Credit Card Question?

infernox

infernox

infernox

Soldato
Joined
25 Feb 2010
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Location
England
Just a general one really?

Say I have a Credit card which is 0% for 12 months.

If I took some money out of it like £500 could I pay it back over the 12 months?

Like 10%ish a month?

Or would they expect the money in 30 days?
 
If that's 0% for 12 months on SPENDING (not balance transfers) then you won't get charged interest on the amount each month for 12 months - they will want at least the minimum payment each month - so if you pay 10% each month then you are ok
 
Well lets say, I wanted to transfer some money to my other account to pay for driving lessons upfront. Would that count as a purchase, because I have seen some do 0% on transfers too for 12 months.
 
If by other account you mean a credit card then this would be a balance transfer, however if by other account you mean a bank account this is called a money transfer - check the interest on each of the 3 (money, balance, spending) as they normally aren't the same for each
 
that will be for transferring your debt from another credit card issued by a different bank to the new credit card. Unless you can pay for your driving lessons by credit card it probably is not possible to do what you want directly
 
If you want to transfer money from a 0% CC to a bank account then there are only a very few cards that will allow this and they will charge you from 1% to 4% to do the transfer.

I am actually doing this but its to pay off my dad and I have gone for the M&S 0% CC as you can use it's Travel Money to do the transfer and only get charged 1%.
 
Almost no credit card will allow you to have 0% on cash withdrawls. Some will allow 0% on balance transfers to a current account, mostly MBNA backed cards. There is a set fee of about 2-3% for this if its allowed, which probably doesn't make doing it all that cheap.
 
infernox said:
Well lets say, I wanted to transfer some money to my other account to pay for driving lessons upfront.
Click to expand...

Why even 'transfer' the money? You could just pay for your driving lessons on the credit card, it would count as a 'purchase' and therefore sit at 0% for the intro period
 
Hi Infernox,

If the 0% for 12 months is an expenditure, rather than balance transfers, then you will not get charged interest on the amount each month for 12 months. They will request at least the minimum payment every month, therefore you should be covered if you pay 10% each month.
 
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