Halifax credit card ,,done a silly mistake...

alwaystryyourbest

Hi not sure of my answer so I thought I would see if you nice people over here might be able to help me.....

I thought the 0% runs out in the end of June but it run out 31 st of may.... Had £800 left on it ....anyway paid it all of in full today 2 nd of June...

So my question is will I only can charges interest on the £800 for a few days or for the past 9 months.??????...
( I think it will be for a few days but I don't want to get any nasty surprises come by next statement...)

And how much do think my interest bill next month might be (apr is £15.9 %)???

YorkshireBoy

There will be a few days interest charged at 32p/day.

chattychappy

alwaystryyourbest wrote: »

So my question is will I only can charges interest on the £800 for a few days or for the past 9 months.??????...

This "gotcha" doesn't apply here.

CCs have different interest rates for different transaction types and interest is calculated daily, but applied monthly. Most CCs have a particular concession - if you pay your balance in full, then they won't apply the purchase interest. (The "up to 56 days interest free on purchases" that you sometimes see.)

So with purchases, even if you pay the full balance just one day after the due date, or perhaps pay just £1 short of the full balance by the due date, then you'll get purchase interest applied on each transaction right back to the transaction date.

In the case of 0% BT deals, there is no equivalent "gotcha". This is because during the offer period, the interest rate is 0%. When the offer period expires you go to the full interest rate - so that is when interest starts accumulating. Pay 3 days after this date, and it's 3 days' interest. Provided you are still paying the minimum due by the due date (or more) then there will be no further charges/penalties etc.

So no panic, as YB suggests. You will see some interest on the next statement. When you pay that off, you might (or might not) see a tiny amount of interest on the statement that follows (residual interest).

bengalknights

It will just be interest for those extra dayd which should be small

alwaystryyourbest

I'm starting to panic now,,,,
does anyone know how much my interest might be next month, as I hate not knowing. Just worried I will pay interest on the whole amount I had ( £2000 ) or just on £800 for a few days...
Thanks,,

alwaystryyourbest

YorkshireBoy wrote: »

There will be a few days interest charged at 32p/day.

Hi I hope that you are right ,,
I would hate to be charged interest on my whole balance before I paid some off £2000...

alwaystryyourbest

chattychappy wrote: »

This "gotcha" doesn't apply here.

CCs have different interest rates for different transaction types and interest is calculated daily, but applied monthly. Most CCs have a particular concession - if you pay your balance in full, then they won't apply the purchase interest. (The "up to 56 days interest free on purchases" that you sometimes see.)

So with purchases, even if you pay the full balance just one day after the due date, or perhaps pay just £1 short of the full balance by the due date, then you'll get purchase interest applied on each transaction right back to the transaction date.

In the case of 0% BT deals, there is no equivalent "gotcha". This is because during the offer period, the interest rate is 0%. When the offer period expires you go to the full interest rate - so that is when interest starts accumulating. Pay 3 days after this date, and it's 3 days' interest. Provided you are still paying the minimum due by the due date (or more) then there will be no further charges/penalties etc.

So no panic, as YB suggests. You will see some interest on the next statement. When you pay that off, you might (or might not) see a tiny amount of interest on the statement that follows (residual interest).

Sorry I don,t really understand what you are trying to say,,
I think you are saying I will only pay interest for a few days on a balance on £800.. Correct me if I am wrong,,,
Sorry feeling a bit thick for not understanding you..

UsetheFORCE

Your 0% was for the term..it has expired and so the new rate will apply from the date the 0% expired.

As posted previous, you will pay a few days interest at the new rate!

This is not the same as a BUY NOW PAY LATER sort of deal where they defer the interest but won't charge you if you pay the cash price by the expiry date.

I think this is probably what you are thinking of!!!

redpete

alwaystryyourbest wrote: »

I'm starting to panic now,,,,

why, you've had three people reassuring you that you will only pay a few day's interest.

does anyone know how much my interest might be next month, as I hate not knowing. Just worried I will pay interest on the whole amount I had ( £2000 ) or just on £800 for a few days...
Thanks,,

See Yorkshireboy's answer, 32p a day for the few days you were late, maybe £2 at most.

YorkshireBoy

alwaystryyourbest wrote: »

does anyone know how much my interest might be next month, as I hate not knowing.

Go on then I'll have a guess...it'll be 96p.

Assumptions made:

1. Your 0% expired on Thursday 30th May, and

2. The payment will be credited by close of business Monday 3rd June

chattychappy

alwaystryyourbest wrote: »

Sorry I don,t really understand what you are trying to say,,
I think you are saying I will only pay interest for a few days on a balance on £800.. Correct me if I am wrong,,,
Sorry feeling a bit thick for not understanding you..

Correct !