B&Q Credit Card

If you are thinking about getting a B&Q credit card then you should understand entirely how it works. Many of the things you need to consider are the interest, fees, and more.

The B&Q credit card says that you get a free three months of 0% interest if you get a card through them. It is important to understand that the 0% interest is only on purchases above L500 and additional purchases within 60 days of the first initial big purchase. The monthly interest rate on the card is 1.805% for all purchases and store card transfers. The yearly rate you have to pay on the card is 23%. This means that for every L100 you owe, and then you will pay L23 each year. This can be a lot of money if the balance you owe is high.

You can take advantage of an interest free period if you pay your bill on time every month and pay it off in full. Of course, if your credit card is paid off in full then you owe nothing to be charged interest on. This isn’t really a benefit. If you make a store card transfer then you do not qualify for the interest free period.

When you get your bill, if you do not pay off the card in full and only make a payment then the interest you will be charged is in full. The date the interest begins that you are charged for is the date you made the purchase on the card and not the date that you are billed. You are charged interest until the card is paid in full.

There are also many fees with the B&Q credit card you might want to think about. Fees often make it almost impossible for card holders to pay off their balances. Fees you will be charged include a payment protection insurance premium, a default charge, and other fees. You will be charged for the statements of L10, copy vouchers L5, and copy statements L5. Each balance transfer they will charge you a minimum of L5 or 3%, whichever is more money for them. When you receive your statement you must make a minimum payment of at least 3% or L5. However, they want whichever is more money. The payment you make each month will pay all of the monthly charges, fees, interest, and other things and if there is any left over then it will be applied to the actual principal balance of the amount you owe.

A B&Q credit card is a good option for people who are able to pay their balances in full immediately. If you plan on making payments on the card then you might consider another credit card because of all of the fees. You can qualify for a free introductory 0% interest on the card but you must spend in a single purchase over L500. This also must be paid immediately upon receiving the bill. If you are able to pay your balances in full each month as you spend then this might be a good card for you.