first direct Gold Credit Card review
- Representative example:
- When you spend £1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).
- 0% interest on purchases
- 12 months
- Account fee
- £0
- Balance transfer fee
- 0%
Our verdict
Existing first direct current account holders can spread the cost of a large upcoming expenditure with 12 months of 0% interest on purchases.This is a decent (although not spectacular) 0% purchase card. If you already bank with first direct, the digital-only arm of HSBC, and are anticipating a large upcoming expenditure, it could help you to spread the cost. The 0% deal isn’t super long, but it does the job.
There's also no annual or monthly fee to worry about. However, don't forget that after the introductory 0% period expires, any outstanding balance will start to accrue interest at the card's standard rate. Make sure you have a plan to pay it off before that happens.
This card is only available to existing customers and you can’t get a balance transfer deal on it. If that’s what you’re looking for, you may want to check out first direct’s other credit card instead.
You don’t wanna take this card on holiday with you abroad (or maybe you do, but just to take it for a ride - you definitely don’t want to use it!) because it charges a 2.99% foreign currency transaction fee. Which means that for every £100 you spend in another currency, you’ll owe £2.99 to first direct. Not good.
On a happier note, you can score some nice rewards with this card thanks to the Visa Offers scheme. If you subscribe, you’ll get cashback when you use the card at certain retailers.
Pros
- A year to spread the cost of purchases
- No annual fee
Cons
- Applicants with low credit scores are unlikely to be eligible
- Only available to existing customers
Details
Product overview
| Issuer | first direct |
| Network | Visa |
| Annual/monthly fees | £0 |
| Balance transfers | 24.9% |
| Balance transfer fee | 0% |
| Purchases | 0% for 12 months reverting to 24.9% |
| Purchases interest-free period | Up to 56 days |
| Cash advances | 29.9% |
| Minimum credit limit | £500 |
| Maximum credit limit | Subject to status |
| Additional cards available | 1 |
| Potential costs | 3.5 ★★★★★ |
| Doing its job | 3.3 ★★★★★ |
| Extras | 2.0 ★★★★★ |
| Overall Finder Score | 3.3 ★★★★★ |
Fees and charges
| Minimum monthly payment | 3% or £5 (whichever is greater) or the total of any interest, default fees and charges plus 1% of the outstanding balance. |
| Annual/monthly fees | £0 |
| Balance transfer fee | 0% |
| Foreign usage charge (EU) | 2.99% |
| Foreign usage charge (rest of world) | 2.99% |
| Cash advance fee | 2.99% (min. £3) |
| Late payment fee | £12 |
| Duplicate statement fee | £5 |
| Exceeding limit fee | £12 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
Application requirements
| Minimum Age | 18 |
| Minimum income | £6,800 |
| Availability | Available to existing customers |
The first direct Gold Credit Card is issued on the Visa network (used by a whopping 4.2 billion cards), so you'll be able to use it at more than 100 million merchant locations across more than 200 countries and territories.
Approval for any credit card depends on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances, the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow. Most of the data in Finder's comparison tables is provided by Moneyfacts.
Repayment options
You can make manual repayments through First Direct's app by logging in to your online banking or over the phone (03 456 00 24 24). Alternatively, you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and losing your promotional interest rate as a result (as well as damaging your credit score and incurring the late payment fee of £12). If you're planning a major expenditure, you could use a fixed-amount direct debit to ensure you've cleared the debt before the 0% period expires – simply divide your initial expenditure by 12 to see what you'll need to pay each month (this assumes you don't use the card for ongoing spending).
You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
Choose from the following direct debit options for your monthly repayments:
| Minimum amount | Fixed amount | Fixed percentage | Full amount |
|---|---|---|---|
How to apply
First, you can use Finder's eligibility checker to find out if you'd be likely to get approved for the first direct Gold Credit Card. This won't impact your credit score. If it's good news, you can then proceed to First Direct's online application, which takes 10–15 minutes to complete.
Frequently asked questions
What credit limit will I get with the first direct Gold Credit Card?
If First Direct offers you this deal, it will specify a personalised credit limit based on First Direct's assessment of your situation. The minimum limit offered on this card is £500, and First Direct does not specify a maximum. Once you've had the card for a while and shown First Direct you're reliable, you may wish to apply for a credit limit increase.
Can I withdraw cash using the first direct Gold Credit Card?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.
The cash advance fee on the first direct Gold Credit Card is 2.99% (min. £3). For example, if you withdraw £50, you'll incur a fee of £3.00. Withdraw £250 and you'll incur a fee of £7.48.
The interest rate on this part of your balance will be 29.9%, which is 20% more than the standard purchase rate (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).
How much does it cost to use the first direct Gold Credit Card abroad?
Non-sterling transactions are subject to a 2.99% charge (which is very standard). For example, if you spend 200 euros (£169.52), it'll cost you around £5.07 in fees.
What is the minimum payment on the first direct Gold Credit Card?
Each month, you must pay at least 3% of your balance at that point or £5.00 – whichever of the 2 figures is greater. So if you had, say, £150.00 outstanding, you'd pay £5.00, and if you had £666.67 outstanding, you'd pay £20.00.
Paying only the minimum required amount each month is generally not advisable as it tends to be a very expensive way to borrow money, which can lead to persistent debt.
Finder credit card scores
Our experts score 0% purchase credit cards to determine their value against similar products on the market. We look at a number of important factors, like the length of the 0% deal, any perks/benefits the card offers, plus the potential costs involved with running the card both in the short and longer term.
You can read more about our scoring criteria on our credit card methodology page.
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