Barclaycard Platinum - interest free period
I'm looking to apply for a Barclaycard Platinum card (up to 24 months interest free on purchases) , I have a couple of questions.
The following appears on their site under the summary of rates:
Maximum 56 days from the date of any new transaction including balance and money transfers on a promotional rate that have been added to your account since your last statement if you pay your main balance (excluding any promotional balance with a 0% interest rate) and any monthly instalment plan payments (if you've taken out any instalment plans) in full and on time each month.
Note - Your main balance is your current statement balance less any instalment plan balance.
Does this mean that if I make a purchase on the card during the interest free period that I have only 56 days from the date of the transaction to pay it off in full?
I've always been under the impression that the interest free period provides a period where I'm able to purchase and spread payments up to the end of the period. For instance making a £2400 purchase in month 1 and then spreading the value of that transaction (£100/month) over the 24 month interest free period. Is this assumption correct?
An additional question I have is with respect to credit limit, I've not completed a credit card application in a while and was wondering if I can set it during the application process or is it set on my behalf based on my credit rating?
Martin and MSE campaign win
April's 20% energy price guarantee hike postponedMSE News
Childcare budget boost
More support for children from nine months and those on Universal CreditMSE News
Energy Price Guarantee calculator
How much you'll likely pay from AprilMSE Tools
But while you're in the promo period, you'll be charged interest at 0%.
Your credit limit is set according to your risk, as assessed by the lender.
When you say it depends on when you make the transaction, could an example £5,000 transaction be spread over 5 months if the £1,000/month payment was more than the minimum required each month?
Also what does the 56 days in the summary statement refer to?