Credit Card Questions & Answers

How much will I have to pay back of my 0% purchase spend each month?
As with any credit card, and 0% purchase credit cards are no different, you need to pay back at least the minimum amount required each month as stated in the terms and conditions of the credit card.

The minimum amount required would be a percentage of the balance owing, which is usually around 2% to 3% depending on the card. So for every £1,000 owed you would need to pay back around £30 per month.

How long is the longest 0% purchase deal available?
The longest 0% purchase credit card period has been recently been upped to 12 months – which is available with the HSBC credit card.

0% purchase periods range from 3 months right up to a whole year, obviously it’s best to choose the longest 0% period available so you have more time to repay your purchases without incurring any interest charges.

You can compare 0% purchase credit cards and see which cards are offering the best deals for zero interest purchasing.

What happens at the end of the 0% purchase period?
When the 0% purchase period ends on a credit card – any purchase balance remaining on your account will revert to the standard interest rate – which is on average around 16.9% per annum.

From then on in – any spending made on the credit card will be charged at the standard interest rate – unless you repay your balance in full and within the standard interest free period – which is typically around 56 days from the first day of the statement month.

What transactions aren't included in the 0% purchase deal?
0% purchase credit cards offer an interest rate of 0% on purchase balances added to the credit card during the introductory period.

However, credit cards classify different types of card use into different transactions – and different account balances – so not all transactions are classified as purchases and it’s these that won’t be included in the 0% purchase deal.

Are there any hidden charges with a 0% purchase deal?
In short, the answer is no. But as with any credit card deal most ‘hidden’ charges or fees will appear depending upon how you use the card – in other words, they can often be avoided.

As far as the actual 0% purchase deal goes, there aren’t any hidden charges or fees - unlike the majority of 0% balance transfer credit cards that now charge a transfer fee for the privilege of moving your balance onto the 0% rate.

Are all purchases included in the 0% purchase rate?
0% purchase deals offer a 0% interest rate on account balances resulting from purchases. Purchases include paying for goods or services from retailers or companies.

All purchases will be included in a 0% purchase deal - only cash transactions or balance transfers won't be included.