HSBC 0% on purchases

TagRed

Hi everyone - first post on here!

I am moving house soon, and saw on MSE that the best way to borrow small amounts is on a 0% credit card. With that in mind, I applied (and subsequently signed the Credit Card Agreement) for the HSBC card, as it offered 12 months at 0% on purchases.

Then today, just two days later, the article on MSE has been updated, and indeed HSBC have changed their period from 12 months to 3 months.

My question is, since I have signed and returned the paperwork (which is a legal document I think), will I still get the 12 months, or the 3 months 0% period?

Obviously 3 months isn't much use to me compared to 12!

Sorry for the long post and thanks in advance!

skyrider007

It depends on what exactly was printed on the terms and conditions that you signed. You should have a copy with you. I suggest you take a quick read through it and see whether promotional interest rate is quoted there.

TagRed

Hey, thanks for your reply!

I had a look on the agreement ("Credit Card Agreement Regulated by the Consumer Credit Act 1974") - it says:

Interest Rate per annum for Purchases: "0.00% effective rate", "0.000% simple rate", "For 12 months after account opening - promotional period".

Does this mean then that even if new customers get 3 months at 0%, I will still get 12?

Moggles_2

Congratulations!
:beer:

'Looks as though you got there just in time

YorkshireBoy

Check also your T&C's for the wording "we reserve the right to send you a different card from the one you applied for" and "you have 14 days in which to cancel this agreement".

skyrider007

TagRed wrote: »

Does this mean then that even if new customers get 3 months at 0%, I will still get 12?

Yep, coz it would be *false advertising* and deceptive if they decide not to give you 12-month 0% as stated on the contract and advertising at the time you applied.

TagRed

Thank you everyone for your replies. I have looked through the terms and conditions, and I think they reserve the right to change all the rates etc, so I just hope they don't do that to me!

Tori_Bellatrix

I was in the same boat but actually got the best of both worlds ... I still got 12 months interest free on purchases (instead of 3 months under the new offer) but also got the new 0% on balance transfers within the first 30 days instead of paying 3% (ish) on the balance. You may get the same ..

john1002

This is an increasing trend now to cut the 0% purchase transaction rate, and increase the balance transfer fee, all ways for the card companies to try and claw some profit back from the credit crunch including raising rates. MBNA and so on

TagRed

I think the same happened to me, Tori - I received a letter through the other day explaining my new 0% on balance transfers, but they said they aren't changing the original offer of 0% over 12 months on purchases.

It sounds like we were both quite lucky there!