Credit Card Minimum Payment

missile

Hi,
I have successfully transferred £7000 debt from Chase CC to my RBS CC with 0% interest for 12 months.
Can I pay nothing for duration of 0% or do I need to pay minimum amount? 

GavCB

you'll need to make the minimum monthly payment, as detailed on your statement. 

missile

OK, perhaps it is a silly question, but I should have asked =
Will there be a minimum monthly payment if I do not make any other purchases with this card?

eskbanker

missile said:

OK, perhaps it is a silly question, but I should have asked =
Will there be a minimum monthly payment if I do not make any other purchases with this card?

The answer to that question is yes too.

la531983

missile said:

OK, perhaps it is a silly question, but I should have asked =
Will there be a minimum monthly payment if I do not make any other purchases with this card?

DO NOT MAKE ANY PURCHASES ON IT!

Mixing an interest free offer with interest bearing purchases is one of the worst things you can do. Use a different credit card for purchases.

CliveOfIndia

missile said:

OK, perhaps it is a silly question, but I should have asked =
Will there be a minimum monthly payment if I do not make any other purchases with this card?

Yes - typically something like 1% - 3% of the balance, depending on that card's particular T&Cs.  And it's REALLY important that you do always make at least the minimum - set up a Direct Debit so you never forget.  If you miss a payment, the 0% offer will usually be immediately revoked and you'll start paying the card's standard APR.  As well as being clobbered by a missed payment fee.

Worth adding, make sure you're putting money aside somewhere to pay the balance when the 0% deal expires.  You may be able to transfer any remaining balance to another 0% card - but there's no guarantee whatsoever that you'll be able to do so.

missile

Many thanks for all your helpful comments.
I shall arrange to pay minimum, apparently I must wait for first statement.
I will not be using this card for any other transactions.
I have made a reminder for myself to ensure I repay remaining balance in Jan 27th.

eskbanker

missile said:

Many thanks for all your helpful comments.
I have arranged to pay minimum and made a reminder for myself to ensure I repay balance in Jan 27th.

Tomorrow might be a bit early!

CliveOfIndia

missile said:

I have made a reminder for myself to ensure I repay remaining balance in Jan 27th.

Just one thing to watch - the expiration of the 0% deal might not tally up precisely with your scheduled payment date.  It's possible that in January next year, your payment is due on the 27th but the 0% deal expires on the 19th, for example.  So you'd need to pay off the balance on or before the 19th, in that example.

It's not the end of the world - worst case, you'll end up paying a few day's worth of interest.  But there's no point in paying any interest if you don't have to.

retiredbanker1

If I take out a balance offer - in my head I always think of it as one month less than advertised - so a 12 month offer I try to pay off by month 11 to make sure I pay no interest.
Others might have a different way of looking at it.

molerat

missile said:

Many thanks for all your helpful comments.
I shall arrange to pay minimum, apparently I must wait for first statement.
I will not be using this card for any other transactions.
I have made a reminder for myself to ensure I repay remaining balance in Jan 27th.

You can generally set up a direct debit before the first statement is produced but you would need to check that statement clearly states the payment will be taken by direct debit.