Sainsbury's purchases not 0% for 28mths, but for 56 days

Jimbomcd

Hi i am new to credit cards. I took purchase card on advice I read from Martin about making a large purchase and spreading cost over 12 months, so no interest would have to paid on a purchase. However 1st Sainsburys statement arrived and says interest free period is 56 days for purchases. Am I right in saying if the full balance is not paid within these 56 days, interest will be applied? So I don't actually get 28 months interest free if I wanted to clear the balance, it's actually 56 days for each purchase?

[Deleted User]

What limit did you get on the card?

It's likely you didn't qualify as a customer for the 28 months.

Have you phoned them to ask?

binaryuniverse

What did your agreement say?

0% promotion cards will have the 56 days interest free message, on the statement, but should also say something along the lines of 'not taking in to account any promotional offers"

So whatever is on your agreement is important.

[Deleted User]

You always get charged interest if you don't clear the statement in full.

In your case, you'll get charged interest at the rate in force at the time. ie 0%.

Jimbomcd

Thanks everyone agreement is for 28 months. The 56 days must be the standard period outside of the introductory offer.

Penelopa.Pitstop

Don't forget to pay minimum payment on time. Best setup Direct Debit for minimum payment, if you didn't do this already. That should work from next statement.

Ben8282

Jimbomcd wrote: »

Hi i am new to credit cards. I took purchase card on advice I read from Martin about making a large purchase and spreading cost over 12 months, so no interest would have to paid on a purchase. However 1st Sainsburys statement arrived and says interest free period is 56 days for purchases. Am I right in saying if the full balance is not paid within these 56 days, interest will be applied? So I don't actually get 28 months interest free if I wanted to clear the balance, it's actually 56 days for each purchase?

Are you for real? I doubt that this is your first credit card. if Sainsbutys have given you 28 months interest free on purchases.

Shakin_Steve

Ben8282 wrote: »

Are you for real? I doubt that this is your first credit card. if Sainsbutys have given you 28 months interest free on purchases.

Stranger things have happened. Something is in the air regarding credit, banks seem to be trying to throw money at anyone who is creditworthy. Our pre approved loan limit with Barclays is showing as £50,000. That was unheard of as an unsecured loan not long ago.

Jimbomcd

yes, I am for real and yes first credit card, I've always avoided using or needing one. However, upon taking advice from MSE using interest-free cards on purchases, I can spread the cost over 12mths without paying interest elsewhere.

chattychappy

Deleted_User wrote: »

You always get charged interest if you don't clear the statement in full.

In your case, you'll get charged interest at the rate in force at the time. ie 0%.

This really is the best way of looking at it. You still get "up to 56 days' interest free if paid in full". If you don't pay in full, then you get charged interest at the prevailing rate - which during the promo period is 0%.


Remember the promo and the 56 day thing applies to traditional purchases only not cash, gambling etc.

PixelPound

Also remember breaching T&C can result in promo rate being withdrawn, e.g. going over the limit, paying late, not paying or paying below the minimum.

Look on your statement about the interest and it will most likely say that your estimated interest is £0 subject to paying the minimum by the due date.