need some help with credit card

mac456

Hi all,

thinking about getting my 1st credit card, was thinking about getting a sainburys one with 12 months interest free onit. Just got a fe wquestions about it.

Can i withdraw money? if so will i get charged?

what does this mean? (Interest Free Period Maximum 50 days for purchases if you pay the balance in full and on time. There is no interest free period on cash advances, cheques or balance transfers)

Any way of moving cash to my debit card?

and how long do they usually take to get verified and arive at my door?


thanks

C_Ronaldo

if you draw cash from an atm with a cc you will get charged,

mac456

yeh, i thort so, that idea out of the window then.

anyway can turn cc into cash then without paying interest?

also, whats paying them back like? do they give you enough time? whats there online system like?

C_Ronaldo

i cant answer the question about turning cc into cash without paying interest

you say about paying them back do you mean paying the bill

grumbler

mac456 wrote:

...anyway can turn cc into cash then without paying interest?

No.
See Super BTs and Stoozing links in the blue box above.

what does this mean? (Interest Free Period Maximum 50 days for purchases if you pay the balance in full and on time. There is no interest free period on cash advances, cheques or balance transfers)

You use a card for purchases, then receive a statement at the end of billing month. If you pay the statement balance in full before the payment date, you don't pay any interest. With this card during first 12 months you can make not full, but minimum payments and still not incur any interest.

Joe_Bloggs

As C_Ronaldo said. The charge is £2.50 or 2.5% of the cash which ever is the greatest. Such cash advances attract an interest rate of 16.95% interest per annum. Hence to get cash with this card is a very poor financial decision.
It gets worse because payments made to this card are allocated to debts with the lowest interest first. Let's say you have £200 of purchases on this card at 0% and you then got £200 in cash you would have to pay back the £200 that was on 0% before getting to the £200 at 16.95% per annum.

It is best use this card for purchases. After the 0% introductory period is up then the 50 day interest free period on purchases applies.

If you want to transfer money from your current account then use this card for purchases rather than use your debit card. In the end you will have to pay the money back so keep the equivalent of what you spend on this card in a savings account.

J_B.

C_Ronaldo

i have A dd set up with my current account so when the bill is due it gets taken out of my account straight away

mac456

yep i thin i get it, basically best to use this card electronicly.

so onnce the 12 months are up, 0% interest free. after that is it 50 day interest free on purcahses?

also can i use paypal with this card interest free?

yeh i meant paying the money back, is the online payment bit quite effiecient? do they give me quite abit of time?

C_Ronaldo

i havent done it online, ive either phoned and payed off the whole amount or payed off part of it or wrote a cheque for it