getting head around 15 month interest free.

BromleyMummy

Ok I've read all about these cards but I'm just wondering if I have got it right.
In theory, would it be possible to make a large purchase, such as a boiler or something like that, and put in on one of these cards, and then pay it off over 15 months time without having to pay any interest?

I am looking at the M&S one, and it says "15 months shopping with no interest to pay" and then "55 days of interest free credit as long as you pay your balance in full each month"

It's just confusing me a bit. I'm basically looking at a credit card as the best way to borrow money at the moment.

Tixy

Yes.
All you would need to pay is the minimum payment each month for the first 15months (make sure its always paid on time as a late payment will mean your 0% deal in cancelled and you'll be on the standard apr instead).

The 55 days of interest free credit....... is after the promo deal has finished. Then if you spend on the card each month pay your balance off in full each month you don't pay any interest (which can work out as up to 55 days interest free although in practice people usually get an average of a month's interest free credit before they pay the balance etc.)

fozmcfc

Yes you have it right.

You must though pay at least the minimum amount each month as per the statement.

So for instance you can't pay nothing for 14 months, then pay it all at the last minute and you can't pay something on month 1, then nothing for 2 more months, then make another payment, then nothing for a few months and so on and so on.

After the 0% purchase offer has finished then you have upto 55 days interest free, providing the balance starts at £0.

So for instance, your balance is £0 on your 1st January statement, you make a purchase on the 2nd January, that will appear on your 1st February statement, then you have until the payment date in February (around the 22nd) to pay it off.

EDIT.....Tixy beat me to it lol.