Halifax CC T & C's

bert&ernie

thriftymomma wrote: »

Hiya, the specific wording
Each month, if the balance is £5 or more, you must repay the greater of
a) 1% of the amount you owe us(halifax)
or
b)an amount equal to the total of any credit card repayments cover premiums, interest(or the minimum interest charge), overlimit and late payment fees + £5

Not quite sure what you bumped this for - every question has been answered now that you have posted the text of the NOV.



To summarise, you pay:

The greater of either 1 percent of the balance or (premiums + interest + fees + £5)


What this means to you is:

If you are on a zero percent or low rate offer, then your balance will reduce slower. If you are on a high rate, then you will always be paying at least £5 of the balance after all other charges are taken into account.

Why the bank would do this is:

It protects both their asset (your outstanding balance) and the income they generate from it (the fees they charge you) better than the previous calculation.