What we think of it...

THE Post Office have bought a revolutionary financial product to the credit card market, with their 2 in 1 credit card and loan offer.

The Post Office credit card offers an APR that is just a smidgen lower than the market average, and cheaper still on the platinum version, plus, unlike most cards, the Post Office won't charge you a 'foreign transaction fee' on your overseas spending.

Another feature on the credit card side, is the great introductory offer of 0% for 10 months on balance transfers (a 2.75% transfer fee applies), and another 5 months on the anniversary month of your account opening in 2008 and again in 2009!

We're also especially fond of the card's 6.8% p.a. (variable) 'loan' rate that can be pre-arranged on up to 2 purchases costing between £500 and £2000.

This low rate 'loan' feature coupled with free purchase protection covering almost all your purchases against accidental damage and theft for up to 90 days definitely makes the Post Office credit card one to hold onto for the long-haul.

A perfect card for everyday use and those bigger purchases too!

A little more detail

Rates and Fees

			Special Note..	Any good?
Typical APR		16.9% APR (variable) -	-
Introductory Purchase Rate		0% for 3 months	-
Balance Transfer Rate		0% for 10 months another 0% for 5 months in 2008 & 2009	-
Balance Transfer Fee		2.75%	-
Cash Withdrawal Rate		19.16% p.a. (variable)	-
Cash Withdrawal Fee		2% (£2 minimum)	-
Annual Fee		None	-
Foreign Transaction Fee		0%	-

Extras

			Special Note..	Any good?
Online Account Management		Yes	-
Purchase Protection		Yes	Almost everything you buy with the Post Office credit card will be insured against accidental damage and theft for up to 90 days from purchase.
Other Extras	-	- Up to 3 additional cardholders for free - 365 day customer service.	-
Optional Extras	-	Payment protection insurance	This is not a free service, but is available for this card.

Payments

			Special Note..	Any good?
Credit Limit		£500 minimum	Credit limit may vary from person to person.
Interest Free Period		Up to 56 days	On purchases only.
Minimum Monthly Payment		2.5% (£5 minimum)	-
Allocation of Payments		Interest » Fees » Balance transfers » Purchases » Cash withdrawals	-
Default Charges		£12	-
Copy of Statement Fee		£5	-

Card Details

			Special Note..	Any good?
Online Application	-	Yes	Remember: always ensure you meet the application requirements before applying, as getting rejected can affect your credit score.
Card Type		Classic	-
Payment Company		MasterCard	-
Card Issuer		Bank of Ireland	-
Card Advertiser		Post Office	-

At a Glance

Typical APR	16.9% APR
Credit limit	£500 minimum
Intro purchases	0% for 3 months
Balance transfer	0% for 10 months another 0% for 5 months in 2008 & 2009 (2.75% transfer fee)
2 in 1 'Loan' Rate	6.8% (up to 2 purchases from £500 - £2000)
Interest free period	Up to 56 days
Annual fee	£0

	This card includes:
	Online Account Management
	Purchase Protection Insurance
	It is best suited for:
	Anyone looking to make large purchases, or to clear up any outstanding credit card balances. Also great for general spending, including use abroad.
	Wait! Only apply if you are...
Aged 18 or over UK resident Have no county court judgements (CCJs) Don't already hold a Post Office credit card Earn at least £8,000 per year

More about this card...

0% balance transfers
The Post Office credit card offers a 0% balance transfer offer for 10 months, which is a pleasing length and enough time to get back on top of your outstanding credit card balances.

As a bonus, you'll also get an additional 5 months of 0% interest on your balance transfers on the anniversary month of your account opening in 2008 and again in 2009. So in total over the next few years, you will get 20 months' worth of interest free balance transfers.

Sadly, the Post Office has now joined the rest of the UK credit card market and now charges a 2.75% handling fee on their balance transfers.

Understated classic, or shiny platinum?
The Post Office credit card is available as a classic or platinum card, the card you will receive will depend upon your yearly earnings with the needed income being £8,000 for the classic card and £20,000 for the platinum card.

The benefits and features offered by each card type does not dramatically vary, however the platinum Post Office credit card offers a reduced typical APR (standard interest rate).

Commission free use abroad
Unlike most credit cards, the Post Office credit card does not charge a 'foreign transaction fee' when you use the credit card to pay for goods or services abroad, saving you the usual charge of around 2.75% on your overseas spending.

Cash access
Please be aware that while the Post Office Credit Card used to offer 56 day interest free cash withdrawals, this has now been withdrawn and cash withdrawals are now slapped with a high rate of 19.16% p.a. from day one!

Final word
The Post Office credit card is perfect for pretty much anything; balance transfers, large purchases, general spending and use abroad.

To sum up, we think the Post Office credit card is a very good all-rounder, offering some unique services that will make you want to keep the Post Office plastic alongside your 1st class stamps in your wallet at all times!