Lloyd90 Posted August 21, 2018 Report Share Posted August 21, 2018 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 Quote Link to comment Share on other sites More sharing options...
spandit Posted August 21, 2018 Report Share Posted August 21, 2018 Shouldn't matter if you pay it off every month... Quote Link to comment Share on other sites More sharing options...
Snoozer Posted August 21, 2018 Report Share Posted August 21, 2018 ^^^^^ Quote Link to comment Share on other sites More sharing options...
strimmer_13 Posted August 21, 2018 Report Share Posted August 21, 2018 I've got 2 @ 20% and have never received a charge, as like you I pay off the full amount every month. High interest but doesn't matter as it's cleared Quote Link to comment Share on other sites More sharing options...
Flyboy1950 Posted August 21, 2018 Report Share Posted August 21, 2018 I purchase everything on my credit card and pay it off in full every month. No charge for doing that and it maximises either points or cash back depending on whose card you use. Quote Link to comment Share on other sites More sharing options...
hod Posted August 21, 2018 Report Share Posted August 21, 2018 Your statement will tell you when any promotional rate period ends. Although it’s a moot point as has been said above, if you pay it off every month. Quote Link to comment Share on other sites More sharing options...
Guest Posted August 21, 2018 Report Share Posted August 21, 2018 Give the credit card company a ring they will tell you Quote Link to comment Share on other sites More sharing options...
Lloyd90 Posted August 21, 2018 Author Report Share Posted August 21, 2018 1 hour ago, spandit said: Shouldn't matter if you pay it off every month... Yes but considering making a big purchase atm and will use the CC if its still 0% just to spread the cost over 3-4 months rather than all in one hit! Quote Link to comment Share on other sites More sharing options...
Jaymo Posted August 21, 2018 Report Share Posted August 21, 2018 Check that it’s for all purchases and not just for ‘Balance Transfers’ from another CC Quote Link to comment Share on other sites More sharing options...
Lloyd90 Posted August 21, 2018 Author Report Share Posted August 21, 2018 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. Quote Link to comment Share on other sites More sharing options...
Lord O War Posted August 21, 2018 Report Share Posted August 21, 2018 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 Quote Link to comment Share on other sites More sharing options...
Lloyd90 Posted August 21, 2018 Author Report Share Posted August 21, 2018 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! Quote Link to comment Share on other sites More sharing options...
MisterGain Posted August 22, 2018 Report Share Posted August 22, 2018 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. Quote Link to comment Share on other sites More sharing options...
Newbie to this Posted August 22, 2018 Report Share Posted August 22, 2018 (edited) Why not apply for another card with 0% on purchases. Sainsburys do one with 28 months on purchases at the moment. Edited August 22, 2018 by Newbie to this Quote Link to comment Share on other sites More sharing options...
Lloyd90 Posted August 22, 2018 Author Report Share Posted August 22, 2018 22 minutes ago, Newbie to this said: Why not apply for another card with 0% on purchases. Sainsburys do one with 28 months on purchases at the moment. I will do if my current ones expired the 0% part Quote Link to comment Share on other sites More sharing options...
mickyh Posted August 23, 2018 Report Share Posted August 23, 2018 Why not just save up for 2 or 3 months ! Quote Link to comment Share on other sites More sharing options...
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