0% - whats the catch?

butch_dingle_2

Apologies if this is a rather basic question - I am relatively new to the world of 0% credit cards - my other card is with Vanquis who charge around 30% apr...ouch.

Anyway I recently got a card with Natwest which had 3 month 0% for purchases and 12 months 0% for balance transfers.

OK - so I want to buy something which is going to cost £1000. I can

a) Pay with my NW Card, which basically means I will be paying interest on it within 6 weeks.

b) Pay with my vanquis card, and when my statement comes in BT the whole amount to my NW card, and then get 11 months or so free of interest on this purchase.

is this right ? whats the catch ?

Ben1982

Mostly right yes. However check that you're still open for the 0% for BT offer, as some say you must transfer it within the first month to qualify... alos there's usually a fee (between 2-3%), so on £1000, you actually pay £20-£30 to transfer it to the Natwest card.

Also if you balance transfer to the Natwest card make sure that you have nothing owing on it, nor spend on it for the period, as payments go to the cheap debts first. So it's best to have a Balance Transfer Card and a Purchases card (unless the card offers the same length of time for both, e.g. the Halifax One card at the moment).

judderman62

if you hunt down hard you may find a card that'll give you 9-12 months at 0% on purchases.

Aw hile back (well quite a while) I got a sainsburys card which gave 12% at 0% might be worth some gigging around

hth

J

judderman62

OK Siansbury now doing 10 months at 0%:

Sainsbury


hth

J