0% credit card for purchases? help!!

toaly01

i wanted a loan and applied for a sainsburys card,0 % for 10 months,i thought i could purchase my goods, say £300, set up a direct debit for £30 a month,ten months,no interest,jobs a good 'un.However when i read the credit agreement,it says that it is interest free "if the balance is paid off IN FULL every month" so to me that means i can't use this card as a interest free loan?? am i losing it or am i right?? if i am right (first time i have tried this) then are there any REAL interest free cards for purchases?

cifpower

It is 0% on puchases for 10 months. After this period ends you can be charged interest if you do not clear your balance in full every month. The "interest free" period you are referring to in your post is the time between statments.

YorkshireBoy

T&C's/summary boxes tend to cover the account T&C's after any introductory period ends.

If you don't settle your account in full each month you are charged interest. During the introductory period, the interest rate is 0%. Outside the introductory period the interest is around 15.9%.

Also, you can't set up a direct debit for "£30 per month". You can either set up a minimum payment DD (either 2% or 3% depending on the card) or a full payment DD. If you want to pay something inbetween, you'll have to pay this by other means, eg cheque, BACS transfer, etc. However, I'd recommend setting up a minimum payment DD (so you won't incur any late payment fees) and paying some extra off whenever you can.

toaly01

thank you.please understand that i am a novice money saver,what i am asking is: if i purchase goods at £300 and receive my first statement requesting the minimum amount,say £9, dd set up at minimum etc,the bit i have a problem with is the wording on the t&c's requesting the balance,ie £300 should be paid off in full each month to benefit from the 0% introductory 10 month interest free period.Am i reading into it too far? I am reading it that they are going to charge me interest unless my balance reads 0.00 each month when of course i want to use it for a loan to pay off over the full ten month "interest free" period.So if i did it my way,after my first statement was paid,the card would still show a balance of £270....

cifpower

toaly01 wrote:

thank you.please understand that i am a novice money saver,what i am asking is: if i purchase goods at £300 and receive my first statement requesting the minimum amount,say £9, dd set up at minimum etc,the bit i have a problem with is the wording on the t&c's requesting the balance,ie £300 should be paid off in full each month to benefit from the 0% introductory 10 month interest free period.Am i reading into it too far? I am reading it that they are going to charge me interest unless my balance reads 0.00 each month when of course i want to use it for a loan to pay off over the full ten month "interest free" period.So if i did it my way,after my first statement was paid,the card would still show a balance of £270....

The offer now is 0% for 12 months. You will not be charged interest on purchases until the promotional offer ends and make at least the minimum payment every month. After the interest free period ends, the t&c section you refer to will apply.