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0% interest credit card wording - am I misunderstanding?

8 replies

trulyunruly01 · 04/02/2024 14:05

The wording is 0% interest on purchases for 19 months from opening of account
Does this mean that if I open the account now and make a purchase in July (which would be paid off within 3 months) I would pay no interest?
Background is I have to make a large purchase in July, think about £10k. I already have a large chunk of it and am able to save each month. Very hopeful that I'll have the whole amount in time but looking for a safety net. I would rather not have to dip into other savings.
For the life of me I can't find a phone number to call for further info.

OP posts:
OneMoreTime23 · 04/02/2024 14:06

Yes.

YouBoggleMyMind · 04/02/2024 14:11

Yes, as long as you pay the minimum off each month, it'll be 0% until The 19 months is done.

EBearhug · 04/02/2024 14:13

In the past, I've had 0% cards which were 0% on any balance transfer, but there was interest to be paid on any purchases (so I didn't use them for purchases.) I would assume that if you buy something on it, if it says 0% on purchases, if you pay £100, it stays at £100 until you pay it off or the offer period ends, rather than becoming £124 over a year (or whatever the interest rate is.)

I don't know how much you can get on a card, but you might have a lower credit limit than you need. I bought a car some years back, and they wouldn't let me put more than 50% on a card. This might have been to force me to take out their repayment agreement, but I paid that off the next month anyway, because I hadn't wanted it (can't remember the details now, i just rememberbeing pissed off about it.)

Alternatively, you could get it on the card, then move it to a 0% on balance transfers card?

trulyunruly01 · 04/02/2024 14:14

Very succinct, thank you.
I think I will take the offer and just let it sit there until the summer.
I'll take a huge hit on interest if I have to dip into my other savings before the end of Sept. Emergency fund is a little depleted (thanks storm damage and dodgy fridge freezer).

OP posts:
WYorkshireRose · 04/02/2024 14:19

trulyunruly01 · 04/02/2024 14:14

Very succinct, thank you.
I think I will take the offer and just let it sit there until the summer.
I'll take a huge hit on interest if I have to dip into my other savings before the end of Sept. Emergency fund is a little depleted (thanks storm damage and dodgy fridge freezer).

Be careful to check the small print. Often 0% purchase cards are only 0% for a short period e.g. for purchases made within 30 or 90 days of the card being opened.

trulyunruly01 · 04/02/2024 14:20

This is definitely 0% on balance transfers and 0% on purchases.
I have no balance to transfer (although I have an ordinary credit card which is paid off in full each month).
Credit limit will be sufficient.
I already have more than half the money put aside. I just need a safety net so I don't have to pull money out of fixed bonds.
I haven't applied for a credit card since 1992 so I'm a bit out of date with the terminology.
Thanks all.

OP posts:
MoroccoMole · 04/02/2024 14:21

I have a 0% card. Mine is 0% for 18months on purchases made within 90 days of getting the card.

Check the small print

trulyunruly01 · 04/02/2024 14:21

Will do!

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