APR Rate help

harj1185

Applied for a Halifax cc and got the credit card agreement through today, saying the rate is 19.9% apr, but the website when u apply says 15.9% typical apr. Does the typical bit mean this is not for everyone?

Moggles_2

Yes, that's right.

If memory serves, at least 66% of customers must be offered the "typical rate", otherwise it cannot be advertised as such. In other words, there are no guarantees, as I think you've guessed.

Also, this rate is not fixed, it's variable. This means Halifax reserves the right to raise the rate at any time. It's all good fun :rolleyes:

binaryuniverse

It's apparently given to two thirds of their customers. There's a thread about it here
http://forums.moneysavingexpert.com/showthread.html?t=1960685

harj1185

Cheers!

Another quick question. I'm going to use the card for purchases with the 0% rate as I have to pay for my college course. However the card also has 0% on bt for 9 months too.

I know normally you shouldn't have both, but if they are both at 0% and i'm going to clear the balance by the end of the term, would this be ok?

Moggles_2

harj1185 wrote: »

I'm going to use the card for purchases with the 0% rate as I have to pay for my college course.

I would check with your college first (if you haven't already). Some charge students a premium for credit card use.

... However the card also has 0% on bt for 9 months too. I know normally you shouldn't have both, but if they are both at 0% and i'm going to clear the balance by the end of the term, would this be ok?

Provided that you stop using the card and clear the entire balance (including any transactions posted to your account since your last statement) leaving time for your payment to clear before the 0% promotion ends, you won't be charged interest