Payment holiday on a 0% interest card

ssdkck

Hi, would there be any penalties taking a payment holiday  on a 0% card. I have a Lloyds and mbna. It's not very clear on the website. Also would taking a payment holiday go against you for any promotions on the card regarding balance and money transfer. 

ydacademy

I did read about payment holiday. My credit card company sent an email advising that we could set it up using our online account. I'm sure this would apply to a 0% credit card too.

DCFC79

ssdkck said:

Hi, would there be any penalties taking a payment holiday  on a 0% card. I have a Lloyds and mbna. It's not very clear on the website. Also would taking a payment holiday go against you for any promotions on the card regarding balance and money transfer. 

Maybe ask them or check the website or see if you can send a secure message.

SnowTiger

ssdkck said:

Hi, would there be any penalties taking a payment holiday  on a 0% card. I have a Lloyds and mbna. It's not very clear on the website. Also would taking a payment holiday go against you for any promotions on the card regarding balance and money transfer. 

Lloyds and MBNA recently sent me emails that contain the following: 

If Coronavirus has temporarily affected your income, and you’ll struggle to make your credit card payments, you can now ask for a credit card payment holiday using our online form, without the need to speak to us.

We’ll confirm everything by text message within 2 working days. Of course, if you’ve already requested a payment holiday, you don’t need to re-apply.

Taking a payment holiday won’t impact your credit record. In fact, it’s a good way to protect it if you’re experiencing some short term difficulties.

PixelPound

You need to confirm with the credit card provider, as whilst they say it won't affect credit rating (i.e. not reporting as missed payments), the t&c of most 0% state it ends if you don't pay the minimum.

Tildaplum

if you can afford it, keep paying the minimum

born_again

You can be sure that it will not shorten the 0% term.

PaulW922

Santander explicitly say that you CAN do this so I would think the others are the same