0% on purchases question

mr_no_brains

Hello

I currently have a Halifax one credit card and my 0% on purchases ends on the 29th of October. My question is will I be charged interest after the 29th on my current balance? I'm asking because my new statement dated 1st October has "Next month's estimated interest - £0.00" so im abit confused....

Sorry for a probably simple question but im new to this stuff!

YorkshireBoy

It's possible your next statement is scheduled for 29th October, or slightly before...in which case the 'estimated interest' figure is correct.

However, there should be an explanation of how they derive the 'estimated interest' figure on your statement somewhere. What does it say?

In summary, I think it's best to assume your 0% promotion ends on 29th October, and so you should settle the balance before that date in order to avoid interest being incurred.

mr_no_brains

Only bit I can see on estimated interest is:

Estimated interest is an indication of how much interest will be charged next month, assuming the balance does not increase, you pay the minimum amount on due date, the way we calculate interest stays the same, interest rates applied to your account don't change and your statement dates doesn't change. If any of these assumptions are incorrect, the actual interest charged the next month will be different from the estimate.

So no interest?

YorkshireBoy

Interest will be charged on your account from 29th October. Like I said earlier, the most likely reason for the confusion is that your next statement will be produced on or before 29th October.

Why not ring Halifax and ask them exactly when your next statement will be produced?