When exactly do I have to repay to avoid interest with a 0% purchases card?

richardh_1984

Hi,

I have a Post Office Platinum card, which I got to take advantage of their no commission on foreign currency purchases.

It has a 3 month 0% on purchases period. However, it's not really clear (to me at least) exactly when I must repay off my total balance to avoid paying any interest. Of course, I am making minimum payments each month and have used the card only for purchases.

I got the card on 9th September and the first statement was generated on 3rd October, and I believe they are then generated on the 3rd of every month. So my third statement will be generated on 3rd December and my fourth on 3rd January.

Am I correct in assuming that as long as I have cleared my balance in full by 3rd January, I will not pay any interest?

Thanks,

Richard.

noh

I think you will need to clear your balance by 9th December if 9th September was the day the account was opened.
I may be wrong as I have no experience of this particular card.
Best thing to do is ring them and ask.

Milarky

I'd also guess that the '3 months' runs for 3 complete statement periods (so, until 3 January, therefore) simply to avoid any customer getting less than 3 full months on the deal,

I'd check with the Post Office card people for exact dates.

btw, my friend has this card and his balance transfer - which was for 10 months to October - has been extended by them unilaterally. (So check your original offer hasn't been extended?)

exel1966

richardh_1984 wrote: »

Am I correct in assuming that as long as I have cleared my balance in full by 3rd January, I will not pay any interest?

No, you're not correct as you should never assume ! All cards operate very differently in this respect. The only surefire way to find out is to call and ask them, taking note of the name and location of the CSA who advises you if it doesn't specify on the statement as many cards do.

The 3 months could be from account opening date, it could be from 1st purchase date, it could be from application signed date, it rarely coincides with a satement DUE date (limited exceptions) and some even extend beyond the advertised period if you adjust your payment date manually.

Having said that I know with the PO that it's technically from the date of the signed agreement so you'll have little time (maybe 3-4 weeks max) to clear those purchases before interest is charged, unless they permit payment up to the DUE date.

Ring them and ask !