Credit Card Query.

conny · 30 Dec 2011

I have a credit card that gives me 0% interest on Balance transfers until around June 2013 and 0% on Purchases until 07/01/2012
Does this mean anything I buy before 07/01/2012 will not attract interest even if I don't pay the full amount off until after? Or will I have to pay the full amount off before 07/01/2012 to avoid interest being added?

Alarm · 30 Dec 2011

Pay off the purchases before the cut off.

conny · 30 Dec 2011

Thats what I suspected, thanks Alarm.

expertgasman · 30 Dec 2011

conny said:

I have a credit card that gives me 0% interest on Balance transfers until around June 2013 and 0% on Purchases until 07/01/2012
Does this mean anything I buy before 07/01/2012 will not attract interest even if I don't pay the full amount off until after? Or will I have to pay the full amount off before 07/01/2012 to avoid interest being added?

Click to expand...

MY UNDERSTANDING: Until fairly recently, any payments were credited againts the FREE or cheaper borrowings, which meant that you should NEVER "mix n match". But, the regs changed and they have to credit against the most expensive borrowings first.

BUT, any answer here willl not give you legal protection, so read the TnC's carefully.

pred · 30 Dec 2011

So long as you make the minimum payment on time you're ok, BUT if you make a late payment or pay less than they ask you lose your 0%

they want you only to pay the minimum so at the end of the offer you've still got £5k outstanding and then you start paying the full whack.

Beautiful things come from small bundles??? I had a look on your file at the photos!! there are not many small bundles there girl.

conny · 31 Dec 2011

pred said:
So long as you make the minimum payment on time you're ok, BUT if you make a late payment or pay less than they ask you lose your 0% they want you only to pay the minimum so at the end of the offer you've still got £5k outstanding and then you start paying the full whack.

Beautiful things come from small bundles??? I had a look on your file at the photos!! there are not many small bundles there girl.

I know what you mean Pred. Got stung by my last one on that, was a day late, so changed over to a new one.
As for 'Beautiful things come from small bundles.' It refers to my 4 grand children who were small bundles when they entered the world and who, in my opinion, are all beautiful.
One final note. I hate to disappoint you but I'm actually a middle aged bloke!

Conny is a derivation of my name but the girls way of spelling it is Connie, as in Connie Francis. Conny was also one of my nicknames as a kid and was always spelt with a Y. Sorry to shatter your illusions.

big-all · 31 Dec 2011

as said above you need to read the txc[terms and conditions]
you need to pay off all new spending by the due date[a week earlier to be sure]
they can also add fees to stop you paying the full amount so you then incur charges for the transferred balance
you must read the small print and expect them to be very inflexible if you get it wrong as they have to make a profit

conny · 31 Dec 2011

Only got the one purchase on it, a washing machine which we had the cash for, but wanted the added protection of the card company being equally liable if things went wrong. Will pay it all off tomorrow I think. That will just leave the balance transfer outstanding and I have a DD set up for that and also pay extra each month.
Thanks for the replies lads.

Credit Card Query.

conny

Alarm

conny

expertgasman

pred

conny

big-all

conny

Similar threads