Capital One 0% on purchases 15 mths

JIL2862_2

Hi can anyone please just clarify for me that if I was accepted for this card (first card) I would have 15 months to pay off my purchases with no interest payable. Also what does the Interst Free Period "Maximum of 56 days for purchases where the balance is paid in full every month. 0 days for balance transfers and cash" mean? I would appreciate any help.
Ta:j

NickX

JIL2862 wrote: »

Hi can anyone please just clarify for me that if I was accepted for this card (first card) I would have 15 months to pay off my purchases with no interest payable. Also what does the Interst Free Period "Maximum of 56 days for purchases where the balance is paid in full every month. 0 days for balance transfers and cash" mean? I would appreciate any help.
Ta:j

Well you would benefit from 15 months Interest Free on all your purchases, but during that period you would have to make the minimum payments.

The maximum of 56 days interest free for purchases where the balance is paid in full every month is a standard benefit that will apply after your 15 month promotion has expired. Basically you will not be charged interest if you settle your Statement Balance in full. This means that if you make a purchase just after your statement is produced, then it will be a month until that purchase appears on the following statement, and then you have 3-4 weeks to settle that balance in full to avoid interest. Therefore by timing your purchases well you can benefit from up to 56 days interest free even after the 15 month promotion has expired.

This benefit does not apply to Balance Transfers or Cash Withdrawals, so they will accrue interest even if the balance is settled in full.

Now I don't mean to be pessimistic but this card requires an "excellent" credit rating, and I think you are very unlikely to be accepted if it is your first card. They will probably offer you a different product with a reduced promotional period.

Moggles_2

The Cap One BT cards require an "excellent" credit rating as defined on the C1 website and unfortunately you cannot meet those criteria (e.g. have a credit card with credit limit of at least £5000, held a card for 5 years etc.)

If this would be your first credit, 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% for purchases deal.

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.

Presumably you have a bank account and you're registered on the electoral roll. The bank which holds your main current a/c may be the best place to start