Do i need to make a minimum payment during an interest free period?

Question

iv got a credit card with a balance of about £2000 to be paid off, but im on a 10 month interest free period. when i go to make a minimum payment online, it says my minimum payment i need to make is £0.

is this because you dont have to make any minimum payments during the interest free period? can i get a new card and transfer the balance to another interest free deal when it runs out?

Answer 1

Yes

Answer 2

OK - let's get this clear .... you are on an interest-free period - NOT a payment free period ..... your minimum payment is going to be deducted from the full amount (capital) that you owe - during the 10 months interest will not be calculated and added to your total on a daily, weekly or monthly basis - it won't be calculated and added at all ..... however you still owe the money used and so must at least service that financial amount by a small payment each month .... at the end of your 10 months if you haven't paid off all of the money then the card company is entitled to calculate and add interest to what you owe - which could be much more than £10 a month....:)

Answer 3

Yes, minimum payments are always required, unless the credit company explicitly states is waived - which is very unusual for them to do./

Answer 4

Most likely you still need to make at least minimum payments.  If you just got your card or just did the balance transfer, it is possible that the first statement has not posted yet.  When I recently got a new card and did a 0% balance transfer, it took a couple of months before the first payment due showed up.

So keep an eye on it, because if you are late 1 or 2 payments, your 0% will go bye-bye.

Answer 5

i would suggest contacting your credit card provider. in general even although its interest free the credit card company will still expect you to make monthly repayments. they may however as part of the terms & conditions allow you a repayment holiday. I would ckeck though to make sure. you can change your credit card provider at the end of your interest free period most people do. remember though that each time you do it leaves a footprint in your credit file. this is because any new provider will want to credit check you to make sure you are a reliable person and havent defaulted on any previous repayments. because of that its best not to change providers too quickly as this can lead to having an adverse credit score (the basis on which most financial institutions make their personal lending decisions) but 10 months is probably fine