John Lewis Partnership Credit Card

JonnyKebab99

3 months 0% purchases. 

I’m pre approved, does this mean that if I apply and am given say £1000 limit, that within the next 3 month I can go into say John Lewis and pick up items valued at £1000 at no interest? 

If I also over the course of this 3 month only pay £200pm towards this, is there then interest charged in after the 3rd month on the remaining £400?

Olinda99

As long as you pay the minimum amount shown on your statement then it means you will be charged no interest for all your purchases - John Lewis or otherwise - for three months

yes after month three you will start paying interest

JonnyKebab99

Olinda99 said:

As long as you pay the minimum amount shown on your statement then it means you will be charged no interest for all your purchases - John Lewis or otherwise - for three months

yes after month three you will start paying interest

Thank you 
I wasn’t sure if I could use it for 3 months with no interest, but then after the 3 month as long as I don’t use it again then there’s no interest on what I bought in the initial 3 month period 

thanks again 

lr1277

There will be a purchase period and an interest free period. You need to check if the 3 months is the purchase period or the interest free period. If the latter, you will start paying interest from 3 months onwards, possibly calculated from the date of purchase.

steven141

JonnyKebab99 said:

3 months 0% purchases. 

I’m pre approved, does this mean that if I apply and am given say £1000 limit, that within the next 3 month I can go into say John Lewis and pick up items valued at £1000 at no interest? 

If I also over the course of this 3 month only pay £200pm towards this, is there then interest charged in after the 3rd month on the remaining £400?

I would leave a bit of a buffer if I were you. It's not wise to spend up to the credit limit as it puts you at risk of getting extra charges. If you spend £1000 exactly and pay off the full or minimum payment it should be fine but if you forget to pay or use it again you will go over the credit limit and that usually results in a fee being charged.

Also for some reason the credit score (if you are bothered) will go down if you use over 25% of your available credit limit. It's really annoying. I recently cancelled some of my credit cards and mine also went down. It's just a number and doesn't mean anything though.

I think in general lenders don't like to see you going near your credit limit as you could be considered more risky to lend to but each lender has their own criteria which is unknown yp anyone other than them. 

CliveOfIndia

steven141 said:

I think in general lenders don't like to see you going near your credit limit

That's not strictly true.  The CRAs don't like to see you going near your limit, but lenders don't mind as long as you're repaying what you owe.  If you always repay in full every month, it makes no difference - or if you've got a 0% promotional rate in effect.  If, however, you're carrying a balance from one month to the next on a standard interest-bearing card then yes, this can start to make lenders a bit jittery.

steven141 said:

Also for some reason the credit score (if you are bothered) will go down if you use over 25% of your available credit limit. It's really annoying. I recently cancelled some of my credit cards and mine also went down. It's just a number and doesn't mean anything though.

And this somewhat reinforces my previous statement.  Since a lender can't even see the scores dished out by the CRAs, it's meaningless.  But the CRAs very often receive commission if you take out a new card via their platform - so it's in their interest to pretend that the utilisation ration is important, and that your score is damaged by using too much of your available credit, and that you really ought to take out some more cards.

Remember, the way a lender views you will be very different from the way the CRAs view you.  And who's view do you care about most - the one who's lending you money or the one who's simply trying to earn a bit of commission for themselves?