Halifax All In One Credit Card 0% for 9 Months (Halifax All in One)

Member Name: philb2076

Product:	Halifax All in One
Date:	09/06/09 (19 review reads)
Rating:

Advantages: Great deal on purchases and Balance transers. Easy online management

Disadvantages: Be carefull of withdrawing cash and monthly payments

I applied for the Halifax All in One Credit Card in December 08. My main goal was to reduce the cost of my annual car insurance by paying it off in full on a credit card and then paying the card off monthly at 0% interest. Also I was in need of a new laptop and could not afford it for another couple of months.

This was my first ever C/C with the main lure being the 0% interest free on purchases for 9 months, although the 0% interest on balance transfers for 9 months would be useful to anyone who wants to transfer debts off an existing card (transfers must made within the first 90 days, and from a non-HBOS card).

Obviously being accepted for such a card requires a credit score check; in my case this was checked in the branch by asking a series of financial and personal questions, and lasted approximately 20 minutes. At the end I was told I would receive an answer within the week. Sure enough one week later I had received my acceptance and I could proceed with my application, which all ran very smoothly.

If you would prefer you can apply online rather than trekking to your local branch, although having never experienced this I cannot comment. All I can say is that if you are applying regularly for credit (and not getting it) be careful as I believe this can negatively affect your credit score.

The card offers a full online banking service, which I would highly recommend you utilise. I have both a current and savings account with Halifax which makes paying off the card a doddle; I simply state how much I want to deposit, when I would like it to come out, and from what account and it is processed in seconds, fantastic!

For me this card has saved me approximately £250 off my car insurance, which I put towards my laptop. Once the free credit period expires I will have paid off the balance and the card can then be used for any purchases I know I can pay off within the month.

A few little tips...

When activating the account ensure that you set up a direct debit to automatically pay off the minimum required each month (1% with minimum of £5), if this is not paid the 0% deal is lost and the subsequent high 15.9% - 21.9% APR rate is instated (rate is variable and dependent on circumstances).

Avoid withdrawing cash as this is again charged at the higher rate and will only be wiped off when the entire balance of the card is repaid.

Do not go over the arranged credit limit! Monitor your available funding online to make sure you never accidentally overspend.

If you are spending overseas inquire as to how this will affect your re-payments.

It is your job to know when your 'free' period is coming to an end, after this the higher rate is applied unless the card is paid off in full each month. If you find yourself with money still to pay, look for another card with a similar offer at another bank and transfer the funds over.

Do not get carried away, look at the reason you got the card in the first place and stick to that, there is no such thing as free money and any little 'treats' you buy will add up and come back to haunt you.

Happy Spending ; )

Summary: A great deal if you want to make a big purchase and can pay it off in 9 months or less.