Halifax One Credit Card - really 0% or am I missing something?

Randy_Trouserman

possibly V,

but if I'm paying the minimum payment, then my balance should be reduced by this amount?

Is that right?

RT

Moggles_2

Randy_Trouserman wrote: »

If I'm paying the minimum payment, then my balance should be reduced by this amount?Is that right?

Yes, that's right.

Randy_Trouserman

thanks everyone.

RT

SmarteningUp

Something to bear in mind - if you've taken out cedit card repayment cover (PPI) with Halifax as I did, although you are required to pay them a monthly premium as part of your minimum payment, the premium will actually be charged against your account as a new transaction.

The net effect is, you will have two 'balances' - one of which will be the amount your transfered onto your card at 0% interest, the other will be a slowly increasing balance of 'new transactions' as a result of your PPI premiums being added to your card, charged at whatever the rate is for new transactions and purchases (maybe 0% during an introductory perioed but increasing to up to 22.95% at the end of this period).

Edit - this is despite the fact that you will be requested to pay for the insuranc epremiums on a monthly basis, giving the impression that you are paying for this cover as you go (when in fact you are essentially borrowing the amount of the PPI which you wll ultimaely be required to pay interest on as a result of this negative repayment hierarchy)

I've just discovered / been made aware of this myself, falling foul of the Halifax's negative repayment hierarchy despite the fact that I have never intentionally made any purchases on this blance transfer card, for the reasons stated above.

Randy_Trouserman

hi again

halifax cancelled the promotional offer on the card in March as I'd missed a payment. They didn't contact me to tell me what they we're going to do, and have assured me the clause is in their t's and c's.

Apart from paying the card off, is there anything I can do? Is it worth trying to get any of this back and how would I know how much I may have been overcharged.

Best

RT

IWantToBeFree_2

It is in the T&Cs, all you can do is ring them and see if they will reinstall the offer although this is unlikely given the time that has now passed between missing the payment and calling them. You could always try and get another card to do a balance transfer to.

Oh, and set up a direct debit for the minimum paymeny and then you won't have this problem again.

CannyJock

Direct debit for minimum would have prevented this. (DD answer number 2 for today)