0 Interest Card - Can I make many payments?

focus888

Hi All, quick question, i have a 0 interest card which i wanted to free up some credit on. Am i allowed to just make as many payments as i want during this 0% period? I've already set up a DD but i'm just worried if i do a couple of lump sum payments when i have the funds will it make me void the interest free period or not?

I've tried searching but nothing came up. thanks

[Deleted User]

You can pay as much and as often as you want as long as you're hitting all the minimum payments.

focus888

Thank you!

T-G-C

focus888 wrote: »

Hi All, quick question, i have a 0 interest card which i wanted to free up some credit on. Am i allowed to just make as many payments as i want during this 0% period? I've already set up a DD but i'm just worried if i do a couple of lump sum payments when i have the funds will it make me void the interest free period or not?

I've tried searching but nothing came up. thanks

If credit card companies were allowed to let customers do this, I am sure they would for the select few who can be trusted. However, for various reasons, the advice zx81 applies, there is still a monthly minimum amount which needs to be met. Other than that, pay at leisure.

Ben8282

Yes you can always make payments. As many as you want.
However, it is unclear what you actually want to achieve here. If this is a 0% purchases card, then yes you can pay off as much as you like and continue spending with the interest rate on purchases remaining at 0% for the duration of the purchases offer.
However, if it is a 0% balance transfer card and you repay all or part of the balance transfer, then the original offer may not be still available to you should you want to make a further balance transfer. The 0% rate on the existing balance transfer would be unaffected.

Alexd52

If you have cash to spare, rather than overpaying on the o%, put it into an account giving you interest until just before the BT 0% ends and then pay it off. You will have made some interest on the spare cash in the meantime.

Anthorn

focus888 wrote: »

Hi All, quick question, i have a 0 interest card which i wanted to free up some credit on. Am i allowed to just make as many payments as i want during this 0% period? I've already set up a DD but i'm just worried if i do a couple of lump sum payments when i have the funds will it make me void the interest free period or not?

I've tried searching but nothing came up. thanks

You can make as many payments as you like to reduce or even clear the balance. However there will usually be a time limit on getting 0% APR so check on that: For example purchases / balance transfers / cash transfers in the first xx days qualify for 0% APR.

Dobbibill

What may happen is the DD may not be collected for that month if you pay more than the minimum before the DD is called for in that statement cycle. Some credit cards cancel out the DD based on payments made, check your particular card as not all do this but just be mindful of this.