Can I take advantage of this offer?

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Hi,

Today I've just received a letter from the Halifax offering me a 3.94% LOB BT. The problem is that I'm currently running at about 95% of my credit limit, so obviously need to pay some debt off first. Luckily I'm in the position to clear the current balance completely - but here's the rub:-

The letter was received today (the 20th), payments for the current month of my credit card account need to be made by the 23rd (Mon), so it is very unlikely that any payment I make now will clear in time to affect the current month and therefore will run into next month. The BT offer expires on the 24th March (no coincidence I'm sure) so am I right in assuming that any payment I make now will not clear my existing balance but effectively be paying off my lowest interest rate amounts as at the end of my March statement (ie my new BT amounts)?

I hope the above is clear, cheers to anyone who can advise.

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  • Moggles_2
    Moggles_2 Posts: 6,097 Forumite
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    Am I right in assuming that any payment I make now will not clear my existing balance, but effectively be paying off my lowest interest rate amounts as at the end of my March statement (ie my new BT amounts)?
    This would be the case if you witheld payment in full until your payment due date in March.

    Why not pay up now though? You'll need to allow 4-5 working days (depending on your method of payment) for the funds to be credited to your Halifax card account

    Note: it's advisable to check online that your balance is actually zero, before you take up the LOB offer.
    People who don't know their rights, don't actually have those rights.
  • JupObs
    JupObs Posts: 33 Forumite
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    Moggles wrote: »
    This would be the case if you witheld payment in full until your payment due date in March.

    Why not pay up now though? You'll need to allow 4-5 working days (depending on your method of payment) for the funds to be credited to your Halifax card account

    Note: it's advisable to check online that your balance is actually zero, before you take up the LOB offer.

    So are you saying that if I made a full payment at the start of March, it would clear my balance at that point? I had always assumed that it would only clear balances and allocate payments at the month end

    Regards
  • Moggles_2
    Moggles_2 Posts: 6,097 Forumite
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    JupObs wrote: »
    So are you saying that if I made a full payment at the start of March, it would clear my balance at that point?

    With Halifax, payments are credited to your card account within 4-5 working days. The exact time required depends on your payment method (please see the back of your monthly statements for more details);)
    People who don't know their rights, don't actually have those rights.
  • JupObs
    JupObs Posts: 33 Forumite
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    Many thanks for clearing that up, I think the problem was that I'd become indoctrinated by the Barclaycard way of doing things.

    Cheers
  • Moggles_2
    Moggles_2 Posts: 6,097 Forumite
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    JupObs wrote: »
    I think the problem was that I'd become indoctrinated by the Barclaycard way of doing things.

    That had crossed my mind. AFAIK, Barclaycard is the only provider that operates in that manner. (Following a change to the Ts & Cs circa November 2007). Let's hope it doesn't
    catch on.:rolleyes:
    People who don't know their rights, don't actually have those rights.
  • JupObs wrote: »
    Hi,

    The BT offer expires on the 24th March (no coincidence I'm sure)

    Actually, the start date for offers are independent of your statement cycle. They all start and end on the same date regardless.
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