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  • FIRST POST
    • slopemaster
    • By slopemaster 14th Nov 17, 12:43 PM
    • 1,419Posts
    • 726Thanks
    slopemaster
    halifax putting credit card interest rate up
    • #1
    • 14th Nov 17, 12:43 PM
    halifax putting credit card interest rate up 14th Nov 17 at 12:43 PM
    Had a letter from Halifax to say they are putting up my interest rate (Halifax Clarity card) because of "changes in my financial circumstances". However, nothing has changed.

    Now heres the thing - I always pay the balance in full every month, so the only time I pay any interest is if I draw cash abroad. So, in a way I don't need to bother. But it makes me feel both annoyed and concerned.

    I am trying to check Noddle, but I cannot get into it as I am currently abroad - cannot get to the site for the Callcredit statutory report either. Now trying to do it via a VPN.

    If I phone Halifax, is there any chance at all that they will tell me what the supposed problem is?
Page 1
    • zx81
    • By zx81 14th Nov 17, 1:17 PM
    • 14,046 Posts
    • 14,738 Thanks
    zx81
    • #2
    • 14th Nov 17, 1:17 PM
    • #2
    • 14th Nov 17, 1:17 PM
    No.

    They will have looked at you as part of a wider group - eg 'people like you are now considered higher risk'.

    Don't take it personally and if you're not paying interest, don't worry about it.
    • Greatorex1987
    • By Greatorex1987 14th Nov 17, 2:19 PM
    • 46 Posts
    • 55 Thanks
    Greatorex1987
    • #3
    • 14th Nov 17, 2:19 PM
    • #3
    • 14th Nov 17, 2:19 PM
    Mine always gets increased because I pay it off in full on time or early every month so they never make any money from me.

    Don't worry about it!
    • A4445
    • By A4445 14th Nov 17, 3:32 PM
    • 607 Posts
    • 281 Thanks
    A4445
    • #4
    • 14th Nov 17, 3:32 PM
    • #4
    • 14th Nov 17, 3:32 PM
    That would annoy me. I recommend the Creation Everyday card for use abroad it's 0% on forex and the rate is 12.9% so cheaper on cash advances abroad. I'd get the new card and then tell Halifax to stuff their card lol
    • slopemaster
    • By slopemaster 14th Nov 17, 3:36 PM
    • 1,419 Posts
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    slopemaster
    • #5
    • 14th Nov 17, 3:36 PM
    • #5
    • 14th Nov 17, 3:36 PM
    Tempting, but I do find it useful and don't want to cut off my nose to spite my face
    • jonesMUFCforever
    • By jonesMUFCforever 14th Nov 17, 8:21 PM
    • 24,171 Posts
    • 11,444 Thanks
    jonesMUFCforever
    • #6
    • 14th Nov 17, 8:21 PM
    • #6
    • 14th Nov 17, 8:21 PM
    My card is charged base rate plus x% so with base rate going up I expect my interest to go up too.
    What goes around - comes around
    give lots and you will always receive lots
    • Ben8282
    • By Ben8282 15th Nov 17, 6:38 AM
    • 2,070 Posts
    • 912 Thanks
    Ben8282
    • #7
    • 15th Nov 17, 6:38 AM
    • #7
    • 15th Nov 17, 6:38 AM
    Had a letter from Halifax to say they are putting up my interest rate (Halifax Clarity card) because of "changes in my financial circumstances". However, nothing has changed.

    Now heres the thing - I always pay the balance in full every month, so the only time I pay any interest is if I draw cash abroad. So, in a way I don't need to bother. But it makes me feel both annoyed and concerned.

    I am trying to check Noddle, but I cannot get into it as I am currently abroad - cannot get to the site for the Callcredit statutory report either. Now trying to do it via a VPN.

    If I phone Halifax, is there any chance at all that they will tell me what the supposed problem is?
    Originally posted by slopemaster
    This may be an attempt by Halifax to sell you an Experian credit monitoring product. When you call to ask the reason, you will be told that there is 'something' on your credit files and be offered some sort of credit score/credit report monitoring product.
    When you tell them that there has been NO change to your financial circumstances and continue to insist that this is the case and make it clear you do not need their credit score product and do not need to check your credit files because you have just checked them and while there is obviously something on them (they are not blank) there is nothing untoward on them.
    They may say they do not need to give a reason. Reply that yes you know that but they have given a reason and the reason they have given is false.
    They will go away, come back and say that they are not going to increase the interest rate after all.
    Or at least that's the way it went when Lloyds/TSB sent me a similar letter a few years ago.
    Of course, if you do pay in full every month, then perhaps as you don't pay interest it may not be worth bothering.

