Interest free credit card help

[julie25]

Sorry if I'm hijacking, I need roughly £500 for a course, and i want to do it asap, if I could pay it at like £20 a week that'd be fine. I wondered about getting a credit card, paying for the course and cutting it up so I couldn't use it again (ha!)

My bank has written to me today offering me a credit card with 0% interest for 12 months. Now I know I sound thick here, but if I paid off the £500 within the 12 months that means I pay no extra, right?

 

[Emilyx]

Sorry if I'm hijacking, I need roughly £500 for a course, and i want to do it asap, if I could pay it at like £20 a week that'd be fine. I wondered about getting a credit card, paying for the course and cutting it up so I couldn't use it again (ha!)

My bank has written to me today offering me a credit card with 0% interest for 12 months. Now I know I sound thick here, but if I paid off the £500 within the 12 months that means I pay no extra, right?

From what I've been told by people on here then you're right, you pay back what you've borrowed unless you pay a payment late

 

[Emilyx]

Am i also right in thinking that if you have a credit card and don't use it then it gives you a bad credit rating? Would paying your statements and not borrowing anything else be classed as not using it?

 

[J33XSS]

Sorry if I'm hijacking, I need roughly £500 for a course, and i want to do it asap, if I could pay it at like £20 a week that'd be fine. I wondered about getting a credit card, paying for the course and cutting it up so I couldn't use it again (ha!)

My bank has written to me today offering me a credit card with 0% interest for 12 months. Now I know I sound thick here, but if I paid off the £500 within the 12 months that means I pay no extra, right?

As long as it's 12 months interest free on purchases and not balance transfers, then yes that's right. But you can't wait til the end of the 12 months to pay it off, you have to pay at least the minimum payment each month x

 

[florence2004]

Am i also right in thinking that if you have a credit card and don't use it then it gives you a bad credit rating? Would paying your statements and not borrowing anything else be classed as not using it?

Not using your credit card will not make your credit go down however it will not make it go up either! Late payments and going over your credit limit are the worst offenders for making credit go down. Using the card and making regular payments are what will make it go up.

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