Are there any credit cards that charge 0% if you pay it back within X days?

Financial Chat
#1

Basically looking to build my credit score for my future

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#2

Not sure if you mean this, but credit cards don’t charge interest if you pay the balance within the prescribed period. You usually have up to 56 days from purchase to payment date.

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#3

Oh I never knew that! I always thought if it says 18% you’ll be charged that from day 1

Thank you

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#4

You must pay the bill in full by the date shown, or you will be charged interest on the whole statement balance from the day of each purchase for all the items you’ve bought shown in that bill, and all the items you’ve bought since that bill.

In other words, think of it as everything you buy attracts interest, but the credit card waives the interest if you pay in full.

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#5

This isn’t quite right. If you use the credit card on the first day of your statement period you’ll have around 56 days. If you use it on the last day of the billing cycle you’ll have about 14 days.

So you’ll have 14 days at a minimum with no interest.

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#6

Also just to add, if you take out a cash advance (use your credit card to take out cash from an ATM, buy foreign currency etc.) you’ll usually be charged interest from day one.

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#7

Quite so. I should have qualified “up to” a bit further.

Good job you asked the question, @Ashton, there’s a lot of small print attached to these cards. The bits that really matter have been stated herein
:blush:.

(Oh, and consider carefully whether you need one ! Unless you’re fully intending to settle your balance on time each month, it’s a slippery slope
:flushed:).

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#8

Some credit cards don’t have an interest free period. I was caught out by this recently

Most reputable credit cards will though, I thought a card looked like it had a fintechy app and it was fee free abroad but too good to be true


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#9

Ooooh tell me about it. Never give a fresh behind the ears, 18 year old a credit card. It oddly enough, doesn’t seem to end well


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#10

Set up a direct debit to pay it off in full automatically if you’re just using it to build credit. Easiest way to pay in full in time. I add the Direct Debit to pay from a pot which I top up with the equivalent amount everytime I use my credit card. Or just pay it off straight away :man_shrugging:.

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#11

Really? I’m not sure quite why anyone might be attracted to that. Out of interest, who offers that type of card?

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#12

One I saw recently, was a new fintech one.

Just checking threads.

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#13

Back to your primary reason for considering a credit card, I’d be very wary that, if (as @patrice58 hints) your initial experience with a credit card went badly, you’d be achieving the exact opposite of your intended aim.

Be careful
Seek advice
Be honest with yourself about how you’d use it

And good luck either way :slightly_smiling_face:

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#14

Level Card was the one I experienced

Closed it after 2 days

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#15

In addition taking cash out with a credit card will usually tank your credit rating. Don’t do that basically! They are for purchases, not for cash loans.

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#17

There’s a wiki that referrals are supposed to go in, so it’s not everyone fighting for the same thing.

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#18

Thank you, I know there is, my link is in there too. It seems points pointless to refer the OP to another topic when the referral was related to their post here.

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#19

@Ashton I edited my original post to to include using the MSE credit club. I just wanted to make sure you’d seen it as I think that would be worth while checking before you apply for anything.

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#20

TSB’s Advance Credit Card doesn’t have an interest free period. The advantage of such a card is the low interest rate, -7.95% in this case. If you know beforehand that you won’t be able to pay the full balance in advance you will be better off with this card than with TSB’s standard Platinum card where you’d pay 19.95% interest.

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#21

Thank you

1 Like