0% purchases card noob questions

fuzzgun19

I am thinking to apply for a 0% credit card to pay off a loan. I will probably try for a Nationwide one first as I bank with them.

If I applied for and got a 0% on purchases (say for 15 months) card, and used it to pay the loan in the first month, does this mean I have 15 months to pay it off before any interest kicks in?

Have I got this right, or would it only be interest free for the first 3 months or something?

20aday

Hello,

I can help with a little bit with your query.

Nationwide offer a "soft search" quotation telling your what your APR and credit limit might be, but you would have to apply and perform a full credit search to apply for the card.

If your loan company allowed you to pay credit with credit (and other posters will have to help you here, sorry) then as long as you meet the terms and conditions and make payments on time then, yes, you'd have 15 months to clear the balance in full.

[Deleted User]

Can you pay the loan with a card? It's normally unlikely.

But otherwise, yes, the 0% on purchases (as long as they are made within the validity period) would be 0% for the duration of the offer, as long as you don't break the terms of the agreement.

fuzzgun19

Thanks both. I emailed the Santander to ask about paying with a credit card, and they said there is a £12 charge, so I'm assuming yes, I can pay with one.

[Deleted User]

Also check with Nationwide (or whichever card you get) that it would count as a purchase, and not a cash transaction.

fuzzgun19

Deleted_User wrote: »

Also check with Nationwide (or whichever card you get) that it would count as a purchase, and not a cash transaction.

I have messaged Nationwide and asked them this question, I've just received this reply.
So should I ask Santander the same question?

"If they do allow you to do this I would not be able to confirm if it would count as a cash payment or not as it would depend on how the company processed the transaction."

[Deleted User]

Yes - ask Santander.

Good luck with getting a clear answer out of them, though.

fuzzgun19

Santander have replied saying it would be a cash transaction.

Does this mean lots of charges?

[Deleted User]

Yes - it means a cash fee (normally around 3%) plus interest from day one, and no 0% offer. So a non starter.

Have a look at an MBNA card, where you can do a money transfer into your bank account and then pay anyone you want from there.

Marauder999

Not sure if I am right here but potentially to avoid charges you could pay for all your bills etc on your CC and pay the loan off with the cash.

fuzzgun19

Deleted_User wrote: »

Yes - it means a cash fee (normally around 3%) plus interest from day one, and no 0% offer. So a non starter.

Have a look at an MBNA card, where you can do a money transfer into your bank account and then pay anyone you want from there.

Does a money transfer cost anything.. is it the same as a balance transfer?

Would it affect the 0% aspect of the transaction?


@Marauder, thanks for the suggestion, i'll bear it in mind.