Badly need advice please! Interest rates

molerat

There is a 0% for 5 months on purchases card shown on USwitch.


So yes, your initial thoughts are loosely correct. You will need to pay the minimum payment each month, 1% of the outstanding balance / £5 minimum, between the statement and due dates so set up a direct debit to do that. The full balance will need to be paid off before the date given in your contract



After you have paid off the holiday keep the card and use it regularly for normal spends paying each statement off in full before the due date. This will act as a credit builder showing that you can manage credit for later in life when you want something bigger such as a car loan or mortgage.

DanielBarton

I think being realistic, even if you did have to pay a small amount of interest, the interest accumulated on £500 over 2 months would not really be enough for you to be worried by it.

ViolaLass

And next, get some savings behind you.

Fireflyaway

Telephone them and ask so you are 100% sure. The temptation when you get back will be to not pay it off as quick as you plan right now. You need to be disciplined otherwise you will end up with snowballing debt. So many times I've borrowed with good intentions but when you have to actually part with your money to pay it back it's harder than you think.