0% credit card

Reachforthestars

Hi, wanting to get a 0% credit card just have a couple of questions that I can't find the answers to on the webpage or online. Firstly, when I take it out when will the interest free period start will it be from the time I've taken it out or from the first purchase? And when i no longer need it and it's all paid off and the interest free period has finished do I just close the card and is there any downside to doing that? Thanks

molerat

Interest free period will start from when the card is issued - often before you actually receive it. Keep it or close it, up to you. No real up or downsides.

Reachforthestars

That's brill thank you very much

YorkshireBoy

Reachforthestars wrote: »

Hi, wanting to get a 0% credit card just have a couple of questions that I can't find the answers to on the webpage or online. Firstly, when I take it out when will the interest free period start will it be from the time I've taken it out or from the first purchase?

Not sure which card you're looking at, but...

Halifax wrote:

Purchase rate offer

0% for 26 months
from account opening

And from Tesco...

Tesco wrote:

No interest to pay on purchases for up to 28 months from account opening

And from TSB...

TSB wrote:

0% p.a. for Purchases. This rate is fixed for
20, 15 or 10 months from when we open your
account

And from MBNA...

MBNA wrote:

0% on card purchases for up to 26 months from the date your account is opened

How hard were you looking?

And when i no longer need it and it's all paid off and the interest free period has finished do I just close the card and is there any downside to doing that? Thanks

When you make your application your credit rating will take a hit, due to the search.
When you put some debt on the card your credit rating will take a further hit.
As you start to repay the debt your credit rating will start to recover, as you demonstrate a repayment history.
Once you've repaid the debt your credit rating will improve, as you've no debt, and proved you can manage a credit facility.
But if you close the card your credit rating could dip, if it was the only credit card you had, since you've now no longer any revolving credit facility.

cooltt

YorkshireBoy wrote: »

Not sure which card you're looking at, but...
But if you close the card your credit rating could dip, if it was the only credit card you had, since you've now no longer any revolving credit facility.

I don't know why you even bother answering. The idiotic low intelligence questions being asked here is quite frightening. But I guess thats what lenders want plunging idiots into debt.

Reachforthestars

Thanks thought I'd seen something about closing an account affecting credit rating, I guess I could just leave it and not use it and maybe close it if on the further I went for another card- so I've still got something going. Thanks for the quotes! I hadn't been on individual sites just the one on here and had a google about the 0%.

I'm going to lay my Argos card off now so I'm compleatly clear before I apply, I was really hoping for around a £5000 limit, if the one card dosnt cover that can I apply for a second 0% card? And use the both? Thanks again

*pay