Have I misunderstood 0% on purchases?

JenT

I have finally been tempted by everyone talking about the 0% credit cards and have been considering the Sainsbury's card. We want to do some home improvements and thought it would be good for buying all our bits and bobs. I am not that savvy about credit cards so phones Sainsbury's just now for advice. The chap I spoke to told me that the 0% is only for 52 days from your actual purchase and THAT arrnagement is for 12 months. So does that mean that if I buy something for £300 now I have to pay it off in 52 days or pay interest? If that's right then it's very misleading isn't it?

Galstonian

He is wrong. 0% on purchases for 12 months is exactly what it sounds like. Any purchase you make during the first 12 months will not attract any interest whatsoever. You will still need to meet the minimum payments each month. Normally, the card has up to 52 days (it will depend on your statement data in relation to when you make the purchase) where no interest would be due provided you paid the entire balance shown on your statement (in common with most cards).

If you buy something for £300 you will have to pay in the region of £9 (assuming min payment is 3% of the balance) on your first statement.

"it's very misleading isn't it?"
Yes, he was wasn't he

JenT

Thanks - that is what I thought it meant! It's a bit of a worry that they are giving out such misleading advice. They may well have lost a customer because of their mis-informed staff.

deemy2004

I have finally been tempted by everyone talking about the 0% credit cards and have been considering the Sainsbury's card. We want to do some home improvements and thought it would be good for buying all our bits and bobs. I am not that savvy about credit cards so phones Sainsbury's just now for advice. The chap I spoke to told me that the 0% is only for 52 days from your actual purchase and THAT arrnagement is for 12 months. So does that mean that if I buy something for £300 now I have to pay it off in 52 days or pay interest? If that's right then it's very misleading isn't it?

He's giving you generic advice without bothering to read up on the products on offer.

Use their website and make sure you apply for the RIGHT card
i.e. the cashback card with 12 months 0% on purchases.