interest charges?

laney26

hi everyone.im new to credit cards and i have just recieved my first statement from halifax. I have the one card which is 12 months at 0% on balance transfers and purchases. Im a little confused as they have charged me 50p interest which is their minimum interest. I know its only 50p but i thought it wouldnt be anything because it is 0%.Is this the norm? Any advice greatly appreciated. Sorry forgot to say i have only used it for purchases and owe approximatley £500.

KiKi

You shouldn't be charged any interest assuming that:
a) you haven't gone over your credit limit
b) you paid off the minimum balance in full
c) you paid off the minimum balance on time

In case you weren't aware, although you're not charged interest, you do have to pay the minimum repayment every month...you can't spend £500 and not pay back anything for 12 months.

Note that if you didn't fulfil these three criteria, then they will take you off the 0% privilege.

HTH in some way!

KiKi

leicsmarkyr

laney26 wrote: »

hi everyone.im new to credit cards and i have just recieved my first statement from halifax. I have the one card which is 12 months at 0% on balance transfers and purchases. Im a little confused as they have charged me 50p interest which is their minimum interest. I know its only 50p but i thought it wouldnt be anything because it is 0%.Is this the norm? Any advice greatly appreciated. Sorry forgot to say i have only used it for purchases and owe approximatley £500.

Have you done any cash transactions - withdrawn from an ATM or used the card for gambling? They atract interest from day one

Stardust77

Did you pay a balance transfer fee? A lot of credit cards charge interest on the fee if your first minimum payment isn't sufficient enough to cover the fee.

Moggles_2

Stardust77 wrote: »

Did you pay a balance transfer fee? A lot of credit cards charge interest on the fee if your first minimum payment isn't sufficient enough to cover the fee.

Halifax has never charged interest on BT fees.

KiKi

The OP clearly stated they have only used the card for purchases, so a BT fee wouldn't apply anyway.

KiKi

laney26

Oooh, didnt realise about the gambling sites.I used it to join up to two sites.Thanks for the info.

laney26

Oooh i didnt realise about the gambling sites.I joined a couple of sites.One was for £5 and the other £10. I did make my first payment on time and i overpaid the minimum payment. Thanks for info.