Interest Free Credit ? 25 July 2018 at 9:21AM edited 30 November -1 at 12:00AM in Credit Cards 7 replies 702 views

NoodleDoodleMan

Apologies for this dumb question, but I have no experience in this scenario.

I've always paid off my credit card bills when the monthly statement is due for settlement.

However, there is a camera that I fancy but can't justify shelling out the cost price in one single payment, and there is no interest free purchase deal over x months.

How does one of these interest free credit cards deals that are flagged up apply in this situation - if I used it only for buying this one product until the purchase price was full repaid ?

Would it let me pay the price of the camera divided by 12 (for example) in equal monthly instalments at 0% interest ?

Sounds too good to be true, and too simple !!!

madvicker

A 0% purchase card means no matter how many times you use the card, you will not be charged any interest up to your credit limit until the end of the deal. As it's a credit card, you choose how much to pay back each month - as long as it is equal to or greater than the minimum payment.

NoodleDoodleMan

Thanks - so if I buy the camera @ £1200 on a 12 month interest free card I can payback £100 per month and the balance will be zero when the deal ends ?

Sorry to be so pedantic - but I just want to be 100% clear on what I'd be entering into.

Could you recommend such a card pleaase ?

madvicker

https://www.moneysavingexpert.com/credit-cards/best-0-credit-cards/

One of the cards on there should suit your interest free needs. And yes, if you spend £1200 on a 0% card that has at least a 12 month deal, by paying off £100 a month you will have cleared the balance in 12 months and not pay any interest or charges.

NoodleDoodleMan

Thanks all.

paye

Have a look on Very, if they have the camera you are want open an account and take the 'Buy Now Pay Later Option', this way you have 12 month to pay it off with no interest to pay.

john1002

Worth noting that VERY usually require your first purchase to be paid for first before allowing BNPL to be added. But once account is up and running then it!!!8217;s a good account to have for offers and decent prices.

John

[Deleted User]

A credit card looks better than a mail order account