Applied for Halifax 0% card, but given different option.

Murphy_1989

Applied for the Halifax 0% on purchases card for 15 months. 17.9% APR.

Received a letter today saying they can off me a card but at 23.9 % APR.

11 months on purchases at 0%.

But I standard 23.95% (per annum compounded.

I don't plan on spending alot on it, just for Christmas and a way of building up my Credit score. Will be paying it off ASAP or say I am given a Limit of £1200 I would only spend the needed amount of say £500. Before that I would set up a standing order to pay in £70 or more a month to pay it off. The question is would I still be charged much interest If I paid it off in full before the 11 months is over.

opinions4u

If they've offered you a 0% purchase card for 11 months then spend and repay within 11 months and you'll pay no interest.

Maestro.

Murphy_1989 wrote: »

Applied for the Halifax 0% on purchases card for 15 months. 17.9% APR.

Received a letter today saying they can off me a card but at 23.9 % APR.

11 months on purchases at 0%.

But I standard 23.95% (per annum compounded.

I don't plan on spending alot on it, just for Christmas and a way of building up my Credit score. Will be paying it off ASAP or say I am given a Limit of £1200 I would only spend the needed amount of say £500. Before that I would set up a standing order to pay in £70 or more a month to pay it off. The question is would I still be charged much interest If I paid it off in full before the 11 months is over.

the 17.9% APR advertised is a typical APR. The 23.9% you were offered is their highest tier of APR.

You actually got the same card and conditions as me except I got a Bank of Scotland branded one (Halifax and Bank of Scotland are the same).

As long as you pay the card off before the 0% period ends, you will not be charged ANY interest on purchases.

If you don't clear the balance before the 0% ends, you will start paying interest until it is cleared.

guesswho2000

Because you've been offered the higher APR you've got the lower 0% duration accordingly. Most banks give the same promo period despite the APR offered, afaik it's only Halifax/BOS which vary it dependent on risk.

Think this is mentioned in Martin's 0% purchase cards article, the card you've been offered comes third behind Tesco & M&S (also NatWest/RBS 13 month interest free in your case), but still a decent offering.

Whatever you spend, don't go over limit, miss a payment or pay late and you'll pay no interest at all as long as its cleared within the 11 months.

Murphy_1989

Thankyou all for the quick replies.

Really appreciate the help.

alwaystryyourbest

Just wondering how long it takes roughly to get card, i have just sent back signed form..and been excepted i think but don't know rate or credit limit yet... does anyone know if halifax offer good credit limits...

guesswho2000

alwaystryyourbest wrote: »

Just wondering how long it takes roughly to get card, i have just sent back signed form..and been excepted i think but don't know rate or credit limit yet... does anyone know if halifax offer good credit limits...

Give it a couple of weeks. Halifax are terrible for sending out cards, takes them forever.

Was your rate and credit limit not on screen when you were accepted and on the form they sent you?

alwaystryyourbest

guesswho2000 wrote: »

Give it a couple of weeks. Halifax are terrible for sending out cards, takes them forever.

Was your rate and credit limit not on screen when you were accepted and on the form they sent you?

Hi thanks for that, no the credit limit was not on screen and when i phoned up to try to find out credit limit they said they wouldn't be able to till me till i signed and sent the form back..
hoping for 15 month 0 % but i know they anything down to 11 month..

eschaton

alwaystryyourbest wrote: »

Just wondering how long it takes roughly to get card, i have just sent back signed form..and been excepted i think but don't know rate or credit limit yet... does anyone know if halifax offer good credit limits...

I received my card yesterday - 18 days from date of application - they are about as quick as M&S and I thought they were slow.

They are normally ok with limits but they have given me £500 - yes £500, not a zero missing. Unlikely to activate the card as £500 isn't worth the hassle, be used up within 2/3 weeks.

My rate was 17.9% and limit was displayeed on screen at time of application.

piemaeu

The credit limit may be on the form you have to sign in the form of a code, Look for a number. most probably with 00 or 000 or 50 or 500 at the end