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Trying to understand interest free periods

Hi there all.

I have read up on this subject of interest free credit cards but I am confused on one point.

I have had a Lloyds Platinum credit card for almost a month now.

According to my statement the interest free period is "Maximum 56 days for purchases if you pay the full balance shown on your previous and current statement on time." "You will not pay interest on new purchases if you pay the full balance shown on your previous and current statement on time. Otherwise, the period over which interest is charged is as follows:
From the date the item is debited to your account until the balance is paid in full."

I *thought* the idea of 0% cards was that for a set amount of time (in my case over a year), I could make purchases and not pay any interest if I paid the minimum monthly balance each month. In other words, if I have a 19 month 0% card I can make the minimum payment each month and pay no interest, but then just before the 19th month is reached I can pay off the whole thing without paying interest. Here it sounds like I *will* have to pay interest if I don't pay off purchases in full within 56 days.

Have I got the 0% interest card concept wrong, or have I simply got the wrong card?

Thanks in advance.
"The problem with Internet quotes is that you can't always depend on their accuracy" - Abraham Lincoln, 1864

Replies

  • mrs_Tmrs_T Forumite
    1K Posts
    Part of the Furniture 500 Posts Combo Breaker
    I think you have a card which gives you a 19 month interest free on purchases period from the date of opening the card as you say, the t's & c's you quote are for purchases after the 19 months is up, i.e.. out with your introductory offer.
  • breaking_freebreaking_free Forumite
    554 Posts
    Seventh Anniversary 100 Posts Name Dropper Photogenic
    Forumite
    Thanks.

    I think the best thing for me to do is pop into the bank and ask them directly. Appreciate your reassurance Mrs T.
    "The problem with Internet quotes is that you can't always depend on their accuracy" - Abraham Lincoln, 1864
  • breaking_freebreaking_free Forumite
    554 Posts
    Seventh Anniversary 100 Posts Name Dropper Photogenic
    Forumite
    Mrs T you were exactly right. Thanks so much for taking the time to reply.

    Now I can relax and enjoy the next year and a bit of interest free purchases (I'll pay the whole balance off the month before it runs out of course!).
    "The problem with Internet quotes is that you can't always depend on their accuracy" - Abraham Lincoln, 1864
  • MallyGirlMallyGirl Forumite, Senior Ambassador
    5.9K Posts
    Ninth Anniversary 1,000 Posts Name Dropper Intrepid Forum Explorer
    Senior Ambassador
    You will pay interest - it is just at the rate of 0%. They don't change the T&Cs for an interest free period card.
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected].
    All views are my own and not the official line of MoneySavingExpert.
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