0% interest credit cards (2025)

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    Dannyc1984 Posts: 4 Newbie

    4 December 2018 at 9:47PM in

    % interest credit card offers.

    so i applied for a mbna credit card in September which had a 0% interest until September 2020 great 🙂

    or so i thought as the t&c is kind of misleading or am i the only one who would think providing i paid the card balance by the offer end date then i wouldn't pay the interest right ?.

    i had a Barclays card which was perfect i used it paid some balance when i could and the remaining balance carried over to then next month without incurring any interest at all until the offer end date which was September 2018 so i had the card for 16 months interest free spending which i paid the balance in full at the end and cancelled the card .

    i noticed the 0% offer on balances are only valid for 52 days from when the card was activated which is fine i get that. But then that doesn't make the card 0% interest free till 2020 does it ?

    If anyone can help make this a bit clearer and recommend a card that offers zero percent interest until a certain time and it is strictly 0% then i would like to know.

    many thanks 0% interest credit cards (2)

    • [Deleted User] Posts: 35,242 Forumite

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      4 December 2018 at 9:54PM

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      The window for purchases is not always the same as the 0% period. In your case, from what you say, the card is interest free until 2020, but only on the transactions in the first 52 days.

      What sort of card are you looking for? BT, purchases or both?

    • Dannyc1984 Posts: 4 Newbie

      4 December 2018 at 10:10PM

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      Hi thanks for the reply

      I mainly use it for fuel and online shopping.

    • MallyGirl Posts: 6,767 Senior Ambassador

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      4 December 2018 at 10:31PM

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      I think you are getting confused by the T&Cs.

      Did you apply for a 0% on balance transfer card or a 0% on purchases card?

      If purchases, then the standard blurb will say you pay no interest if you pay in full when the statement is due giving you up to 56 days interest free. If you don't pay in full you will be liable for interest - which is at the promotional rate of 0% till 2020.

      They don't change the standard T&Cs for the promotion

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    • binaryuniverse Posts: 906 Forumite

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      4 December 2018 at 10:39PM

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      MallyGirl wrote: »

      I think you are getting confused by the T&Cs.

      Did you apply for a 0% on balance transfer card or a 0% on purchases card?

      More a case of not reading the fine print. MBNA are a bit 'sneaky' in that they offer 0% on purchases, provided you buy in a certain number of days from opening the account. Most 0% purchase cards, I've had, allow you to buy anything, within in the 0% offer period, with no interest applied.

      So, it's as ZX81 says; only transactions in the first 52 days are interest free until 2020.

    • Dannyc1984 Posts: 4 Newbie

      4 December 2018 at 10:46PM

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      so i took the card out for purchases only.

      and was looking for a card with 0% purchase until the promotional offer ended

    • Dannyc1984 Posts: 4 Newbie

      4 December 2018 at 10:49PM

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      binaryuniverse wrote: »

      More a case of not reading the fine print. MBNA are a bit 'sneaky' in that they offer 0% on purchases, provided you buy in a certain number of days from opening the account. Most 0% purchase cards, I've had, allow you to buy anything, within in the 0% offer period, with no interest applied.

      So, it's as ZX81 says; only transactions in the first 52 days are interest free until 2020.

      it was only for purchases but yes wanted a card with 0% until the
      offer ended

    • PRAISETHESUN Posts: 3,897 Forumite

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      5 December 2018 at 1:52PM

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      With a 0% card you will have up to 52 days (or whatever the T&Cs are) from the date of purchase before the standard interest free period ends. After this point you will have to pay interest at the prevailing rate, which is 0% until a set date. Otherwise you may be getting confused with balance transfers, which normally require you to transfer within the first few months of opening the card to take advantage of the bonus offer.

    • Ben8282 Posts: 4,821 Forumite

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      5 December 2018 at 9:01PM

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      I think you are confusing the normal interest free period if you repay in full each month with any promotional offer that you may have.
      There is no such thing as an offer on balances as such and a 0% offer valid for 52 days from the date of card activation seems rather strange..
      I have tried to look at what offers are currently available from MBNA but it appears that the eligibility checker must be completed before they let you see details of the cards on offer - very unsatisfactory.
      You need to look at the literature which accompanied the card to see if the 0% offers are for balance transfers, money transfers or purchases or q combination of the above.
      In the highly unlikely event that you actually do have a 0% offer only on purchases made within the first 52 days then BEWARE. As you would be charged interest on further purchases and would not be repaying the card in full each month, you would end up paying interest on any further purchases you may make even if you repay them each month unless you clear the card completely.

    • binaryuniverse Posts: 906 Forumite

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      6 December 2018 at 9:48AM

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      Ben8282 wrote: »

      In the highly unlikely event that you actually do have a 0% offer only on purchases made within the first 52 days then BEWARE.

