Confused about terms on (first!) 0% card

randomweasel

So, this is quite possibly a very daft question, but with a lack of any prior experience, I thought some wise moneysaver might be able to enlighten me!

Myself and my partner have just bought a house, and need to fit a new kitchen. We'd like to do this before we move in, so we were looking at a 0% credit card as a potential way to spread / delay the cost.

I've used the mse eligibility calculator and found I've got a good chance of getting this 20 month TSB card: (won't let me post the link!) TSB website then /credit-cards/landing-pages/tsb-card/?WT.mc_id=1525338|119742269|292690316|0&so=MSUM_2020_MSE_SS

The way I believed these cards worked was that you spend whatever amount on the card (within your credit limit) and make a minimum repayment each month. During the 20 month 0% period, you pay no interest on the remaining balance. Just before the 0% period expires, you pay off the balance and so pay no interest.

However, this sentence has me confused :

Up to 56 days' interest-free period on purchases (from the date of transaction) if you pay your balance in full and on time each month.

So does this mean that you have to fully pay off each item you buy within 56 days or pay interest on it? And is this the 0% interest (so, none) or the massive APR interest?

I don't want to take the card and then have to pay off the entire kitchen in two months time as I don't think this will be affordable, whereas in 20 months (or even the minimum 10 months the card offers) we will have had two company bonuses and multiple paychecks so know we'd be able to pay it off in full then.

So if someone could explain to me how the process works and what the above actually means in real terms, I would be eternally grateful - especially if it saves us any nasty surprises! :S

PeacefulWaters

The 56 day condition applies after your 0% deal expires.

Any interest during the period of your 0% deal will be charged as zero.

randomweasel

Thanks Peaceful waters, that makes sense! Wish they'd make it that simple on the website! :P

fozmcfc

It doesn't affect 99.9% of people, but you just need to make sure that whatever you spend on the card is eligible for 0%.

With most cards for instance if you withdraw money for a cash machine or use it for gambling or foreign exchange transactions, they won't be eligible for 0%.

If you are basically making one large or several smaller purchases, then no problem.

randomweasel

Hi fozmcfc - I wouldn't use it for cash withdrawals anyway but that's good to know! It'll be used for stuff like paint, cupboards, worktops and that sort of thing!