Still Charged For 0% Halifax Card

nw691

Hello

Maybe someone can correct my understanding here. I have just obtained the 0% for 22 months Balance Transfer Halifax card.

I transfered my Nationwide credit card to it (about £1500). I was told that I would have to pay 1% per month as a minimum payment.

I was expecting to be able to not pay anything for 22 months. Maybe I am absolutely totally wrong........

The lady said that this £15 odd is paying the capital and no interest. But I feel that the Halifax card is a little misleading.

Can people confirm I have the wrong end of the stick here?

Thanks

NW

scottishblondie

You have the wrong end of the stick - all 0% cards require that you pay the minimum for each statement.

Cell

Second paragraph:

http://www.halifax.co.uk/creditcards/balance-transfer-purchase/22-month-balance-transfer-card/terms/

2. Your payments
2.1 We will send you a monthly statement, unless there have been no payments into or out of the account during that period and the balance is nil. Each month in which you have a balance outstanding on your account you must repay an amount equal to the total of any Credit Card Repayments Cover premiums, interest, default sums plus 1% of the balance shown on your statement (minimum £5, or the full balance if less than £5).

As you're not paying interest then it's 1% of the balance.

Absolutely standard.

exel1966

nw691 wrote: »

Hello

Maybe someone can correct my understanding here. I have just obtained the 0% for 22 months Balance Transfer Halifax card.

I transfered my Nationwide credit card to it (about £1500). I was told that I would have to pay 1% per month as a minimum payment.

I was expecting to be able to not pay anything for 22 months. Maybe I am absolutely totally wrong........

The lady said that this £15 odd is paying the capital and no interest. But I feel that the Halifax card is a little misleading.

Can people confirm I have the wrong end of the stick here?

Thanks

NW

Best you polish up on credit cards and how they work before the new school term commences !