Halifax 0% purchases card - beware?

HelenR_3

wesleystrider wrote:

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.

well , when it says 0% ON BT`S AND PURCHASES FOR 6 MONTHS

I generally get the idea , dont be late with payments , and have a card ready to transfer it to after 5 months if you havent cleared the balance.

Seems to me you dont actually understand the workings of the credit agreement , rather than it being confusing.

wesleystrider

Ok Helen. Thanks for your input but "generally getting the idea" doesn't really help when things go belly up. People who think they "generally get the idea" are the ones the credit card companies are rubbing their hands with glee to get on board.

I really don't think I'm doing anything wrong with making sure.

I think you should never assume anything.

Also, jut to clarify, it's for 12 months, not 6. Accuracy is important here.

Reaper - clear succint info - thanks very much.

HelenR_3

wesleystrider wrote:

Ok Helen. Thanks for your input but "generally getting the idea" doesn't really help when things go belly up. People who think they "generally get the idea" are the ones the credit card companies are rubbing their hands with glee to get on board.

I really don't think I'm doing anything wrong with making sure.

I think you should never assume anything.

Also, jut to clarify, it's for 12 months, not 6. Accuracy is important here.

Reaper - clear succint info - thanks very much.

It might well be 12 months on your offer , mine is for 6 months , good job i check my agreement isnt it....

My point is , you seem confused as to when to pay and what , going by your first post

wesleystrider

And you're doing a great job in telling me how confused I am. Well done you.

To prevent this exciting thread meandering into the useless, please enlighten me on the following....

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?

HelenR_3

wesleystrider wrote:

And you're doing a great job in telling me how confused I am. Well done you.

To prevent this exciting thread meandering into the useless, please enlighten me on the following....

Whats that got to do with you not understanding the opening 0% offer ?

YorkshireBoy

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?

Assume your statement date is the 1st of the month, making your payment due date the 29th of the month.

You make some purchases between 1st August and 31st August. Your statement is produced on the 1st September (showing August's purchases) and posted out to you. You have until the 29th September to pay it.

The purchases you made on the 1st August will be interest free for 59 (or thereabouts) days, whilst those you make on the 31st August are interest free for 29 (or thereabouts) days.

Anything you spend on 1st September doesn't have to be paid until the end of October and so the cycle continues.

Where it's not strictly 59 days sometimes is when you pay by post or cheque in branch, because you have to send your payment before the 29th of the month to ensure it's "cleared" by the payment due date.

Where it *is* 59 days is where you pay by full payment DD. This is always made on the payment due date and the provider is responsible for taking it from your current account.

Does this answer your question?

wesleystrider

Yorkshire boy - Eeeeeee, a grand explanaytion and no mistairk. So basically purchases later on in the month don't get the 59 days. I have thanked you appropriately.

HelenR - er. Keep on keepin on.

YorkshireBoy

wesleystrider wrote:

Yorkshire boy - Eeeeeee, a grand explanaytion and no mistairk. I have thanked you appropriately.

Thanks for the thanks.

Oh, and don't take the mick about the accent. For one thing, you don't know if I have one - and for another, you might have another question.

Rafter

wesleystrider,

The maximum interest free days is calculated as follows:

If you make a purchase on 1 September and your statement is produced at the end of september that is 30 days. If you then have until 29 October to pay the bill in full that makes a maximum of 59 days interest free.

If you are being really clever it is worth having two cards, one which bills mid month and one which bills at the end of the month. Use the mid month one in the second have of the month and the month end one in the first part of the month and you will maximise the interest free period.

However, even better to use a 0% for 12 month card like the halifax and then transfer the same amount as you spend to a high interest savings account each month!

Good luck.

R.

wesleystrider

Nice Tip. This is taking things a little further than I was planning but I may well give those two options a go (2 cards, Pay into savings). Thanks.