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Newbie Question..

jamesnixon
jamesnixon Posts: 9 Forumite
in Credit cards
Hi

I have just got an egg card and i dont really understand their 0% on purchases thing.

Does it mean i pay nothing on the things i buy with the card?

Does this include the rolling balance each month?

Usually i make it so i pay back at the end of every month. Does this mean i wont get interest on my balance until the end of the o% period? And just pay the minimum each month?

Please explain!

Comments

  • Martinslovechild
    Martinslovechild Posts: 1,560 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Hiya James,

    Basically - it means that anything you buy between now and 1 May attracts 0% interest until that time.

    You still have to make a minimum payment each month, but if I were you, I would make the minimum and pay the rest of the balance into a high interest savings account.

    Then - on about the 22nd April, pay the entire balance off by transferring the money back out of the savings account. This way - you'll earn about 6 months interest.
    Mortgage Feb 2001 - £129,000
    Mortgage July 2007 - £0
    Original Mortgage Termination Date - Nov 2018
    Mortgage Interest saved - £63790.60
    ISA Profit since Jan 1st 2015 - 98.2% (updated 1 Dec 2020)
  • bridiej
    bridiej Posts: 5,775 Forumite
    1,000 Posts Combo Breaker
    Yep, just what MLC said!!

    Welcome to the board by the way... :)

    I just pop in now and then.... :)
    transcribing
  • Robert_Sterling_3
    Robert_Sterling_3 Posts: 7,112 Forumite
    Even BounceBackAbility would agree with this.
    ...............................I have put my clock back....... Kcolc ym
  • King_David_2
    King_David_2 Posts: 118 Forumite
    Mr Shilling in disguise methinks.
  • Leia_Stephens
    Leia_Stephens Posts: 231 Forumite
    Yes, I wondered where he had got to.

    He could be on holiday ;).
    I want to be a good saver, but I find it difficult to control my temptation to spend :o .

    I owe £1,247 more than I have in savings :( .
    .
  • Gotabiscuit
    Gotabiscuit Posts: 188 Forumite
    100 Posts
    Talking of missing persons, where's Gal?
This discussion has been closed.
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