Halifax/IF Credit Card Customers Beware!!!

udydudy

dropthepilot wrote: »

For everyone to note (and a special note for DesG below):
And....
I don't understand, Des G, how they can be making you more money if your minimum payments have dropped by half? Work it out?....
If you have a £2000 debt then your first minimum payment (1% of balance) will be £20, leaving £1980. The interest on the new balance (at their best rate of 12.9%) ....
Relevant replies welcomed.

You are looking at the fact that your interest rate is 12.9%, like DesG(I am assuming his case is same) I and several others are on 0% 11 months(or maybe 10 months) purchase which is safely stoozed away , in my case, 6% fixed rate ISA. The less halifax takes the better as it earns interest.

At the end of the promotional period I would pay from my savings over that period. I save a 11th of my balance every month in an esaving account so that by the end of the 11 months promotional period I would have saved enough to pay the balance off.