0% credit cards

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  • 0% credit cards
  • Premier Icon unklehomered
    Subscriber

    Yup. Simple as.

    They are of course hoping that like most people you lack the commitment to pay it all off, and they will then be able to charge you for it.

    EDIT: just double check that applies for using it overseas as well.

    Offroading
    Member

    Great.

    So on say £600 any idea what the minimum monthly payment would be ?

    AlasdairMc
    Member

    It’s normally about 2.5% of the outstanding balance isn’t it? It will be in the terms.

    I find 0% cards to be a great alternative to interest free credit as you can haggle on price a lot easier when the retailer isn’t paying your interest for you.

    Your minimum payment won’t be any more than a tenner but its not calculated to ensure you pay it off over the interest free period. You will need to pay more than that at some point during your 18 month period to clear the debt.

    Offroading
    Member

    This is what it says

    “to keep promotional rates you must pay at least the minimum payment by the due date and stay within your credit limit”

    Monthly rate is 1.385%

    Yeah, about £8 a month then.

    Offroading
    Member

    That’s cool, i can pay it off next month.

    I’ve just had to pay for car insurance, mot, tax, birthdays.

    Next months pay cheque will more than cover it so i can pay it off then.

    They are useful no doubt. Pay it off when you want within that interest free period, just make sure each month you at least pay the minimum to keep the interest free ‘alive’.

    neilco
    Member

    What are you going to do next month when next months pay cheque has already been spent on this months bills? Don’t mean to sound smart, but this is the kind of trap that those credit card deals are aiming to catch you in.

    Offroading
    Member

    Simple.

    I don’t have that issue. I’ve set aside money from this month for all of this months stuff.

    The pay next month will cover all my bills next month and the credit card easily.

    neilco
    Member

    Fair enough, go for it 🙂

    Offroading
    Member

    Ello,

    I have a new credit card, i only have it for my upcoming holiday to the states. Hotel and car hire place require a credit card.

    I don’t “need” a credit card, i never have.

    It got me thinking though. My card is 0% on purchases for 18 months. Something about paying the minimum amount each month etc to validate that.

    Now i could do with some new things…..

    I gather (and this will probably sound dumb) but if i buy say £600 worth of stuff on the credit card, i don’t pay any interrest on it as long as i pay the minimum each month ?

    As such i could spread the £600 out over 18 months correct ?

    giantx4
    Member

    So @offroading what are you buyin for £600???

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