Stupdi Newbie Question re. Promotional End Dates

DazCM

Guys

I'm going to have a go at Stoozing in the new year, using my new Amazon 0% for purchases for 6 months card. I have one question regarding the end date of the promotional rate (statement says it is 10/04/06)...

As the statement is dated the 10th of each month, would I be correct in saying that I would need to pay off the debt after I get my statement on the 10th March, because surely if I leave paying until the April statement, I'll then be charged interest on the oustanding debt from the 10th April until my payment is processed. Is my understanding correct?

Any insight you can give me would be great.

Daz

Clariman

This is absolutely not a stupid question - it is a very good question! This is one area that often catches out new stoozers because they make assumptions about the end date and when it has to be paid off. They often assume that it should be OK if you pay the balance off by the next statement due date.

Check your card's Ts & Cs, but if they say that the end date is 10/04/06 then you need to pay off the complete balance by that date. To be on the safe side, I would probably set up an online banking payment for 1/4/06 to be absolutely certain that the payment gets there on time. However - a payment 4 banking days before the 10th ought to be fine. I just like to allow a few extra days in case there is a bank holiday somewhere.

Checking end dates is very important for the stoozer. The way that card issuers work out the end date varies from lender to lender.

Clariman

loan8r

Hi Daz

I fully agree with Clariman this is a common trap to fall into, to prevent this happening I always contact the CC company and double check the date that the account has to be cleared by then list all accounts and their " pay off " dates in a format that I can easily access each time I maintain the accounts.
Dont forget to allow processing time when making payments, better to loose a couple of days interest at 4% than be charged them at 15.9%

Cheers, Mark.