New credit card, questions.

hougtimo

I have just been accepted for a HSBC credit card. The reason I have done this is because getting money in the right account and the right time can sometimes prov a little difficult, so I'd put it all on CC then pay it off in full every month.

Now the card has 0% on purchases for the first 3 months.

Does this mean that when the 3 months is up I will be paying some interest even though I'm clearing it every month?

CLAPTON

It means that as long as you pay the minimum amount each month then you pay no interest on purchases for the three months (be careful about exactly when the 3 months ends ..usually based on the date of opening the account).

Thereafter, as long as you pay the full amount each month you will pay no interest... I would suggest you set up a DD to make sure you dont forget to pay.

abd of course do not ever draw cash or equivalent

exel1966

hougtimo wrote: »

I have just been accepted for a HSBC credit card. The reason I have done this is because getting money in the right account and the right time can sometimes prov a little difficult, so I'd put it all on CC then pay it off in full every month.

Now the card has 0% on purchases for the first 3 months.

Does this mean that when the 3 months is up I will be paying some interest even though I'm clearing it every month?

You will not have to pay the account in full for the first 3 months. Only the minimum payment each month will be nececssary, therefore set up a DD for the minimum each month, that way you'll never have a late payment.
At the exact 3 month point your balance will have to be back to zero to avoid any interest charges.
Once the 3 month period has expired as long as you clear your FULL balance each month you'll never pay interest on any purchase. This does not apply to cash withdrawls though.