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Lloyd90
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Quick question:

When I took out my card it was 0% interest for around 20 months or something like that. Now I mostly only use it for fuel and pay it off in full every month.

However, I'm just wondering how I when when the 0% part runs out? As I can't remember what the number of months was and when I took it out. 

 

Thanks 

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1 minute ago, Jaymo said:

Check that it’s for all purchases and not just for ‘Balance Transfers’ from another CC

It was deffo all purchases when I took it out but can't remember when that was! Thought it was worth an ask on here, before ringing the bank to ask, just in case it was somewhere blindingly obviously that I have missed. 

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You need to be really careful with 0% rates on cards. The CC companies have a priority order that you debt is paid off in. I will try to get this right as I haven't looked at this sort of thing for a while, I would do loads of big ticket items on 0% cards.  If you transfer a balance to 0% card and continue to use that card for other purchases what happens is the CC company will use your monthly payments to clear the debt that earns them the least ie the 0% portion. So the expensive bit is building interest whiles the 0% is being paid off. The best option is to not use the 0% card while you have anything outstanding on it. Money saving expert is a good place to check this sort of thing

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12 minutes ago, Lord O War said:

You need to be really careful with 0% rates on cards. The CC companies have a priority order that you debt is paid off in. I will try to get this right as I haven't looked at this sort of thing for a while, I would do loads of big ticket items on 0% cards.  If you transfer a balance to 0% card and continue to use that card for other purchases what happens is the CC company will use your monthly payments to clear the debt that earns them the least ie the 0% portion. So the expensive bit is building interest whiles the 0% is being paid off. The best option is to not use the 0% card while you have anything outstanding on it. Money saving expert is a good place to check this sort of thing

Currently I have £0 debt on any cards etc. I think my only debt I owe on is my mortgage :) I'll be glad to get that gone but it'll be a bloody long time yet! 

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12 hours ago, Lord O War said:

You need to be really careful with 0% rates on cards. The CC companies have a priority order that you debt is paid off in. I will try to get this right as I haven't looked at this sort of thing for a while, I would do loads of big ticket items on 0% cards.  If you transfer a balance to 0% card and continue to use that card for other purchases what happens is the CC company will use your monthly payments to clear the debt that earns them the least ie the 0% portion. So the expensive bit is building interest whiles the 0% is being paid off. The best option is to not use the 0% card while you have anything outstanding on it. Money saving expert is a good place to check this sort of thing

This certainly used to be the case but post 2011 credit card companies' priority of allocation of customer payments is geared towards paying off the highest rate of interst first.  It gets more complicated if you use the same card for balance transfers, purchases, cash advances.  So, if you're looking at this sort of thing then best to read the small print around allocation of payments.

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