    PS If you KNOW that there is no problem (ie you know that you have paid everything on time etc), then don't spend the next several days searching for a problem which DOES NOT EXIST. If you hadn't paid something you would be aware of it yourself by now.
    Last edited by Ben8282; 15-11-2017 at 6:47 AM.
    • PeacefulWaters
    • By PeacefulWaters 15th Nov 17, 6:48 AM
    • 7,157 Posts
    • 8,807 Thanks
    PeacefulWaters
    • #8
    • 15th Nov 17, 6:48 AM
    • #8
    • 15th Nov 17, 6:48 AM
    This may be an attempt by Halifax to sell you an Experian credit monitoring product. When you call to ask the reason, you will be told that there is 'something' on your credit files and be offered some sort od credit score/credit report monitoring product.
    Originally posted by Ben8282
    They offer this for free anyway. Search for halifaxcreditchecker.

    When you tell them that there has been NO change to your financial circumstances and continue to insist that this is the case and make it clear you do not need their credit score product and do not nood to check your credit files because you have just checked them and while there is obviously something on them (they are not blank) there is nothing untoward on them.

    They may say they do not need to give a reason. Reply that yes you know that but they have given a reason and the reason they have given is false.
    They will go away, come back and say that they are not going to increase the interest rate after all.
    Of course, if you do pay in full every month, then perhaps as you don't pay interest it may not be worth bothering.
    As the information on credit files changes regularly, they will be within the bounds of reasonability to leave things exactly as they are.
    • slopemaster
    • By slopemaster 15th Nov 17, 1:40 PM
    • 1,419 Posts
    • 726 Thanks
    slopemaster
    • #9
    • 15th Nov 17, 1:40 PM
    Wow. ONE late payment
    • #9
    • 15th Nov 17, 1:40 PM
    I have got my statutory report and tracked down the cause.
    ONE late payment in August, when I closed down a card and cancelled the direct debit too early. Now shown as sttled, but this is the only thing that has changed, so it must be the cause.

    It didn't stop Barclaycard offering me a new card, but it was enough for Halifax to put up my interest rate immediately.

    I still feel a bit miffed, but its a salutory experience.

    (And now I have the Barclaycard I will not pay a penny in interest even when I draw cash abroad. So Halifax will not make even the tiny amount out of me that they used to. Ha!)
    • PeacefulWaters
    • By PeacefulWaters 15th Nov 17, 3:52 PM
    • 7,157 Posts
    • 8,807 Thanks
    PeacefulWaters

    (And now I have the Barclaycard I will not pay a penny in interest even when I draw cash abroad. So Halifax will not make even the tiny amount out of me that they used to. Ha!)
    Originally posted by slopemaster
    Nor will they have to pay a fee higher than the interest earned to an ATM provider.
    • MABLE
    • By MABLE 15th Nov 17, 5:29 PM
    • 3,324 Posts
    • 1,765 Thanks
    MABLE
    Had a letter from Halifax to say they are putting up my interest rate (Halifax Clarity card) because of "changes in my financial circumstances". However, nothing has changed.

    Now heres the thing - I always pay the balance in full every month, so the only time I pay any interest is if I draw cash abroad. So, in a way I don't need to bother. But it makes me feel both annoyed and concerned.

    I am trying to check Noddle, but I cannot get into it as I am currently abroad - cannot get to the site for the Callcredit statutory report either. Now trying to do it via a VPN.

    If I phone Halifax, is there any chance at all that they will tell me what the supposed problem is?
    Originally posted by slopemaster
    After reading your post I checked the apr on my Halifax Clarify card and it is 25.9 percent but see my apr on my Lloyds Bank card is only 11.8 percent. However I always pay off balance every month.

    But today I was shocked to see on my Cahoot cc I was charged interest of £2.19. The reason being I made an error and underpaid last month by 0.50p. I spoke to their customer service and they agreed to refund the interest but went to great lengths to say this is a once in a lifetime goodwill payment.

    Fair enough I thought as I was the only who messed up and not them.
    Last edited by MABLE; 15-11-2017 at 5:31 PM.
    • chattychappy
    • By chattychappy 15th Nov 17, 11:51 PM
    • 6,394 Posts
    • 3,371 Thanks
    chattychappy
    Santander ZERO rate jacked me over time to 35% APR where it's remained for 3 or 4 years now. I use it mostly to draw cash and pay only a few days' interest anyway. But at that APR, more than a few days becomes significant.

    My Halifax Clarity is 12.7% APR - I think it's always been that. Again I use it mostly for foreign cash.

    I generally get 999 on Experian, for those that care about such things. I did have a late payment showing a few months back (different card) - but Halifax didn't react to it.

    So I wouldn't worry about it and I wouldn't overanalyse. Your late payment might have had nothing to do with it.
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