First time Stoozer coming to end of 0% deal. Please confirm my assumptions.

vacheron

Hi all.

After years of running cashback cards and paying off in full each month I decided to have a crack at stoozing and took out the Captial One cashback card with 6 months @ 0% on purchases.

I have a current balance of approx £9000 with a direct debit set up to to pay the minimum payment automatically each month.

My last statement came with a note stating "Your introductory rate is coming to an end. Your standard introductory interest rate for purchases will expire on 14 March 2012."
As my statements run from the 15th to the 14th, this made sense as the offer will expire at the end of the next charging period which would be 15th Feb-14th March. The payment due date is then usually the 29th of that month.

Could someone please confirm when I will have to repay the balance in full? My assumption is that as long as the full repayment is made on the anticipated payment date of March 29th, then all should be well. However I don't want to be caught out with interest charges on the balance due to a simple misunderstanding!

I am currently doing the sums regarding if it's worth applying for a new balance transfer card to move this balance to, or if it is better to just pay it off and start again with another cashback promo rate.

YorkshireBoy

vacheron wrote: »

My assumption is that as long as the full repayment is made on the anticipated payment date of March 29th, then all should be well.

Your assumption is wrong. You need to pay it off by (not on) the 14th March.

I am currently doing the sums regarding if it's worth applying for a new balance transfer card to move this balance to

This calculator will help...

http://www.stoozing.com/calc.php

or if it is better to just pay it off and start again with another cashback promo rate.

You mean a 0% on purchases card?...ie 'slow stoozing'...because with most cashback cards you don't get a concurrent 0% on purchases offer.

vacheron

YorkshireBoy wrote: »

Your assumption is wrong. You need to pay it off by (not on) the 14th March.

This calculator will help...
http://www.stoozing.com/calc.php

Cheers Yorkshireboy.

From looking at the calculator it's clear that it's not worth the risk and effort of transferring the existing 9K balance as I'll only end up making about 38 quid over the 15 months and the balance transfer will reduce my available credit limit for 0% purchases which could otherwise have made me an extra £110

For that reason I will pay off the balance on the existing card in full so that it has cleared before the 14th of March and then start again with the new one.

Thanks for your help.

YorkshireBoy wrote: »

You mean a 0% on purchases card?...ie 'slow stoozing'...because with most cashback cards you don't get a concurrent 0% on purchases offer.

Perhaps I was spoilt with the capital one card as that gave me 0% on purchases for 6 months and 5% cashback for the first 3 months.

vacheron

Just to follow this up for the benefit of others.

I called Capital One and they have confirmed that the interest free purchases ends on the 14th of March, however the system will not start charging interest on any prior purchases until the 1st of April.

This is to allow you to clear the balance in full on the normal scheduled March payment date (March 29th) and not incur any interest charges.

JimmyTheWig

vacheron wrote: »

Just to follow this up for the benefit of others.

I called Capital One and they have confirmed that the interest free purchases ends on the 14th of March, however the system will not start charging interest on any prior purchases until the 1st of April.

This is to allow you to clear the balance in full on the normal scheduled March payment date (March 29th) and not incur any interest charges.

Unless you've got that in writing somewhere, I'd pay it off by 14th March.