Any catches with Halifax One Credit Card??

honey · 28 October 2005 at 11:34AM

Hi All,

DH has just applied and been accepted for a Halifax one Credit Card with 0% interest on purchases and balance transfers for 12 months.

We are planning to buy a second hand car with this and pay the card off in about six months.

As we are credit card newbies just wanted to check - are there any obvious catches/charges that we are missing???

Thanks in advance

R00STER00 · 28 October 2005 at 11:52AM

As long as you can pay it off and they give you a high enough credit limit there shouldn't be any problem.

Only thing to note is that the car dealer will probably add a credit card surchange onto the price. This is normally about 1.5% of the purchase price.

Milarky · 28 October 2005 at 2:02PM

Why not use the card to for the maximum 12 months instead of repaying it within 6 months? If you have the money to repay simply hold on to it - making minimum monthly payments all the while. And a couple of months before repaying the outstanding balance, look around for non-Halifax credt cards that will transfer some/all of this for a further period at 0%. You can then decide whether you wish to continue saving money by carrying a debt a 0%.