Halifax Credit Card Help

GarethR

Hi all,

I received my statement from Halifax this morning to find another overlimit charge, I have been paying off the minimum each month but obviously this doesnt account for the interest which Im confident it used to!

What I would like to know is in Martins thread about reducing your card it says something about making a 'fixed' payment rather than the minimum each month, is this some kind of agreement with the bank or Im I off track, my payments are never late so it's just the overlimit fee that gets slapped on each month & the ridiculous interest.

I get charged a whopping 25% APR on my card which is a joke so I want to get rid of it ASAP

Could someone give me a bit of advice on the best way forward please, in honesty I could probably pay £100 a month?

Thanks

Timmne

Halifax recently reduced my min payment to 1% of the balance - which suits me fine as I have the money in a savings account, earning me interest. I did wonder though how many people wouldn't notice and be in your situation....

No idea as to your question though, sorry!

FairyElephant_2

Hi,

You can set up a standing order to your card for any amount you want to - so if you want to pay £100 a month (and this is more than the minimum payment!) then I would do that if I were you. If you bank online you can set it up easily and quickly, or if not you can get a form from your bank.

If you do this, remeber to contact Halifax and tell them not to continue taking the min payments though - or you will pay out more than you budgeted for!

Also make sure there is time for the money to get to your card account by the payment date. SO's should take 3 days but I would allow 5 to be on the safe side!

HTH,

FE

GarethR

Thanks for the advice, sounds a lot easier & saves me £12 a month the robbing gets!!