Credit card question. Complete newbie. Help!

The-Ghost-of-Electricity

Hiya all,
I was wondering if some kind soul out there could answer a few questions on credit cards for me and set me straight on a few matters.
Basically I am looking to make a purchase of around £2500 which I will be able to pay off over the course of 9-10 months and I have been trying to look at the best way to do this. My intial though was a buy now pay later 0% type situation but that is a no go for this particular purchase. What would be my best course of action. A credit card along the lines of the Sainsburys one or a personal loan over, say a year?
The whole credit card thing is confusing me, taking the Sainsburys one for an example 0% p.a for 10 months on purchases. Would I be able to make the purchase on this card and pay the balance over the 10 months without incurring any interest charges or what would happen? Sorry to sound like such a dunce but I have never had a CC before and I am a bit thick about it all.
I would greatly appreciate any help anyone can give.

Thanks

Kenny

grumbler

The-Ghost-of-Electricity wrote:

...The whole credit card thing is confusing me, taking the Sainsburys one for an example 0% p.a for 10 months on purchases. Would I be able to make the purchase on this card and pay the balance over the 10 months without incurring any interest charges or what would happen? Sorry to sound like such a dunce but I have never had a CC before and I am a bit thick about it all.

With this card (and other 0% on purchases cards) you can make make a purchase and then make only minimum payments (3% of the outstanding balance) every month until 0% period ends. The best way to do this is by Direct Debit. Only after 10 months you start paying interest if you don't rapay balance in full. Even if you don't pay the balance off after 10 months no interest is added for these 10 months unlike with majority of 'buy now pay later' deals.of This is much better than any loan or 'buy now pay later'.

P.S. The best way is to make only minimum payments during 10 months, put money into a saving account and then pay the full remaining balance when 0% period ends.

The-Ghost-of-Electricity

Magic stuff. Thanks for the reply.

So even though I dont use the card to make any further purchases after the initial one its still 0% over the 10 months?

grumbler

The-Ghost-of-Electricity wrote:

...So even though I dont use the card to make any further purchases after the initial one its still 0% over the 10 months?

Yes, although you can make furhter purchases within your credit limit to maximise the profit. All the purchases are 0%. The only you must do is to make minimum payments on time to pay full balance on time when 0% period expires. This is 10 months after account opening and can differ from both statement date and payment date.

The-Ghost-of-Electricity

Superb! Thanks mate, really appreciate your help.