Stoozing, credit cards and minimum repayment

Strummer22

i_was_taught_2b_cautious wrote: »

Hi Grumbler

I have understood the promotion as you have to make a purchase in the 1st 3 months of opening the account, this can be any purchase even for £1. Once you do this you then change from 0% for 16 months to 0% at 27 months.

Not sure about only getting 0% for 27 months on transactions within the 1st 3 months....?

I could be wrong, but I have called PO several times to confirm this, and seems like a no brainer as long as I pay the 2.5 % every month of the full balance.

You're not wrong. You must make a purchase within 3 months to be offered the full 27 months at 0% - otherwise the 0% period drops to 16 months.

If you make that initial purchase, all future purchases will also be interest free until the 27 months are up.

A sort of similar clause applied to the balance transfer card I got from HSBC. BTs made in the first 3 months would then be interest free for 32 months; I transferred £2600. If you dragged your heels and only did the balance transfer 4 months after getting the card, you'd pay the full interest rate with no interest free period :eek:

vb3d

S**T, read this guys
Post Office Money Matched Credit Card
I am now very confused

vb3d

I think grumbler is correct, the 27months 0% only applies to purchases made in the first 3 months, all other purchases will have 16months 0%.
There is no mention of the 27months 0% I could find in the Summary Box for the card
Disappointing

vb3d

Ok, a change of plan that brings another question
So what I am planning to do is stoozing
I am thinking in getting the Postoffice card, spend as much as I can(of my needs) to reach the closest to the limit within the first 3 months, then never use it again for the next two years(24m).
Then apply for another CC after the 3m.
The question is, will applying for 2 CC's within 3-4months affect my score?
Also, can you do cash-back on CC when you paying for stuff at shops? Or will it be seen as withdrawing cash as if taking from ATM?

Strummer22

vb3d wrote: »

The question is, will applying for 2 CC's within 3-4months affect my score?
Also, can you do cash-back on CC when you paying for stuff at shops? Or will it be seen as withdrawing cash as if taking from ATM?

No, 2 cards in a short space of time won't do much to your credit rating, assuming it's pretty good to start with. Leave it at just 2 applications in any 6 month period though.

Don't take cash out on a credit card. Cashback is exactly like withdrawing from an ATM and will count as a cash advance.

Vortigern

vb3d wrote: »

Also, can you do cash-back on CC when you paying for stuff at shops?

Most shops do not offer cashback when you pay by credit card. They offer cashback on debit cards only.

vb3d

Thanks everyone, I have applied for Sainsbury's at the end, I got really good spending limit, I guess I need to be careful now

UKmitch

To anyone who's already got this card - are you able to set up a direct debit instruction with BoI/PO online to take the minimum repayment so as to never lose the 0% period?