Skycard

londonguy_3

Hi there guys,

I am new to this. Basically i want to buy an apple laptop but would like to have an interest free period on it so that i don't have to shell out the cash all at once. I have the cash ready but just don't want to part with it in one go.

I thought that this card looked very good as it offers 12 months interest free.

Can some one please give me some advice as i have never taken out any credit before and thought that i should become an educated consumer.

What will the minimum payments on this card be? Can i pay off more every month if i wish without incurring any penalties?

Also can i pay off the balance early without any penalties?

Should i plan to make my final payment in December to avoid any penalties?

I am really sorry about the questions but am ignorant to debt management as i usually pay for everything in full.

empfun

A word to the wise. I have experienced and have confirmed with 2 customer service staff that this card has a daily spend limit of £1000 on all accounts. So if your laptop is going to cost more than that, you'd better speak to the store to see if they can split the payment.

Try the Halifax One card instead, it has a 12 months interest free period too.

All credit card providers allow you to pay off your debt/balance in full without penalties.

Juni_3

The minimum payment is a percentage of the outstanding balance. On a 0% card there is no point in paying off more each month as you could earn interest on that money.


Personally I always pay these type of cards off one month before the offer ends to be on the safe side.

Best way to make money is to put as much of your spending on it as you can and then put the cash you would have spent into a high interest account. Alliance and Leicester are doing an account which pays 5.15% for one year which would match up with this.

Juni_3

empfun wrote:

A word to the wise. I have experienced and have confirmed with 2 customer service staff that this card has a daily spend limit of £1000 on all accounts. So if your laptop is going to cost more than that, you'd better speak to the store to see if they can split the payment.

Try the Halifax One card instead, it has a 12 months interest free period too.

All credit card providers allow you to pay off your debt/balance in full without penalties.

I had the same problem with an Abbey card. If you know you're going to be making a big purchase just call the CC company in advance and let them know. I've never had a problem since.

londonguy_3

Hi there guys,

Thanks for the advice, the laptop is going to cost £1,600 so it is definetley over the £1,000 limit.

Does the Halifax have no limit on their daily spend? Also i just checked the site and the Halifax one card only seems to offer 3 months interest free.

I could ask apple to take the payment from two cards, but i just don't want the hassle, i would rather stick them on one card and remember to make monthly payments on one card.

So is the daily limit set? Or can it be negotiated?

empfun

The Skycard has a daily £1000 daily limit which cannot be overridden and this applies to all Skycard accounts. This is the only credit card that I know of that has such a policy.

Other than that the Skycard is a pretty good card and betters the Halifax in terms of online account interface by a longshot.

londonguy_3

In that case if there is no other card that offers an interest free period longer then 6 months that does not have a daily spend limit, i will probably just pay for it in one go.

Its a pity as i wanted to take advantage of my debt options.

YorkshireBoy

londonguy wrote:

In that case if there is no other card that offers an interest free period longer then 6 months that does not have a daily spend limit, i will probably just pay for it in one go.

Its a pity as i wanted to take advantage of my debt options.

0% on purchases cards...

10 months - Sainsbury's
9 months - Mint, Abbey*, HSBC, NatWest, RBS
7 months - Co-op Travelcare

* The Abbey 'Shopping Card'. Minimum repayments are £5 during the intro period. Put your money in a savings account for 9 months!

londonguy_3

Hi there Yorkshireboy, do any of those cards have daily spend limits on them?

YorkshireBoy

londonguy wrote:

Hi there Yorkshireboy, do any of those cards have daily spend limits on them?

No idea, but I wouldn't have thought so.

mancitychick

COuld you not give the shop a £600 deposit on say Friday then collect laptop on Saturday and pay o/s balance? Also my mint card doesn't have a daily purchase limit as long as its within my credit limit.