Credit card 0% interest rate question

jeoff82

Hi all, I transferred over my balance to a Captial One credit card 2 months ago and have now received an email saying the 0 interest rate is ending in March. I have not used the card to make any purchases just the balance transfer. Question is will they start charging me interest on the existing balance or is that for new purchases on the Capital One card only? Thanks

Brie

Sounds like they will start charging interest on everything.  And it may be a higher rate than normal due to the 0% deal.  

This is based on whatever the deal was sold as...did they say 3 months interest free on all purchases?  or did they say "any purchases made in the first 3 months would be interest free for X months"?

grumbler

jeoff82 said:

Hi all, I transferred over my balance to a Captial One credit card 2 months ago and have now received an email saying the 0 interest rate is ending in March. I have not used the card to make any purchases just the balance transfer. Question is will they start charging me interest on the existing balance or is that for new purchases on the Capital One card only? Thanks

What was the deal? At https://www.capitalone.co.uk/creditcards/credit-cards I don't see 0% on purchases, only 0% on BTs "for up to 18 months".
If it was the latter, then they start charging interest on the existing balance, although 3-4 months is unusually short term for 0% on BTs.

jeoff82

I called them and from what I could make sense is that the interest is only on new purchases which I have not done. Balance transfer is 0 until June 2025.

grumbler

Check your statements to make sure. They have to show promotional balance with the date 0% expires.

CliveOfIndia

grumbler said:

jeoff82 said:

Hi all, I transferred over my balance to a Captial One credit card 2 months ago and have now received an email saying the 0 interest rate is ending in March. I have not used the card to make any purchases just the balance transfer. Question is will they start charging me interest on the existing balance or is that for new purchases on the Capital One card only? Thanks

What was the deal? At https://www.capitalone.co.uk/creditcards/credit-cards I don't see 0% on purchases, only 0% on BTs "for up to 18 months".
If it was the latter, then they start charging interest on the existing balance, although 3-4 months is unusually short term for 0% on BTs.

I think that card you've linked to is possibly the one the OP is referring to.  It says "0% on balance transfers for up to 18 months", but it also says "You may be eligible for 0% interest on purchases for 3 months".  Which ties in with what the OP is saying.

jeoff82 said:

I called them and from what I could make sense is that the interest is only on new purchases which I have not done. Balance transfer is 0 until June 2025.

So from the sounds of it, if you'd made any purchases, it's on those that the 0% deal is expiring soon.  If you say you've not made any purchases, just made use of the BT, then you'll be fine.  Although, as always, you must be prepared to repay the full balance when the BT deals comes to an end - it's a dangerous gamble to just assume you'll be able to do another BT for any remaining balance.