halifax reward overdraft buffer
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alecsa
Posts: 28 Forumite
I have the Reward account with no planned overdraft - so my OD limit is £0.
However, I noticed that there's a £50 overdraft buffer that comes with the account, can I benefit from that - just in case I ever need it? This is what their website says:
£50 overdraft buffer
If you are overdrawn by £50 or less our overdraft buffer means you won’t pay any planned or unplanned overdraft fees.
However, I noticed that there's a £50 overdraft buffer that comes with the account, can I benefit from that - just in case I ever need it? This is what their website says:
£50 overdraft buffer
If you are overdrawn by £50 or less our overdraft buffer means you won’t pay any planned or unplanned overdraft fees.
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Comments
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If you use it you'll lose your £5 reward for that month.
You'll also lower your internal score with them, as you'll be in unauthorised overdraft with them. If they report it to the CRAs you'll also have a higher chance of being declined for credit elsewhere.
So it's there for if you make an error, but don't use it.0 -
Thanks yes I knew about the £5... but if it's an agreed buffer, why would it be reported to CRA as 'unauthorised'?0
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Thanks that makes sense. My two DDs are fixed amounts so hopefully it will never be the case -- but good to know anyway.
On a different note, I'm puzzled as of why Halifax declined to give me a small ovedraft. I have a Halifax Clarity CC with a decent limit and a mortgage with them... and green credit history otherwise, with no loans and no CC debt, just the mortgage.0 -
Thanks that makes sense. My two DDs are fixed amounts so hopefully it will never be the case -- but good to know anyway.
On a different note, I'm puzzled as of why Halifax declined to give me a small ovedraft. I have a Halifax Clarity CC with a decent limit and a mortgage with them... and green credit history otherwise, with no loans and no CC debt, just the mortgage.
Maybe they just want to see you run the account well first. I'd hazard a guess that they'll be throwing four figure sums at you towards the end of the year!0 -
Thanks that makes sense. My two DDs are fixed amounts so hopefully it will never be the case -- but good to know anyway.
On a different note, I'm puzzled as of why Halifax declined to give me a small ovedraft. I have a Halifax Clarity CC with a decent limit and a mortgage with them... and green credit history otherwise, with no loans and no CC debt, just the mortgage.
They may have declined to give you a small overdraft due to factors on your credit reports and the way you run your existing accounts with them.Time is a path from the past to the future and back again. The present is the crossroads of both. :cool:0 -
Yeah, I make mortgage overpayments and I only use the Clarity card for traveling and pay it in full right away...
Now that I think of it, it is likely that my 'score' was affected by fairly recent CC applications (I got the Clarity card and a Tesco CC in the past six months). Other than that my credit history is squeaky clean. It's annoying though, as it's the first time ever when I was declined credit and it was a small amount, I believe I requested £300, if that.0 -
It's not the amount of credit you use but the amount that is available to you. The more credit is available to you, the more likely a further request will get you over a limit they may have.
I am only speculating, got no insider knowledge.0
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