Then you should think about picking-up a 0 per cent purchase card.
Used correctly a purchase credit card can help you spread the cost of a big-ticket item – like a new kitchen or holiday – without racking up hefty interest charges.
The longest deals on the market now stretch to a whopping 31 months – giving you the chance to pay-off your debt over nearly three years.
The Sun Online has taken a look at some of the cards with the longest 0 per cent periods on the market but before we do, a word of warning.
Always be responsible when it comes to spending on credit cards – try and clear your balance in full each month outside of a 0 per cent purchase period, otherwise you'll start paying interest on your balance.
If you can't clear it each month, ideally you should try and pay more back than the minimum monthly payments, otherwise your debt will take longer and longer to clear.
And never use cards to regularly cover gaps in your monthly income either, as doing this will make your balance soar too – always make sure you can afford to pay back what you borrow.
The credit cards with the longest 0 per cent period
- Sainsbury's Bank Purchase Credit Card – Apply Here
This card from Sainbury's Bank comes with the one of longest 0 per cent deal currently available – 31 months.
If you're accepted, you'll definitely get the full 31-month period and for every £1 you spend on shopping or fuel at Sainsbury's, you'll get 2 Nectar points.
If you don't clear your balance by the end of the 31 months, you 'll be charged 18.9 per cent, 21.9 per cent, or 28.9 per cent interest.
- MBNA All Round Credit Card- Apply Here
Just behind the Sainbury's card is the MBNA All Round Credit Card, which comes with a 0 per cent purchase period of 28 months.
The card also comes with a 28-month balance transfer period, so you can pay down your existing debt and stop incurring interest in over two years.
After the 0 per cent period comes to an end, the card will revert to an APR of 19.9 per cent on purchases and on transfers 21.9 per cent – so do all you can to clear your balance within the 0 per cent period.
Purchase credit cards: What you need to know
Here are some tips from MoneySavingExpert on what you need to know:
Never miss a payment – Being in a 0 per cent period doesn't mean you don't have to make your monthly repayments. If you miss just one payment you'll lose your 0 per cent period all together and start being charged interest on your balance.
Clear you balance – If you don't clear your balance within the 0 per cent period, you'll start being charge interest. Work out how much you need to pay each month by dividing your balance by the number of months you 0 per cent period is and set up a direct debit for that amount.
You might not get the headline 0 per cent period – Only those with the very best credit histories will get accepted for the cards that have lengthy 0 per cent periods, and some providers could offer you a deal with a shorter period instead. Check the details of the card you're looking at to see what you might be offered below the headline offer.
- Tesco Bank Purchase Credit Card – Apply Here
If you have a great credit rating you could get up to 28 months with Tesco Bank's purchase card.
If you don't get accepted for the headline offer, you could be offered a 0 per cent period of 22 or 16 months instead.
You can also earn clubcard points when you spend and it has a short balance transfer period of three months too.
Once the 0 per cent purchase period ends, the card's APR will jump to 19.9 per cent.
- Virgin Money 28 -month Purchase Credit Card – Apply Here
You'll get 28-months to pay-off a big purchase if you get accepted for Virgin Money's purchase card.
After that you'll pay interest at a rate of 19.9 per cent.
It also comes with a balance transfer period of 18 months (two per cent fee).
How to cut the cost of your debt
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