check for the latest participating credit card issuers here: http://www.mastercard.com/uk/personal/en/cardholderservices/ securecode/index.html
Purchase Protection Insurance		Almost everything you buy with the Post Office Platinum credit card will be insured against accidental damage and theft for up to 90 days from purchase.
Purchase Delivery Insurance		Mail order items are not excluded from the 'Purchase Protection Insurance' policy.
Comprehensive Travel Insurance
Travel Accident Insurance
Travel Inconvenience Insurance
Assistance Abroad
Emergency Card Replacement		International Emergency Assistance If your card is lost or stolen abroad, the Post Office will ensure a replacement card is issued as soon as possible. If you lose your card at the beginning of a trip, they may also be able to arrange an emergency cash advance until your new card arrives.
Other Extras	» 24/7 Fraud helpline » Up to 3 additional cardholders for free » 365 day customer service.
Optional Extras	These are extras that you can choose, but you will have to pay for them. » Payment protection.

Payments & Payment Details
		Notes..
Credit Limit	£500 minimum	Maximum credit limit is subject to status.
Interest Free Period	Up to 56 days	For purchases if you pay your balance, plus the minimum payment due on any Payment Plans, in full and on time. There is no interest free period on balance transfers outside of any 0% offer or on cash advances.
Minimum Monthly Payment	2.5% (£5 minimum)	The minimum monthly payment will be the greatest of: - 2.5% of the outstanding statement balance (minimum £5), OR - The full balance (if less than £5), OR - The total of interest, plus any insurance premiums, plus any monthly Payment Plan payment.
Allocation of Payments	Payment Plan payments » Interest on fees » Most Fees » Insurance Premiums » Interest on Balance Transfers, Purchases & Cash Advances » Cash Advance Fees » Balance Transfers, Purchases & Cash Advances
Default Charges	£12	This is how much you will be charged for late payments, returned payments and if you go over your credit limit.
Copy of Statement Fee	£5	This is the fee you will be charged for duplicate statements.

Card Details
		Notes..
Online Application	Yes: Instant Decision	You'll receive an instant decision when you apply online. Remember: always ensure you meet the application requirements before applying, as getting rejected can affect your credit score.
Card Type	Platinum	-
Payment Company	MasterCard	The company who provides the payment technology and infrastructure to allow you to use this credit card. Retailers and ATM machines displaying the 'MasterCard' logo will accept this credit card.
Card Issuer	Bank of Ireland	The bank who issues this credit card.
Card Advertiser	Post Office	The company who advertises and promotes this credit card.

Post Office Credit Card User Reviews

Review Continued...

Commission free use abroad

One of the biggest selling points of the Post Office credit card range is the commission free use abroad - meaning you won't be charged the standard 2.75% foreign transaction fee for paying by credit card abroad (or in a foreign currency over the net).

Cash withdrawals - in the UK or abroad - do carry a handling fee, although it's worth noting it is only 2.5% - which when made abroad, still equates to .25% less than most debit cards - which often do charge a foreign transaction fee.

The cash withdrawal interest rate isn't cheap though, so try and repay cash withdrawals as promptly as you can.

0% balance transfers, not once, not twice - but 3 times!

If you have any outstanding credit or store card debts the Post Office credit card will allow you to clear them up whilst offering zero-percent interest charges on the balance for the next 12 months.

You'll also get another 0% balance transfer deal that will last for 5 months each in 2011 and 2012.

All 0% balance transfers are subject to a transfer handling fee of 2.98% - though this will be much less than the amount you could save in interest charges by moving current card debts across.

Also the Post Office credit card is one of a handful of cards in the UK that will allow you to move 0% credit straight to your current account - allowing you to use the 0% balance transfer deal to pay off existing overdrafts and small loan debts as well as other credit cards.

Of course, for the money-savvy this '0% to your current account' offer could also be used for stoozing, where you borrow money at 0% and then save it in a high interest savings account before paying it back just before the end of the 0% term.

2 in 1 loan

A rather unique feature of the Post Office credit card is the '2 in 1' loan feature - which allows you to pre-arrange a loan - on your credit card account - for up to 2 purchases costing from £500 to a total of £2,000.

The benefit of this pre-arranged loan is that it offers an interest rate of just 6.8% p.a. on the purchase/s.

It's perfect for larger items you may need to spread the cost of, and whilst it's not as cheap as a 0% purchase deal - it can be used again and again and as long as you meet the minimum repayments there are no time limits.

Purchase protection

The Post Office credit card comes with purchase protection that will protect almost everything you buy against accidental damage and theft for up to 90 days from purchase.

Final word

The Post Office credit card is the perfect travelling companion.

It's also an all round winner - offering so much that far exceeds simple joining incentives or introductory deals, this really is a credit card in it for the long haul.

Apply Online for Post Office credit card »