credit card

papple77

sorry for the probable silly question (have checked the newbie section but cant find definative answer)

ANYWAY...never had a credit card,no defaults on loans etc on my ratings etc
My car insurance is coming up (approx £350) due end november (and with xmas round the corner) was considering getting an interest free card to pay it with.

Am I right in saying a 0% card for 12 months would allow me to put the £350 on the card and pay it off within the 'free' 12 month period and incur no charges at all? ie the card company in reality lends me £350 for the 4-5 months we will be paying it back.?

cheers in anticipation

LittlePiskey

As long as you're accepted for the 0% offer that's the deal. You still have to meet the minimum repayments during the interest free period though.

papple77

and minimum payments only start when I've bought something on the card ?

SlyOne_2

papple77 wrote: »

and minimum payments only start when I've bought something on the card ?

Anytime there's a balance on your monthly statement, you will have to make a minimum payment. Balance may be from a balance transfer or purchase or cash advance.

papple77

thankyou all !!
Not having had any credit cards before I was struggling with the notion that any financial house would do anything for nothing (well not for 12 mths at least)
I assume they hope you borrow for > 12months and at this point make their money.:rotfl: :T

jonesMUFCforever

What about asking if the insurance company do free 12 monthly instalments?

papple77

certainly thats an option,dont know whom Im going to be insured with yet though , chances are that they wont offering be an interest free payment plan either (I believe very few offer it ?!?)

SlyOne_2

papple77 wrote: »

certainly thats an option,dont know whom Im going to be insured with yet though , chances are that they wont offering be an interest free payment plan either (I believe very few offer it ?!?)

I think Directline offer monthly instalments without interest. I haven't had any personal experience of their service though, but I hear they're quite competitive for new drivers (which given your premium quote, you clearly aren't - still no harm in giving them a try).

papple77

Thankyou SlyOne.
had a look around and Direct line and Tesco will get a call nearer the time (along with all the relevant companies that the various 'switch' type sites throw up)

cheers!!