0% Purchase Credit Card & Repayment

Jamsiejay

Hi All,

I am sooo confused reading about credit cards, basically i am looking at using a 0% on purchases credit card to pay off my catalogue as i am currently paying over 36% on this debt.

Firstly will this work and save me money to allow me to repay my debt?

How does a 0% purchase credit card work, say i spend £1600 to pay off my catalogue what would be my monthly payment the card i was looking at was the Natwest world card.

I am just a bit confused about how 0% on purchases works.

geekonthepc

0% purchases credit cards will mean they are free from interest on your balance for a set period of time, providing that you pay the minimum payment on your statement on time every month during the interest free period. You also need to clear the balance from the credit card BEFORE the 0% period is up, otherwise you'll be hit with nasty interest charges.

A 0% card should solve your problem. If you can pay your catalogue account to a credit card, pay it to a 0% card and you won't pay any interest for the interest free period. Just make sure you pay the card off in full by the end of the interest free period.

CLAPTON

does your catalogue allow payment by credit card?

TheGenerus1

geekonthepc wrote: »

You also need to clear the balance from the credit card BEFORE the 0% period is up, otherwise you'll be hit with nasty interest charges.

By saying this, are you telling the OP that at the end of the interest free period, the accumulated interested they would have paid will now all be added to their balance if they do not replay the balance of the card off at the end of this period.

OR

By saying this, will the OP then be paying the purchase APR rate of the card on the rest of the balance if not paid in full.

There is a big difference between the two and a distinction between what you mean by this statement might offer more solace to the OP.