How do they work?

Looking at getting one for emergencies while off travelling and one of these are tempting me.

For instance, M+S do one with 0% on purchases for 15 months.

Does this mean, that anything I buy within the first 15 months will be interest free so long as I pay it off within the first 15 months?

Thanks for any help.

Does this mean, that anything I buy within the first 15 months will be interest free so long as I pay it off within the first 15 months?

Yes.

But they won’t warn you when the 15 months is about to run out, just to forewarn you!

Does this mean, that anything I buy within the first 15 months will be interest free so long as I pay it off within the first 15 months?

No.

It will mean (most likely) that anything you purchase within an initial period after taking out the card will be 0% for 15 months. Usually it’s something like the first 3 months after you are issued the card.

Check the T&Cs, but that is standard for most CCs.

as above, T&C’s with a fine toothcombe. great for one-off purchases and the like where you can pay off a fixed monthly amount before the end of the 0% term, but be careful of get out clauses etc…

I’ve got an M&S card, the same as this. I’ve been spending on it for 6 months and not paid a penny interest. I’m pretty sure it’s interest free on purchases for 15 months

Says the introductory period is 15 months from account opening?

Had quite a few recently to get some interest free on big purchases (MBNA, Tesco, Halifax) and all been pretty good. Again check the terms with a fine toothcombe and make sure you keep making the minimum payment (some drop the 0% if you miss a payment), pay it all off before the end of the period, then cancel the card.

So if you buy something in month 13 you will have 2 months interest-free.

Also what mrblobby says above, the cheapest money you will ever borrow if you play it right.

Yes, good way to finance larger purchases if interest free is not available.

PeterPoddy – Member

I’ve got an M&S card, the same as this. I’ve been spending on it for 6 months and not paid a penny interest. I’m pretty sure it’s interest free on purchases for 15 months

Just had a quick look at the T&Cs for the current offer:

Shop where you want, for whatever you want, and you won’t pay a penny of interest for the first 15 months.

Seems like you can purchase something in month 14 and still get a months’ free interest. That’s a really good deal actually, not market norm.

🙂

So I can go get myself a Garmin 800 and an iPhone, yes?

I got one of the M&S cards recently to fund a bike purchase. 15 months 0% for any purchases made in the first 15 months, anything owed after the 15 month period is then at normal rate of interest.

I have bought the bike and stored the card away with a couple of reminders on my phone and calender for when the 0% runs out.