Newbie - 0% Purchases Card... Need some advice.

antonio_king

Afternoon all,

First of all, what a fantastic helpful site! Thank you!

I need to buy some new things, but I don't have enough money to pay for it all up front.

If I got myself a 0% APR for 9 months on Purchases credit card, and spent £1000 on it. Would this mean I'd only have to pay £1000 within the 9 months and nothing else? as there are so many monthly, annual charges and fees I don't understand entirely what the cost would be...

Many thanks,

Antonio

sicker

Yes, That's what it means. You have to clear the balance within 9 months to avoid paying interest. May I suggest you go for a card which gives you money back on purchases, I myself am happy with Egg Money.

John

Cara79

This is correct, if you spent £1,000 the total you repay within the 9 months is £1,000. You will need to ensure that you make the minimum payments by the due date, otherwise any late payments will generally mean you lose your 0% offer and it will revert back to the standard variable rate.

Might be best to set up a direct debit to take the minumum amount every month. Also make a note in your diary to ensure the full amount is paid off by month 9.

Good luck
x

The_Boss

Or if you cant repay the whole lot, transfer again towards the end of this period!

doodle_bug

But if you are upto £1000 credit limit and say pay £200 off it in a month, you could then use the card again to make £200 of purchases.

antonio_king

Wow thanks for the replies guys!

Sounds like a credit card will actually be well suited for me.

Many thanks again! :T