Fool.co.uk:
Although most credit cards provide you with an interest-free period of between 45 and 59 days, this applies only if you pay off your entire balance in full each month. Thus, if you spend on a credit card and don’t clear your balance every month, then your card issuer will charge interest on your outstanding debt.
My most recent analysis (covering more than three hundred different cards) showed that most credit cards charge a yearly interest rate of at least 16.5% APR on purchases. This is almost eleven percentage points greater than the Bank of England’s base rate, which is currently 5.75% a year.
Even worse, if you decide to withdraw cash on your credit card (always a bad move!), then you face interest rates which normally exceed 20% APR, plus additional cash-withdrawal fees of around 2.5% of the value of each withdrawal, with a minimum fee of £2.50. These elevated interest rates partly explain why credit-card firms make such juicy profits!
However, there are a few credit cards which don’t charge excessive interest rates on purchases. A quick search of The Fool’s unbiased, independent credit-card search engine uncovered the following Best Buys:
Credit cards with the lowest standard interest rate on purchases
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