Hi folks, wondering how does 0% purchase rate on credit cards work? (e.g. Westpac Altitude Black - 12 months 0% purchase rate http://www.westpac.com.au/personal-banking/credit-cards/rate…)
Does it mean as long as I pay the minimum payment every statement, my closing balance wont get charged interest for 12 months?
Cheers
Yep. That's a result of competitive market. They're scrambling for customers.
But they're hoping you miss a payment! ;-p
Does it have an annual fee, 'cos if it does, then yeah that get that too.
Thanks guys, I just received the statement for my CC..basically they lump everything into one sum..doesnt differentiate BPAYs, non-purchase payments etc.
(which they did specify BPAYs dont qualify for 0% interests)
So I dont know how much to pay to avoid getting slugged with interest
It's only cash advances that are charged interest.
Just pay your 2% each month.
Yes, you are correct.