Tell me I'm not thick...

Me,_Joe.

Hello,

I'm very new to all this, so hope I'm not making a complete... [insert 4 letter expletive of choice] of myself.

I think I'm after a 0% for purchases credit card but never had any card before. Does 0% on purchases (e.g. for 10 months) mean I can buy something and pay no interest on that purchase for that period?

Or, does it just mean that I can buy as many things as I like (during the first 10 months) but the interest free period on that purchase will only last for 56 days (as an example) for each purchase, and then after that example period they will revert to their full rate?

Me head hurts. Please enlighten me!!

Joe

sara1880

Hiya, credit cards can be a real pain to try and understand so don't feel silly.

Im not an expert but in my experience if it says 0% purchased for 10months, for the first ten months no matter how much is on the card ( so long as your in your limit) you pay no interest, but you do have to make monthly payments. after the 10 months the interest starts but be carefull as quite often the interest is very high after the intro period.

The best thing to do if possible is buy the things you need ( never use it for cash) and try to pay it all off by the time the 10 months is up.If you still have a balance after the 10months , change cards to one with a 0% balance trasfer deal.

thriftymomma

You're not thick at all and you have definitely come to the right place! Best of luck getting a good card!

Paul_Herring

Me,_Joe. wrote: »

Does 0% on purchases (e.g. for 10 months) mean I can buy something and pay no interest on that purchase for that period?

Or, does it just mean that I can buy as many things as I like (during the first 10 months) but the interest free period on that purchase will only last for 56 days (as an example) for each purchase, and then after that example period they will revert to their full rate?

A bit of both. You can buy as many things as you like (up to your credit limit) during the 10 months, pay the minimum payment due every month, and you won't get charged any interest until the (in your example) 10 months is up.

Once that 10 months is up, interest will be charged on any balance you haven't yet paid off.

So you need to find out the exact date that the 0% runs out (it rarely coincides with a statement date,) and pay off the card in total (say) the week before.

King_Of_Fools

The 56 days is the interest free period once the promotional 10 months has finished.