0% question

BingoMum

Hi

I'm just trying to work out when I should be moving some of my cards, and was wondering when a 0% offer becomes effective?
is it when you apply for the card, receive the card, sign the credit card agreement, or something else?

Many Thanks
BM

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:money: http://www.bargainchecker.com :money:

grumbler

You are right being warried about this in advance. This varies from card to card. Read your paperwork and T&C and be very carefull with this not to be caught.

P.S. You can also phone and ask CSs, but take a note of time and person your are talking to and double-check the information. The other way you can try is secure e-mail.

slowen

Not 100% sure when the 0% starts if it is when your application is ok'd or when the card is activated but if you go for a card that offers 9 or even 12 months 0% on purchases and balance transfers.

SKY are offering a credit card with 0% on purchases and balance transfers until January 2007 but not looked into it as I dont need a credit card at the moment as some cards charge you a percentage to balance transfer

owey

slowen wrote:

Not 100% sure when the 0% starts if it is when your application is ok'd or when the card is activated but if you go for a card that offers 9 or even 12 months 0% on purchases and balance transfers.

SKY are offering a credit card with 0% on purchases and balance transfers until January 2007 but not looked into it as I dont need a credit card at the moment as some cards charge you a percentage to balance transfer

2.5% on balance transfers for the Skycard.

BingoMum

thanks for your help

DON29

I Got A 0% Balance Transfer With Texaco At 3.5% For The Whole Of The Life Of The Balance If Ijust Pay The Min. Payment Will I End Up Paying More In Interest Or Should I Pay More Than The Min.

grumbler

DON29 wrote:

I Got A 0% Balance Transfer With Texaco At 3.5% For The Whole Of The Life Of The Balance If Ijust Pay The Min. Payment Will I End Up Paying More In Interest Or Should I Pay More Than The Min.

Unless you have the money in a saving account that pays more than 3.5% net, you will end up paying much more interest with minimum payments: Danger! Avoid Minimum Repayments.
Play with this Web credit card calculator.

£1000 balance and minimum payments 2% (min. £5) will cost you £145 in interest and will take 135 :eek: months to clear.

The same balance and 5% (min. £5) payments will cost only £56 and take only :rolleyes: 69 months.

For fixed payments play with http://www.bankrate.com/brm/popcalc2.asp?unroundedPayment=29.302079726910637&loanAmount=1000.00&nrOfYears=3.00&nrOfMonths=36&interestRate=3.50&startMonth=10&startDay=28&startYear=2005&monthlyPayment=29.30&showAmort=Show%2FRecalculate+Amortization+Table&monthlyAdditional=0&yearlyAdditional=0&yearlyAdditionalMonth=10&oneAdditional=0&oneAdditionalMonth=10&oneAdditionalYear=2005&paidOffDate=Nov+28%2C+2008 .

The same £1000 will take 36 months to pay off and will cost only £55 if you pay £29.30 every month.