Paying monthly on 0% interest rate on purchases credit cards? Help!

amz223

Hello, hoping someone can help!

I am looking to start a a new course in September which will give me the qualifications I need to start a new job however I can't afford to pay for the course up front and need to find £1400. The only way I thought I could do it was by getting a 0% interest rate on purchases credit card.

I'm a bit confused though as all the cards I've looked at (M&S, RBS, Halifax, Sainsburys etc.) say they offer an introductory rate of 0% interest on purchases for 12 -18 months but in the summary box it states that the balance must be paid in full each moth.

Is there a card out there where I just pay the minimum each month until the balance is paid off after 12 months?

Any help would be fantastic

Thanks

Amy

webbhost

I just posted this same question a few minutes ago. As far as I have been told, the 0% interest rates apply if you make the MINIMUM payments.

The summary box information applies for normal usage after the prmotional period I believe.

Either way, I'm phoning barclayCard tomorrow and will confirm this with them. I'll get back to you.

sscott5581

The card will be interest free for the term stated. However you must make at least the minimum payment each month.

After the 0% term finishes interest will be charged if you do not pay your statement balance in full.

[Deleted User]

if you miss a minimum payment then the 0% offer will be withdrawn without notice

thenudeone

The standard terms of every(?) credit card are that purchases are always interest free if you always pay the full statement balance every month. You don't need any promotional offers for that to apply.

The promotional offers over-ride that rule and mean that you won't be charged interest for a certain period (eg: 12 months) on purchases made within a certain period (eg: within 3 mths) as long as you make the minimum payment on time every month and keep to all other terms.

But don't use the same card for purchases after the initial period (eg: 3 months) because you will be charged interest on those purchases. It's better to use a separate card for those purchases and pay it off in full every month.

TeaForOne

If you set up a DD for your 0% card, make sure it is active for your first payment. Sometimes it doesn't become active early enough to avoid missing a payment (and losing your 0%), so check carefully and make a manual payment if necessary.

NickX

thenudeone wrote: »

The standard terms of every(?) credit card are that purchases are always interest free if you always pay the full statement balance every month.

I think there may be one or two exceptions to this rule - for example I believe the Lloyds TSB Advance Card has no interest free period. Its adviseable to always check the Terms and Conditions carefully.