Dumb question from credit card novice

BB_White

I have never had a credit card before, but am thinking of applying for cap one 0% interest on purchases 'til Oct.09.

So heres the 'dumb question'

Do I actually get until Oct 09 to repay before the interest hits? I've seen something that said '56 days' and I just cannot get my head around it.

When you've finished laughing, an answer would be appreciate.

Cheers

Moggles_2

BB_White wrote: »

I have never had a credit card before, but am thinking of applying for Cap One 0% interest on purchases 'til Oct 09. Do I actually get until Oct 09 to repay before the interest hits? I've seen something that said '56 days' and I just cannot get my head around it.

As long as new customers make at least the minimum payments required each month and pay up on time, then purchases remain interest-free until October 2009. The 56 days relates to the period after this introductory sweetener expires.

If this would be your first credit card though, you have a limited credit history, so from the lender's perspective you're something of an unknown quantity. You probably need to be more concerned about actually getting a credit card, rather than trying to select the best 0% card for purchases.

Lenders launch these 0% promotions, which are sometimes heavily advertised, to draw in new customers. Often they are flooded with applications and can afford to cherry-pick applicants.

Obviously, we don't know your age or annual income, but presumably you have a bank account and you're registered on the electoral roll. Your own bank may be the best place to start

BB_White

That all makes sense now, thanks.
People who don't know their rights need to ask!

YorkshireBoy

BB_White wrote: »

I have never had a credit card before, but am thinking of applying for cap one 0% interest on purchases 'til Oct.09.

That card requires an "excellent credit rating", as defined by Capital One...

I have a credit card with a credit limit of at least £5000
I have had a credit card(s) for at least 5 years
I have never missed more than 2 payments on a credit card or loan
I have credit card balances of less than £10,000
I don't have any previous credit defaults (CCJs, current arrears)


https://www.capitalone.co.uk/creditcards/secure/application-bt.jsf

Looks like you'll fall at the first hurdle.