Numpty question; 0% purchase credit cards…
i do as scotroutes does.
except do all my normal spending on it – make minimum payments
save the money id use to pay it off and clear it out once the cards full – and thats only because the rewards for using the card outweighs the value of the interest gained.
Used to do exactly what he did when i didnt have a 0% card.Posted 4 years ago
I’m not particularly clued up on credit cards; although I have them and use them I’ve always (with one exception) paid up in full when the statement comes through each month. Looking at spending circa £1500 on a single purchase and a 0% purchase credit card seems to be one way to do it; I have the savings but I’d rather leave savings as savings and pay off over several months.
So, looking at moneysupermarket.com there are several cards that offer 0% over fifteen/sixteen months – I’d pay off over half that in all likelihood.
So, where’s the catch – how do the they make their money..? When it says ‘Representative Example: If you spend £1,200 at a purchase interest rate of 16.9% (variable) your representative APR will be 16.9% (variable).’ – is that the interest that kicks in should I fail to repay in the fifteen/sixteen months..?Posted 4 years ago
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