which of the card is best at the moment? which card is offering max months without any interest
thanks alot fruit cake .i will appreciate eif u eloborate it in bit more clear way , for example , which card is more suitable and which has most time limit for no interest for longer period ,if i transfer money in my account and use it for 22 months ,so do i have to pay no interest till 22 months ? is it correct ,, i am confused because there r 2 durations given above on the site which u sent me .i really appreciate if u explain the whole system. thanks alot for ur help
Hi unicor, and welcome to the forum.
Duration is the length of time that the 0% interest rate lasts for. You can see 0% balance transfer cards here, the longest duration is 22 to 23 months...
And 0% purchase cards are here, the longest duration for these is 15 to 18 months...
Hi unicor, well, first you need to think about whether you want a period of no interest on a balance transfer, or whether you want a period of no interest on purchases.
Assuming you want a period of no interest on purchases, then if you look at the second link I gave you below, that's the one for a period of no interest on purchases. Here it is again...
If you look at the top one in the list..the Halifax All in One card...you can see the heading 'Purchase Intro' and underneath that it says 'Rate' and 'Duration'. So, for this card, for purchases, the interest rate is 0% for a duration of 15 months. This means that for purchases you put on the card during that 15 months you won't have to pay any interest on the balance. You will, however, still have to pay the monthly repayments each month in full and on time.
So, let's say you as soon as you get the card, you buy an item costing £150 with your card. If you pay £10 a month every month on time, you won't be charged any interest for 15 months. So, by the end of the 15 months you will have paid the whole £150 (ie £10 x 15 = £150), without paying any interest at all.
The other heading says 'Balance Transfer Intro', and underneath that it says 'Rate', 'Duration' and 'Fee'. These apply to the card if you wanted to transfer a balance from another credit card. So, let's say you wanted to transfer a balance of £1,500 from another card to this one. There is a handling fee of 3% (that's the figure of 3% you can see under 'Fee'), this means that you would have to pay a handling fee of 3% of the balance you're transferring (ie 3% of £1,500 = £45) which would be added to your balance, so the new balance would be £1,545 (ie £1,500 + £45
Oops, the site misbehaved there, and chopped me off before I could finish...
...so the new balance would be £1,545 (ie £1,500 + £45 = £1,545). For balance transfers on this card, the 'Rate' is 0% for a 'Duration' of 15 months. So, if you paid £103 every month on time for 15 months, you will have paid the whole £1,545 within the 15 months and not paid any interest at all...£103 x 15 = £1,545.
I hope that makes things a bit clearer for you. :-)
Finally (you've probably got a headache by now, unicor!)...if you scroll down the linked page until you see 'Full Results'...it's a fair way down the page, you can see that the top result is the Nationwide Select card and the second top card is the Halifax All in One card that I gave as an example above. So, if you want the best card for purchases, you need to look at the full results.
thanks alot fruity , i have already applied for halifax card and they offered me £1500 limit ,as i wanted it not for transferes but item purchase duration , so it seems to be best for me .This for the first time i am going into these circles of credit cards ,wish me best of luck
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