Halifax 0% purchases card - beware?

wesleystrider

I dont get it - why does Martin say that the Halifax One Card is the best for 0% purchases when you have to pay off the balance in full each month? Surely a card such as Morgan Stanley Gold is better as you only have to make the minimum payment each month.

Even though the latter is only for 6 months, the payment issue surely outweighs this?

What's your take on this?

HelenR_3

wesleystrider wrote:

I dont get it - why does Martin say that the Halifax One Card is the best for 0% purchases when you have to pay off the balance in full each month? Surely a card such as Morgan Stanley Gold is better as you only have to make the minimum payment each month.

Even though the latter is only for 6 months, the payment issue surely outweighs this?

What's your take on this?

who says you have to pay the balance off in full every month ? as long as you clear it or transfer it before the offer runs out..

Rikki

HelenR wrote:

who says you have to pay the balance off in full every month ? as long as you clear it or transfer it before the offer runs out..

Ditto You just make sure you clear the full balance at the end of 0% offer.

catherineannelynch

Does the amount of times you apply for a credit card affect your credit rating?

HelenR_3

catherineannelynch wrote:

Does the amount of times you apply for a credit card affect your credit rating?

yes , especially if its many times in a short space of time

h

catherineannelynch

Thanks - was just wondering because this credit card tarting business sounds all well and good that I thought there had to be a downside!

wesleystrider

From the 'Halifax one card' page....

" *
No Annual fee
*
59 days interest free credit on all purchases if you pay off your balance in full each month
*
Cover against online fraud when purchasing on the Internet
* Accepted wherever you see the Visa sign in over 23 million places around the world
* Card replacement if lost
* Extra cards for family members over 18
* Around the clock service
* Manage your card online
"

This demonstrates the importance of doing your research before taking the plunge.

link to this page: Halifax One card web page

Reaper

You missed the more important phrase:

"0% for the first 12 months on purchases and balance transfers (A handling fee of 2% applies per balance transfer)"

The bit you refer to is for normal spending. As with (almost) all cards if you pay the balance off in full each month you pay no interest. What the Halifax is saying is that in addition to that they will make everything 0% for 12 months whether or not you pay off the full balance each month.

wesleystrider

I'm very surprised that they don't make that more obvious. I reckon that loads of people will have been put off by the confusion there. I can't believe it's only me (well, maybe!).

Thanks for that.

A further question then....how come it's possible to have 59 days interest free credit, but have to pay off the balance in full every month to get it. If I buy something on day 1, surely I have to pay it off before the 59 days as a month is only 30 days. Obviously I'm missing something here - what is it?

Cheers

HelenR_3

wesleystrider wrote:

This demonstrates the importance of doing your research before taking the plunge.

granted

not to difficult in this case though seeing as the offer was in big bold black letters and im not a simpleton

wesleystrider

Sure but its the big bold black letters that most sensible people will be wary of.

Big bold and black means thats what they want you to read. Small and seemingly unimportant text generally denotes the opposite.