Difference between 0% Interest for intro 12 months......

[Louise07]

& 59 days Interest Free Period on credit card??

Hi, was thinking of applying for the Halifax credit card which states it gives 0% interest on purchases for 12 months. (Found on moneyexpert.com). But then in the summary it goes on to say it has 59 days interest free period. I'm new to credit cards and dont understand the difference between the two. Is it 0% interest for 12 months or 59 days?

I mainly want the card for booking holiday rather than struggling to pay one lump sum upfront.

[ll_billym]

It's 0% on purchases for 12 months. Buy something now and you won't get charged interest for 12 months. You will still have to pay off at least the minimum amount each month though.

The 59 days refers to the fact that if, after the initial 12 months is up, you purchase something the day after your monthly bill is calculated then it won't appear until your NEXT monthly bill and you won't actually have to pay anything back until the day before your NEXT monthly bill. This amount of time will be just under 2 months or 59 days.

Be advised that the all the interest free applies to purchases and not cash withdrawls, cash withdrawls on credit cards are very expensive.

[ll_billym]

To refine my answer explaining the 59 days:

The interest on your first payment will be applied on the next bill after 59 days, pay that bill off in full within 59 days and you won't be charged any interest. The interest (17% for example) will be applied on the 60th day.

[Loosehead]

so the 59 days really just refers to the maximum interest free period availabe if you repay in full each month. The 0% bit refers to a temporary "deal" on what they would charge on any outstanding balance should you not pay it all off at the end of the month. If you repay your card each month then the 0% deal for 12 months makes no difference.