0% Purchases for 20 Months Longest Offer?

Falzon88

Hello everyone,

My Halifax Card has recently gone past the 0% purchases offer and I'm looking for a similar card but can't seem to find anything with more than 20 months available. I may be mistaken but when I got my Halifax card I'm positive it was 36 months @ 0% purchases. Is this something that just isn't offered anymore? I never had a problem paying the card off and have a decent income, but I'm moving into a new house (If they ever finish building it) and want to purchase everything for it in one go. 20 months is more than enough time to pay it off but any longer just gives me that added bit of security with the current economic outlook. Any info would be greatly appreciated.

MinuteNoodles

All lenders are tightening up their criteria and removing offers and 36 month 0% deals are basically non-existent.

Dandytf

MinuteNoodles said:

All lenders are tightening up their criteria and removing offers and 36 month 0% deals are basically non-existent.

Agree as Guardian reported some time ago that such 0% long term deals will begin to be withdrawn, which helps avoid Persistent Debt cases.

D3xt3r5L4b

Falzon88 said:

Hello everyone,

My Halifax Card has recently gone past the 0% purchases offer and I'm looking for a similar card but can't seem to find anything with more than 20 months available. I may be mistaken but when I got my Halifax card I'm positive it was 36 months @ 0% purchases. Is this something that just isn't offered anymore? I never had a problem paying the card off and have a decent income, but I'm moving into a new house (If they ever finish building it) and want to purchase everything for it in one go. 20 months is more than enough time to pay it off but any longer just gives me that added bit of security with the current economic outlook. Any info would be greatly appreciated.

Save up and buy them outright?
If you can’t afford it then you shouldn’t be buying it. 

nick74

Dandytf said:

MinuteNoodles said:

All lenders are tightening up their criteria and removing offers and 36 month 0% deals are basically non-existent.

Agree as Guardian reported some time ago that such 0% long term deals will begin to be withdrawn, which helps avoid Persistent Debt cases.

Surely withdrawing such deals will make persistent debt cases more likely? A 0% deal can never fall into the official definition of 'persistent debt' where interest charged exceeds capital repaid, because the interest charged will be zero. 

MinuteNoodles

nick74 said:

Surely withdrawing such deals will make persistent debt cases more likely? A 0% deal can never fall into the official definition of 'persistent debt' where interest charged exceeds capital repaid, because the interest charged will be zero. 

Persistent debt is also carrying a high balance, not just how much interest is charged. If minimum payments are set at 1% then even on 0% in 2 years you'll only clear off 24% of a balance so that could be deemed as being in persistent debt.

What will make persistent debt higher is people whacking stuff they can't afford on 0% cards in the first place.

adamp87

HSBC has a 0% for 18 months if it helps 

nick74

MinuteNoodles said:

nick74 said:

Surely withdrawing such deals will make persistent debt cases more likely? A 0% deal can never fall into the official definition of 'persistent debt' where interest charged exceeds capital repaid, because the interest charged will be zero. 

Persistent debt is also carrying a high balance, not just how much interest is charged. I

Not under the FCA's definition it isn't.

https://www.fca.org.uk/news/press-releases/fca-proposes-new-rules-help-customers-persistent-debt-credit-cards

therightdeal

Santander has one for 26 months but its £3 a month.

Falzon88

D3xt3r5L4b said:

Save up and buy them outright?
If you can’t afford it then you shouldn’t be buying it. 

It's not that I can't afford it, we have more than enough money saved but that money is currently earning me a return so paying for it with a credit card at 0%  rather than savings seems more logical unless I'm missing something.

adamp87 said:

HSBC has a 0% for 18 months if it helps 

therightdeal said:

Santander has one for 26 months but its £3 a month.

Will look into both, many thanks.

Dandytf

nick74 said:

Dandytf said:

MinuteNoodles said:

All lenders are tightening up their criteria and removing offers and 36 month 0% deals are basically non-existent.

Agree as Guardian reported some time ago that such 0% long term deals will begin to be withdrawn, which helps avoid Persistent Debt cases.

Surely withdrawing such deals will make persistent debt cases more likely? A 0% deal can never fall into the official definition of 'persistent debt' where interest charged exceeds capital repaid, because the interest charged will be zero. 

Possibly as serious amounts of Debt accumulates during 0% with best of intentions of re paying during Promotional time, which hasn't always been the case -myself included.
There's are still quite a few mse posts where the 'next' 0% card isn't available, resulting in interest accumulating after interest free period.
Not every card holder re-pays in full each month.
To add Persistent Debt rules do reasonably well in reclaiming longer term debts.