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Interest free can be a great way to buy stuff that you need, especially when combined with a good discount.  Just before we moved house our faithful old washing machine died.  A prominent retailer offered us 30 months interest free, a strong discount and flybuys so we bought a new washer from them.

We also purchased new carpet, for the house we sold, on 12-month interest free and deferred payment deal.  So we now had 2 interest free periods, but one was a lot longer than the other.  As planned, when the house sold we paid back the carpet.

Or so we thought.

The card issuer actually put the payment to the 30 month interest free plan, which means the washing machine was paid off and not the carpet, and that in just a few months their 26% interest would kick in. Naturally this is not acceptable, and I have had the issue corrected.

You need to read your statements very carefully. My career started in banking and finance, and I am available to help any clients with their statements or general financial advice. I don’t work for any banks, I work for you. My advice to you will always be based on your best interests.