0% on purchases question

sturgeon

I've been looking to buy a new TV and would ideally like to spread the payments over a few months.

I've noticed loads of offers for 6 months-12 months plus of 0% interest on purchases for new cardholders on different cards.

Does this basically mean I can make a purchase of say £1,500, then pay that off however I like within the 0% period, total payments £1,500?

How would I determine these payments? i.e. can I make payments of £300 over five months? Or do I have to make minimum payments each month then pay the lot off? I presume I make payments online when logged into their service, rather than arranging a direct debit repayment etc. I just cannot envisage how it would work with 0% on new purchases...i.e. my current credit card deducts my total card balance by DD each month so I wouldn't want this to happen!

YorkshireBoy

You can pay whatever you like, whenever you like, and however you like, so long as they receive an amount equal to or greater than the minimum payment by the date shown on your monthly statement.

It's as simple as that.

zerog

sturgeon wrote: »

I presume I make payments online when logged into their service, rather than arranging a direct debit repayment etc. I just cannot envisage how it would work with 0% on new purchases...i.e. my current credit card deducts my total card balance by DD each month so I wouldn't want this to happen!

You should set up a direct debit for the minimum payment (not the full payment as you have now) just in case you forget to log on one month.

You should try to pay a bit over the min payment. Depending on the bank, paying online may stop the direct debit for that month, or it may not.

E.g. My Tesco 0% card's min payment is £25, I pay £1 when I get the bill and then the DD takes £25 later. Lloyds min payment is £28, I pay £29 when I get the bill and no DD is taken.


You need to remember when the 0% deal ends. Shortly before, you should pay off the whole balance, or transfer it to another 0% Balance Transfer card.