Halifax stopped my 0% rate - venting!

Lemoncurd

This thread sent me into a bit if a panic as I have the 0% rate until next year but recently asked them to increase my credit limit (without checking the T&C's first). Just had my latest statement and no interest has been charged or is due to be charged. Sorry, a bit late for you but for anyone else who is close to their limit, if you ask to increase the limit there doesn't seem to be a problem. They state that you need to have held the card for 6 months before they will consider increasing it.

DestroyingAngel_2

The problem with keeping track of your spends on a credit card, is that merchants have a time window in which to ask for the money from the company, that's why you may see a gap between the "transaction" date and the "posted" date. So, you could be well within your limit when you made that purchase, but unfortunately for you, a particular merchant has just put his claim through at the same time, so when it's all tallied up, you've gone over the limit. There will be no warning sirens or flashing lights to tell you you're about to go over the limit.

Your promotion is only valid if you don't go over the limit, miss a payment, or pay late. That's standard practice across the board with all credit card companies. Some companies are more lenient and are happy to reinstate your promotion if it was your first offence; others are strictly by the book.

MarkyMarkD

Most companies will reinstate your rate if it's a missed payment - particularly the first payment due. But I doubt that any company would for going over limit as that's a far more serious issue than missing a payment IMHO.

coffee drinker will get nowhere pursuing a refund. They haven't done anything wrong. It's easy as pie to avoid late payment penalties - set up a minimum payment direct debit.

Blacksheep1979

dhassen wrote: »

I think it's entirely your fault..... you should look after your own finances. Not knowing if your within £100 of your limit or not is a bit worrying, good job you could pay it all off.

Not really that worrying tbh I'm used to card companies declining transactions if they are going over the limit and I'd rather spend on my cards (knowing I can pay it) than cash as it's far easier to track where I'm spending my money. What tops this off and I think proves my point that they're doing this on purpose to revoke the 0% deal is that the transaction that put me over wasn't £50, wasn't £100 but was for over £2k - that must have been cleared by their systems.

Just spoke to them on the phone and they say that they 'might' be able to reinstate the offer if I pay off the amount that exceeds my limit - bollox to that I'm not taking the risk of over £100 interest for that and am taking my business elsewhere.

MarkyMarkD

Most, if not all, banks (in respect of current accounts or credit cards) will not block a transaction which would take you slightly over your limit. They figure that if you wanted to do a transaction, you wanted to do a transaction, and are willing to take the consequences.

If you habitually run your account close to your limit, or you are about to undertake a transaction which is going to take you close to your limit, it takes about one minute to phone your card company and check whether you have funds available.

Blacksheep1979

I don't habitually run my cards close to the limit, just that I've had payments refused before when I've gone over with smaller transactions on other cards. And it takes far longer than 1 min to confirm your balance - you have to look up the number, call them, wait in a queue, go through their extended q&a session then get told about the wonderful offers they've got before they tell you what you want to know. I'd much rather have the transaction declined and use another card rather than them playing the silly game that they do which suits nobody but themselves.

ICan'tStandIt

mothershipton wrote: »

Aargh....Im so annoyed (mainly with myself) but i went over my credit limit by £200 on my 0% Halifax card and they stopped my 0% rate this month. I had no idea why until i rang and the guy i spoke to said this was a per my terms and conditions ( written in v small writing) .This means i have to pay it all back by the end of sept and not March as i was expecting. I tried to get him to reinstate it as I paid £300 off straight away but oh no its not possible....

Does anyone have any experience of this and have any ideas how i get them to change their mind?

If your history with them is pretty good and this was a one off, I would suggest writing to them and ask them to change their mind.

A written letter gets you further than trying to get passed a call-centre rep.

If they refuse to budge, lodge a formal complaint stating that you think they are being unfair and maybe threaten the Financial Ombudsman. They won't want to get the FOS involved as they would be fined if the FOS rule in your favour.

Any complaints handler would have to weigh up the cost of the FOS fine along side the cost to the company of giving you what you want. Often, even if the customer is blatantly in the wrong, they get their own way as it's probably cheaper and less aggro to the company to back down.

NickX

Blacksheep1979 wrote: »

And it takes far longer than 1 min to confirm your balance - you have to look up the number, call them, wait in a queue, go through their extended q&a session then get told about the wonderful offers they've got before they tell you what you want to know.

Just an idea, not trying to be critical, but you may benefit from online access to your account. You can check your balance in literally seconds without the hassle that you describe above.

bonzo65

I recently had a similar problem...

I made a payment 2 days past the due date (my oversight) - I can't argue with the late fee but I'm not happy about losing the remainder of my 0% period (4 months). The fact that all my other payments have been made within a week of receiving the statement counts for nothing.

The wording in the agreement makes it sound like it is at the discretion of the bank - not an automatic disqualification (at least that's what I'm hoping)

"We may apply the standard interest rate to balance transfers or purchases before the end of the special promotion period if in any month you do not make at least your minimum payment by the payment date or if you exceed your credit limit at any time."

steve

MarkyMarkD

Well, yes, but the default is that they will withdraw the privilege of the 0% rate. It says "may" because, if you ask very nicely, they may reinstate it.