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Bank's 0% creditcard interest w/ partners. Charges money straight to card?

  • 29-05-2019 11:08am
    #1
    [Deleted User]
    Posts: 17,378 ✭✭✭✭


    My girlfriend recently bought us gym memberships on her new credit card, and told me it was interest-free over the course of a year.

    Is it normal that the entire membership gets charged to the card right away, and then the bank just doesn't charge any interest on that part of the balance?

    I've never had a credit card so I've no idea. I thought it was just going to be monthly payments.


Comments

  • #2
    coylemj
    Registered Users, Registered Users 2 Posts: 25,622 ✭✭✭✭coylemj


    Deleted User wrote: »
    My girlfriend recently bought us gym memberships on her new credit card, and told me it was interest-free over the course of a year.

    It's only interest free if you pay the full balance off the CC account by the date shown on the statement i.e. pay off your next bill in full.
    Deleted User wrote: »
    Is it normal that the entire membership gets charged to the card right away......

    Depends on what type of 'deal' the gym was offering. If you pay 12 months upfront (as she did), it should be less than if you paid each month. So it can make sense to pay a full year's sub.
    Deleted User wrote: »
    .... and then the bank just doesn't charge any interest on that part of the balance?

    Absolutely not, I suspect she was oversold by the gym. What you've described doesn't happen in real life. I've never heard of a specific vendor or supplier of services getting that type of concession from a credt card company. Interest is applied on all of the outstanding balance after the due date, their billing systems cannot split out one item and leave that free of interest for 12 months.


  • #3
    [Deleted User]
    Posts: 17,378 ✭✭✭✭ [Deleted User]


    coylemj wrote: »
    It's only interest free if you pay the full balance off the CC account by the date shown on the statement i.e. pay off your next bill in full.



    Depends on what type of 'deal' the gym was offering. If you pay 12 months upfront (as she did), it should be less than if you paid each month. So it can make sense to pay a full year's sub.



    Absolutely not, I suspect she was oversold by the gym. What you've described doesn't happen in real life. I've never heard of a specific vendor or supplier of services getting that type of concession from a credt card company. Interest is applied on all of the outstanding balance after the due date, their billing systems cannot split out one item and leave that free of interest for 12 months.

    She was sold on it by the bank. The list of partners is on its site.

    https://www.techcombank.com.vn/khach-hang-ca-nhan/the-techcombank/chuong-trinh-uu-dai/tra-gop-0-phan-tram?categoryId=0&fKeyword=&fCityId=0&fDistrictId=0&page=1&pageItems=20

    Maybe it's just more common here. My reading of that is that there's usually a 1-2% fee or something.


  • #4
    coylemj
    Registered Users, Registered Users 2 Posts: 25,622 ✭✭✭✭coylemj


    You didn't consider it relevant to say that you're dealing with a bank in Vietnam?


  • #5
    [Deleted User]
    Posts: 17,378 ✭✭✭✭ [Deleted User]


    coylemj wrote: »
    You didn't consider it relevant to say that you're dealing with a bank in Vietnam?

    Nope. I thought this was standard in every country.. Perks of having that bank's credit card. I guess not.

    No more needed here.


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