halifax card direct debit payment

missbargain

Thanks, Kevin, that's what I thought, however, I was not aware about this for a long, long time.
For ages I was under the impression that the bank only charges interest on the unpaid portion of the bill (when not paying in full).
I only found out recently that, even if one pays 90% of the bill by due date, they don't only charge him interest on 10% portion, but on the whole amount!!!
Well, I better set up that DD, I have already been stung with £12 for one day late payment because the funds did not reach them on time (yeah, right).

rb10

KevinG wrote: »

You don't get any interest free days for a partial payment so I don't think it's relevant.

... unless you are on a promotional interest-free period, in which case making the minimum payment by DD works in exactly the same way as making a full payment.

missbargain

Yes, I am just waiting to see if they are going to withdraw my interest free period (5 months left) because of this late payment.

If they do, I will cancel the card, as I have just been approved Barclays Simplicity 6.8% and I have another two cards at 15.9%, so why bother keeping Halifax if they punish me for one day late (I just don't understand how it takes 3 working days for money to reach them when it is all done online. But, I guess, that's how they make their money...).