      It's MBNA. They do this. I currently have a card from them with exactly this type of offer.

    This discussion has been closed.

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    0% interest credit cards (2025)

    FAQs

    Are 0% interest credit cards worth it? ›

    If you're disciplined to make on-time payments and pay off your balance before the intro period ends, then you will likely do well with a 0% APR credit card. However, if the 0% tempts you to overspend, you may face paying high interest charges if you're still carrying a balance after the intro period.

    What credit score do you need to get 0% credit card? ›

    0% APR cards require good to excellent credit

    This means you'll need a FICO credit score of at least 670 or a VantageScore credit score of at least 661. If you have very good or excellent credit, which means a FICO score of at least 740 or a VantageScore of at least 781, your chances of approval are even higher.

    Why might 0% APR not be good for your credit? ›

    Carrying higher balances after introductory offer expires

    Carrying high balances on a 0 percent intro APR card might cause short-term damage to your credit score — but carrying those balances after the introductory APR expires creates a long-term problem.

    Is there a downside to 0 financing? ›

    You must be careful to avoid getting wrapped up in the thrill of 0% deals. Although the interest costs are listed as zero, the true numbers are built into the price of the loan. Unless you're aware of this before signing on the dotted line, you may be signing into a less than stellar deal.

    Is it good to use 0% of your credit? ›

    While a 0% utilization is certainly better than having a high CUR, it's not as good as something in the single digits. Depending on the scoring model used, some experts recommend aiming to keep your credit utilization rate at 10% (or below) as a healthy goal to get the best credit score.

    What credit score do I need for a 0% credit card? ›

    You typically need a good to excellent credit score to be approved for 0% interest credit card offers, which generally means a FICO® Score of 670 or higher. If you receive an offer for a 0% APR credit card in the mail or online, that doesn't mean you'll be approved.

    What is the easiest credit card to get approved for? ›

    The Discover it® Secured Credit Card is our top pick for easiest credit card to get because it's geared toward those with limited / poor credit.

    Can you get a 900 credit score? ›

    While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.

    Is there a catch to 0% APR? ›

    A monthly payment is already a huge weight on your wallet (and your mind). But when it comes to zero interest loans, the term (length of the loan) is usually a lot shorter—which means your monthly payment is a lot higher. And there's no wiggle room when it comes to these deals.

    Should you pay off a 0% credit card? ›

    Key points on 0% credit cards

    When your introductory or promotional offer comes to an end, your remaining balance will be charged at the card's standard rates. To avoid paying higher interest rates, plan ahead and try to pay off your balance in full before the 0% offer ends.

    What is better 0% APR or no annual fees? ›

    A 0% APR credit card can work better for you if you plan on making a large purchase and don't anticipate paying the balance anytime soon. However, if you plan on paying the balance in full after each billing cycle and want to minimize costs, then a no annual fee card would be recommended.

    What happens after 0% APR ends? ›

    When your intro APR ends, your credit card's regular APR will kick in on any remaining balance and new balances. It's important to know when your promotional period ends so you can work on paying off your balance beforehand and avoid being surprised by mounting interest on a residual balance.

    What's the minimum payment on a 0% interest credit card? ›

    The minimum payment on a 0% APR credit card is usually either a fixed amount or 1% of your statement balance, whichever is greater. Just note that minimum payment is calculated differently by each issuer.

    How many 0% credit cards can you have? ›

    Number of cards: no limit

    In reality, each lender has its own limits on how much credit they will extend to any individual. For example, a bank might accept multiple credit card applications from you, but they'll cap your total credit, thereby limiting your total account balances.

    Are interest free credit cards good? ›

    Credit cards with 0% interest on purchases can be a good way to spread cost and build up your credit score. For example, you could use one to book flights, pay for a holiday or cover the cost of home improvements and then pay it back in monthly repayments.

    What is one disadvantage of a 0% interest balance transfer card? ›

    While there are options for balance transfer cards if you have bad credit, they are typically lacking compared to the best cards out there. If your score is in a lower range, you may not qualify for a card with a 0 percent intro APR offer and if you do, it might not have the best terms.

    Does having a credit card with a zero balance hurt your credit? ›

    Opening accounts with a credit card company won't hurt your credit score, but having zero balances does not allow you to prove to lenders that you're creditworthy and will repay a loan. Lenders want to ensure you pay them - and with interest.

    Should you pay off an 0 interest credit card? ›

    It's never ideal to find yourself with a larger balance than you can handle at the end of a 0 percent intro APR period. The answer to this quandary is to pay your balance down as much as possible before the regular APR kicks in. That way, you'll minimize the interest you get charged.

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