Interest free Purchases Cards

thmb2000

Hi

I am new to credit. Just wondering how interest free periods on purchases work?

I have just got a Barclaycard Platinum, and it offers 0% interest for 3 months on purchases.

Do I still have to pay the minimum amount a month?

The reason I am confused is because a lot of these interest free periods say they are subject to the balance being paid in full every month.

Surely if the balance is being paid in full every month, you are not getting 3 (or however many) months interest free.

Anyone want to set me right?

Cheers

Tom

DawnW

Hi,
I have done this a few times, and am just about to embark on a new one (Halifax 0% for 12 months for purchases). You MUST make the minimum payment each month, and make sure you pay it off in full by the end of the interest free period if you want to avoid interest. As for your other query, you will have to look at the T&C, or phone the provider to check. Hope this helps.

CLAPTON

The way it works is this:

Normally ..i.e. in the absence of a special offer, then if you pay the full amount off each month then you pay no interest.

However if there is a special offer, like 0% for three months, then you only need to pay the MINIMUM amount each month and still pay no interest... but frankly three months is pretty rubbish.

tycoonx

Ultimately if you get 0% they want their money back somewhere else! Its a dangerous game