Interest Free Purchases?

stateofplay

I am pretty new to credit card scene and have recently signed up for the Halifax one card, offering 0% interest on all purchaes in the initial year.... What I'm looking for is clarification that the offer is exactly how it reads - that there will be no balance to pay on All purchaes within this time frame?

Any help is greatly appreciated...
:cool:

Matt83UK_2

No you will still have to pay a minimum of £5 or 2-2.5% (not sure exact percentage) per month of your balance, afaik this is part of the consumer credit agreement so you won't find any card that lets you pay less than 2% per month.

Chadsman

NO!!!!!!!!!
You MUST make the minimum payment of 2% of the outstanding balance each month or you will lose the 0% rate. Provided you do that you will not incur any interest for 12 months.
A good idea would be to set up a direct debit to pay the minimum amount.
HTH :beer:

southernscouser

This means that you will pay no interest on anything you buy for the first year.

You WILL still have to pay the minimum payment monthly usually 2% or 3% OR £5 whichever is greater!

Be careful though because this doesn't normally involve withdrawing money off your credit card. Also, if you were to pay for Foreign Currency on your card I'm pretty certain you will pay interest on that!

stateofplay

Ok Guys, thanks for all the advice!
Still obviously seems a very good opening offer despite the minimum payout, the DD for the minimum amount seems the way to go..

southernscouser

stateofplay wrote:

Ok Guys, thanks for all the advice!
Still obviously seems a very good opening offer despite the minimum payout, the DD for the minimum amount seems the way to go..

Just make sure it's all paid up before the interest kicks in!