Halifax Balance Transfer & Purchases Card

CeePeeBee

Hi all,

I recently signed up for this card to allow me to continue to deal with work expenses over the next 21 months and to allow me to pull across any remaining balance on my old card (that I used for the same reason).

However I came to do a small balance transfer today (30days after getting it) and I saw this in the print below:

"Purchases will only be interest - free if you pay off your entire credit card balance each month, including any balance transfers."

Now, I went back to their site and reviewed the summary and the small print and nowhere does it mention this!! I've purchased a holiday on here for the Summer, safe in the knowledge I had 0% on purchases. I'm now a little worried after seeing this.

Never before have I seen this on any 0% purchase card.

Anybody else using the same card care to advise?

Cheers

JimmyTheWig

CeePeeBee wrote: »

Hi all,

I recently signed up for this card to allow me to continue to deal with work expenses over the next 21 months and to allow me to pull across any remaining balance on my old card (that I used for the same reason).

However I came to do a small balance transfer today (30days after getting it) and I saw this in the print below:

"Purchases will only be interest - free if you pay off your entire credit card balance each month, including any balance transfers."

Now, I went back to their site and reviewed the summary and the small print and nowhere does it mention this!! I've purchased a holiday on here for the Summer, safe in the knowledge I had 0% on purchases. I'm now a little worried after seeing this.

Never before have I seen this on any 0% purchase card.

Anybody else using the same card care to advise?

Cheers

It's standard and you're fine.

It's a new line that they're quoting when you do a balance transfer.

Imagine a card that is 20% interest for purchases and 0% for balance transfers.
I use the card for purchases, spending £1000 a month and paying off £1000 a month, before the due date.
Even though the interest rate on purchases is 20% I pay no interest. Why? Because purchases are interest-free if I pay off in full on time every month.
I then do a Balance Transfer for £2000 and continue to use my card as before. My balances ranges from £2000 to £3000 during the month. I still pay off all my purchases in full each month. BUT I don't pay my whole balance in full each month so my purchases are no longer interest free. I'll get charged 20% interest on them from the date of purchase until my payment is credited.

So how does this affect you?
It means that if you do a Balance Transfer and don't pay it off by the next payment due date your purchases will stop being interest-free. You'll pay the purchases interest rate on them. In your case, this is 0%. So you'll pay nothing.

CeePeeBee

You Sir, are a diamond. Many thanks for your help. They could make the sentence a little less ambiguous by changing it to:

"Purchases will only be interest - free if you pay off your entire credit card balance each month, including any balance transfers. If balances exist into the subsequent month you will be charged at your agreed interest rate"

Hey ho. Thanks again