Please explain how 0 percent on purchases work..

Q1122

Hi,

My credit card is 0 percent purchases for 11 months from the day I opened the account.

Does this mean that I wil be charged no interest at all on the items I buy within the first 11 months?

Thanks

natscat84

No - it means that after 11 months the interest will be charged on the balance at your stated APR, regardless of when you bought things.

Q1122

Ok but if I pay the amount back within a month I will not be charged any interest at all? do the bank provide this exact date? sorry but I am new to this...

bengal-stripe

During the promotional period, you will not be charged any interest as long as you pay the minimum without fail and on time and do not exceed your credit limit.

Q1122

natscat84 wrote: »

No - it means that after 11 months the interest will be charged on the balance at your stated APR, regardless of when you bought things.

Yes but what about the first 11 months that are 0 percent on purchases? I am confused...

Q1122

bengal-stripe wrote: »

During the promotional period, you will not be charged any interest as long as you pay the minimum without fail and on time and do not exceed your credit limit.

Ahhh ok now that makes sense! Thanks

Q1122

How do I find out what the minimum repayment amounts are each month?

clare64

You will receive a statement every month and it will advise what the min payment is
Clare

grumbler

Set up a DD for the minimum payment not to miss is and lose 0% as a result.