'warning Halifax Credit Cards'

PROLIANT

The Halifax are giving their customers the "option" to pay smaller minimum payments, therfore that is helping people is it not? If you are a clever lad/lass and you can afford more than the minimum payment then just pay it? Jesus, everybody jump on the MSE digital banwagon and slag all the lenders off, boooooo. :rolleyes:

sarahwebb79

FairyElephant wrote: »

We noticed that the min payment was a lot lower this month - don't think we had a letter about it....but we were actually pleased as we have ours interest free until Feb 09 - maxed out of course! - so the lower payment is actually better for us.

If you want to pay more at any time, it is easy to do a manual payment via online banking......

Thats what i have decided to do as it was easy to set up but thanks for the info anyway

sarahwebb79

hazzard wrote: »

I, too, Have a Halifax card and noted what Martin said last week about the minimum payment being half what it was, so you end up paying more interest. I came home today to find my Intelligent Finance bill. They, too, have halved the minimum payment. I am continuing to pay what I was paying on both cards.

Of course, they could say that they're only helping out in the credit crisis, but my cynical mind says they're trying to get more interest in the longer term.

cheers

Tony

I agree with what you are saying...i completely appreciate that they can be seen as helping customers but wanted to make people aware that the payment could be lower than the interest charged and to look out for it.

Neillgb

Two sides to the argument here.

I think my problem with what the cc is doing is that the financially naive might not realise the consequences of a lower minimum payment which will leave them paying more interest in the long run. But , yes, they should take responsibility for their own finances.

I make this post in the 'interest' of bringing 'balance' to thread....:D .

exel1966

If anyone is financially naive enough not to realise that the less they pay the longer it will take them to pay off and the more it will cost them, then they shouldn't have a credit card in the first place.
There are far too many people who apply for credit cards and have no clue as to how they work and what responsibilities are involved with having one. Some through mis-understanding, some through wrongful advice, but many more through plain ignorance and thinking they know better.

The lower the payment the better as far I'm concerned....just means more money for me !!

Raspberry_Swirl

Both myself and my partner have Halifax credit cards but haven't received notification and this month's minimum payments were the same as usual.

Is this just for certain types of Halifax cards?