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Q RE:Interest free period on CC

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  • 14-03-2013 9:55pm
    #1
    Cereal Number
    Banned (with Prison Access) Posts: 329 ✭✭


    Hi there

    I have a credit card with 0% interest for 8 months,

    What do I have to pay each month?
    Will it affect my credit rating by not paying in full and taking advantage of this offer?


Comments

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    #2
    goz83
    Registered Users Posts: 8,034 ✭✭✭goz83


    Ask the CC company, but AFAIK, you only have to pay the minimum payment each month. This will show on your CC statement.

    Your credit rating will only be affected if you don't pay your bill. The minimum payment is all they need, but I think it creates bad habits in people. Pay the bill in full all the time and only use the card when you need to.


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    #3
    RangeR
    Registered Users Posts: 7,265 ✭✭✭RangeR


    Cereal Number wrote: »
    Hi there

    I have a credit card with 0% interest for 8 months,

    What do I have to pay each month?
    Will it affect my credit rating by not paying in full and taking advantage of this offer?

    You don't have to pay anything every month, or at the very least there is a minimum amount of I think 5% of balance. However, over time, your balance will increase.

    Not a good road to go down.


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    #4
    Cereal Number
    Banned (with Prison Access) Posts: 329 ✭✭Cereal Number


    RangeR wrote: »
    You don't have to pay anything every month, or at the very least there is a minimum amount of I think 5% of balance. However, over time, your balance will increase.

    Not a good road to go down.

    Well, if I stick the cash i would otherwise use on paying off the bill in full into a high interest account then pay it off in full when the period is up surely nothing wrong with that?


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    #5
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    Cereal Number wrote: »
    Well, if I stick the cash i would otherwise use on paying off the bill in full into a high interest account then pay it off in full when the period is up surely nothing wrong with that?

    There is still a minimum to pay every month off the balance which will be on your monthly bill. They arent charging interest but you still have to pay part of the balance down. interest free for 8 months doesnt mean you dont pay anything for 8 months, it just means they arent charging interest on the balance.


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    #6
    RangeR
    Registered Users Posts: 7,265 ✭✭✭RangeR


    Cereal Number wrote: »

    Well, if I stick the cash i would otherwise use on paying off the bill in full into a high interest account then pay it off in full when the period is up surely nothing wrong with that?
    If that's yer plan, you're better off getting a credit union loan to pay off the card. Much better interest rate.


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