Zero % Credit Cards

RG2015

I am new to the concept of 0% credit cards and have some basic questions. I am assuming that all 0% credit cards have the same basic conditions but would also like to know if anyone was aware of any difference on the Nationwide Select credit card.

This card has 3 months fee free balance transfers. Can I make more than one transfer from my current credit card during the three months and how long can I expect a transfer to take?

For the twelve months interest free period I can make purchases up to my credit limit (including and balance transfers) and all I need to pay is the minimum monthly payment of 1% of the outstanding balance?

I am aware that I cannot make any cash advances and must pay the full balance within 12 months or I will end up paying interest.

Thanks in advance for any answers.

Nebulous2

RG2015 wrote: »

I am new to the concept of 0% credit cards and have some basic questions. I am assuming that all 0% credit cards have the same basic conditions but would also like to know if anyone was aware of any difference on the Nationwide Select credit card.

This card has 3 months fee free balance transfers. Can I make more than one transfer from my current credit card during the three months and how long can I expect a transfer to take?

For the twelve months interest free period I can make purchases up to my credit limit (including and balance transfers) and all I need to pay is the minimum monthly payment of 1% of the outstanding balance?

I am aware that I cannot make any cash advances and must pay the full balance within 12 months or I will end up paying interest.

Thanks in advance for any answers.

Yes that's about it. The terms are roughly similar, often based on regulatory requirements, but there will be some differences, so it is certainly worth reading the terms and conditions carefully.

I haven't transferred to my select card, but most transfers seem to go through quite quickly nowadays. Check regularly and remember to keep-up normal payments until the transfer has arrived on the statement at the other end. You can make more than one.

Yes the minimum payment is all you need to make until the promotional rate ends.

RG2015

Thank you Nebulous,

I really cannot understand why these banking deals are so illogical and have such contrived conditions. 0% credit cards for 40 months and more, 5% current accounts and regular savers, multiple issues of savings accounts, limited bonus rates etc.

Still, I don't make the rules. All I do is make sure that I understand them and use them to my advantage.

Ah yes, and Terms and Conditions. I try to read them but end up skimming and hoping the headline summary has all of the important points. At least they all now do have a separate schedule for the main points.

molerat

Note the 12 month periods are different so your BT 0% would likely end later than the purchase 0%. If I read it correctly you could have multiple different BT periods ending up to 15 months from opening the card and if the card is used for purchases after the end of the 0% period they would incur interest from purchase date if you still have an outstanding BT balance.

*Introductory purchase rate applies from the date the account is opened.
**Introductory rate applies from the date the balance transfer is applied to the account. Balance transfers at 0% with no fee must be made within 3 months of account opening,

Dandytf

Soft natwide search today, 1200@19.9

Declined since hard search,not suprising t.b.h as I'm only 60% paid of previous natwide card during sc dmp.

Not too worry, I've at least 'learned' to keep reasonbly small balance on current cards, never ever going into the thousands of used cedit again, why? Cause lifestyke chnages can occur at any time, much prefer balances into hundreds if at all.