0% Purchases

chloelouise

Hi all,

I know this is probably a very stupid question but I have confused myself.

A 0% purchases credit card is 0% for the full period on one item isn't it? Say if you were to spend £2500 at the beginning of a 15 month 0%, you would have 15 months to pay it back at 0%?

It's just I was reading the T&Cs and it says:

You will not pay interest on new purchases if you pay your balance in full and on time. Otherwise, the period over which interest is charged is as follows:
Purchases --- From the date debitted

---

To the date paid in full.


Is this after the 0% period?


Thanks for reading.

pauljoecoe

As long as you pay the minimum payment on time each month you won't be charged any interest for the 15 months 0% period. You then must makesure you pay the full balance off before the 15 month period ends or they will start charging interest until you pay off the balance in full.

So the answer to your final question is 'Yes'

chattychappy

There are two separate issues.

If you pay the balance in full each month, no interest is applied, else it is charged at the prevailing rate from the date debited until paid for in full.

But the prevailing rate is 0% during the introductory period. So during this time you don't need to pay off the whole balance each month to avoid interest. But you must pay at least the minimum shown on your statement. If you don't it's a breach. If you breach the agreement you lose the introductory offer.