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Credit Card and Interest Free

  • 23-02-2012 1:05pm
    #1
    mrsoft
    Registered Users, Registered Users 2 Posts: 69 ✭✭


    Hi,I was considering getting a loan to pay off my credit card (e3000) as I want get rid of it and use my Ulster Bank Debit Card instead. However I have noticed that MBNA have a 10 month interest free option which I'm considering taking up. However I have to admit I do not fully understand the 10 month free interest option.Obviously if I spend nothing does that mean if I pay off 300pm over the ten month period I will have the 3000 paid off? Probably a daft quesition but I'd like to make sure.


Comments

  • #2
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    mrsoft wrote: »
    Hi,I was considering getting a loan to pay off my credit card (e3000) as I want get rid of it and use my Ulster Bank Debit Card instead. However I have noticed that MBNA have a 10 month interest free option which I'm considering taking up. However I have to admit I do not fully understand the 10 month free interest option.Obviously if I spend nothing does that mean if I pay off 300pm over the ten month period I will have the 3000 paid off? Probably a daft quesition but I'd like to make sure.

    Thats basically it. You transfer the balance and if you pay €300pm on the card will be gone in 10 months.

    If you spend money on the card then usually they put any payments you make off the purchases first. So if you spend €150 in a month on the card and you pay €300 that month. the €300 will have €150 off the purchases and then €300 off the interest free section.


  • #3
    mrsoft
    Registered Users, Registered Users 2 Posts: 69 ✭✭mrsoft


    chris85 wrote: »
    Thats basically it. You transfer the balance and if you pay €300pm on the card will be gone in 10 months.

    If you spend money on the card then usually they put any payments you make off the purchases first. So if you spend €150 in a month on the card and you pay €300 that month. the €300 will have €150 off the purchases and then €300 off the interest free section.


    Cheers chris85. Save me the bother of a loan.


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