Interest Free Credit Card on Purchases

9
Found 10th Sep 2017
Im not sure if this is the correct place to ask this.

I am looking at making a purchase, normally I would save and then buy it but I would like it quite soon.
I was thinking of getting an interest free credit card (for say 24 months even though it would be paid off before then).
My hubby and I have never had a credit card we only have our mortgage so am a bit unsure of any hidden charges etc.

What I would like to know is that if I took out an interest free credit card for say 24 months and paid it off within the given time would I be charged any hidden charges?

I have asked people and googled and some people have said that they have been charged interest after 6 months.
I am looking to spend about £800. I undestand that I will have to make monthly payments but when they say interest free is it really interest free ?

Its a bit scary for me because I don't really like debt , I know we can pay it off but the thought of getting charged interest I don't really like. Sorry if I sound dumb but I just want to be sure.
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No interest is payable providing it is paid off within the interest free period.
You need to read the small print. Some offer 24 months interest free on balance transfers (from one account to another) but only 6 months on new purchases. That's how they get you (your own example above).

How quickly do you think you'll be paying it off? Use comparison sites (moneysupermarket and others like that) as they will break it down into the advantages and disadvantages of each credit card.

Most of all, take your time and do your research and don't just rush into it otherwise it'll cost you i the long run.

Sorry if it doesn't help you much....
Edited by: "tiki3471" 10th Sep 2017
Thanks for the replies. It won't be used to withdraw cash or balance transfers but solely for purchases. I will be paying it off quite quickly, within a few months, but wanted the longer period just incase something popped up and I couldn't pay it off that quickly.

I will def be looking into the t&c's , do you have to go the the cards individual websites for this as the comparison sites don't seem to mention the small print ?

Thanks again
Hey,

You won't pay anything interest or fees for interest free cards providing the balance is paid by the end of the term.

Some things to be aware of:

1. Taking out the credit card can impact your credit rating, sometimes they don't always give you the amount you need for the purchase and you have to approach another lender who in turn can't lend you as much based on the fact your credit rating has been knocked by the previous application.

2. TCB and Quidco have deals for balance transfer cards and new credit card applications, I'd recommend it.

3. Go to your bank first, they will ask you how much you want and in my experience have always provided it. I bank with first direct, their lending is fast!

4. Don't get tempted to put more on it. Unless you have to. Credit cards are the devil if not managed properly.
Thanks.
I won't be putting more on it, I have seen too many people get into debt with credit cards thats why I want to hope Im doing it correctly.
I was just looking at the Sainsburys one, reading the print and its supposed to be 32 months interest free (providing you qualify), but it says this :
(Now I many be coming across as really stupid and I apologise but what does that 56 days mean ?)

Interest Free Period
  • Maximum 56 days for purchases if you pay the full balance shown on your previous and current statement on time.
  • There is no interest free period on cash advances or balance transfers
Thanks for link, so is the 56 days standard for most credit cards and I still get the 32 months interest free period ?
i think I'll get hubby to ring them. Thank you so much for the help
The monthly period is dependent on your financial situation, once you've approached them they may only offer you 6 months and a credit limit that doesn't fulfil your needs.

Do your bank offer credit cards?

Please quote this response so as I know to respond.
hairray1 h, 4 m ago

The monthly period is dependent on your financial situation, once you've …The monthly period is dependent on your financial situation, once you've approached them they may only offer you 6 months and a credit limit that doesn't fulfil your needs.Do your bank offer credit cards? Please quote this response so as I know to respond.

Hi to be honest 6 months would probably be enough. I think I'm going to go with Sainsburys purchase card. I'm not interested in taking cash.
I appreciate the advise thanks
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