need help with no interest card

parkerce · 12 October 2017 at 11:06PM

ive got a no interest card with capital ones. it says 0% but someone at work told me they were conned into getting the card and then charged purchase interest. it says on my statement that i have to pay 5 quid by november as a minimum payment. if i only pay the minimum then wont it ruin my credit file and ill be charged interest?? how does this interest free stuff work on capital ones?

BlondBoy · 12 October 2017 at 11:27PM

It should also say on your statement, probably near the minimum payment amount, how much interest you may need to pay if you don't pay off the entire amount it says on the statement.

If you pay off the entire amount that it says on the statement every time, you won't pay any interest on purchases online and in shops. If you pay less than the full amount, you'll get charged interest.

Keep checking your statement every month - then you'll know where you stand.

bigadaj · 13 October 2017 at 12:43AM

parkerce wrote: »

ive got a no interest card with capital ones. it says 0% but someone at work told me they were conned into getting the card and then charged purchase interest. it says on my statement that i have to pay 5 quid by november as a minimum payment. if i only pay the minimum then wont it ruin my credit file and ill be charged interest?? how does this interest free stuff work on capital ones?

What type of card it it, have you balance transferred onto it, is it 0% purchases or used a money transfer.

You need to pay the minimum payment each month but how you soend on it depends on the answer to my question above.

Ben8282 · 13 October 2017 at 4:48AM

To my knowledge there is no such thing as a no interest credit card. All credit cards have a standard rate of interest, which is normally waived in respect of purchases if the card is repaid in full each month. In addition new cards often come with introductory promotional 0% offers on purchases and/or balance transfers and/or money transfers for which you may or may not be charged a fee.
If you believe that only paying the minimum will ruin your credit file as you state, then pay in full!
If your card does not have an introductory 0% offer in respect of the type of transaction(s) that you have made and you don't want to pay interest, then pay in full!

need help with no interest card

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