0% ending 9th March but statement says est. interest on next state £0

Tracyk_2

My Sky card 0% is due to run out on 9th March. I have to make my minimum payment by 5th March. But the little summary box says estimated interest on your next statement £0.

Does that mean I won't have to pay off the balance till my next statement?

DeepSporran

If I were you I'd ring them up to check exactly when you need to pay it off to escape any interest.

The chances are that you DO need to pay by 9th March.

The estimated interest is just that - an estimate. I don't have that particular card, but looking at a statement for another card, the explanation on the back for the 'estimated interest' states that one of the assumptions is that

. there is no change in the interest rates applicable to your account.

In your case, there almost definitely will be a change to the interest rate on the 9th March, so the estimate will be wrong.

Safer to check with Sky customer services than to risk getting it wrong

Coupon-mad

Tracyk wrote: »

My Sky card 0% is due to run out on 9th March. I have to make my minimum payment by 5th March. But the little summary box says estimated interest on your next statement £0.

Does that mean I won't have to pay off the balance till my next statement?

I am pretty sure you will have to pay it all off on or before 9th March. Your next statement, if printed by 9th March, may well show no interest but that's only up to the statement date. If you haven't cleared it the interest will be kicking in during March and you would then see it on the April statement, when it would be too late!

buyitall

I think you will be ok, I seem to remember a similar thing happening to me last year, in which case it works on the principle that the special interest-free period is over and the balance reverts to a normal 'purchase', in which case you get the usual time until the next bill to pay it. Hope that makes sense, prob best to ring up to check though!

Coupon-mad

buyitall wrote: »

I think you will be ok, I seem to remember a similar thing happening to me last year, in which case it works on the principle that the special interest-free period is over and the balance reverts to a normal 'purchase', in which case you get the usual time until the next bill to pay it. Hope that makes sense, prob best to ring up to check though!

I am not sure this is right, certainly not with all cards, it has never happened to me when moving debt between 0% offers. IMHO the OP should repay in full before the end of offer date (they won't remind you BTW!).

buyitall

buyitall wrote: »

I think you will be ok, I seem to remember a similar thing happening to me last year, in which case it works on the principle that the special interest-free period is over and the balance reverts to a normal 'purchase', in which case you get the usual time until the next bill to pay it. Hope that makes sense, prob best to ring up to check though!

I have just checked my bills and I did receive a separate letter stating exactly when the interest-free period ran out, which is when the interest would kick in. In my case it was mid-month, when I paid it off in full. So yes, I agree with all the others, pay it!

Tracyk_2

Thanks guys - I did check and they said - yes I'd have to pay it. Drat!
Very misleading and yes, there was no reminder that it was due to expire! sneaky sods.

UK007BullDog

You always have to stay on top of your credit cards. I have a big binder with all cards sectioned off and a calendar in the front telling me when each card comes to an end to then balance transfer the lot if possible.

Also make sure you cancel all old BT cards you no longer use, or before you do that call them and ask if they will give you a new BT 0% rate. That saves you from having to apply for a new card and you can BT right there and then on the phone.

When cancelling do it in writing and send the letter by registered mail so they cannot say they did not get it and ignore your request. If you have too many cards left open and unused the banks might decline or offer you a lot less limit than you might need. Credit crunch and all kicking in. Keep all the info for at least 2 years so when applying for new cards you know to leave some companies as they will only recognise you as a new customer once 9 to more months have passed.

Sky credit card are very difficult to work with, be warned.