The Sub Prime Credit Thread - Part IV

wizzywig27

Hey

Does anyone know if Halifax have changed the design of their cards? I got mine in December and its like a light blue with different shades of blue, as though it is going through a crystal, my mate applied last week, got his card and its light blue with a dark blue stripe going down one side with 'Reward' written on it....

izools

Yes, to calculate your APR you need to:

54.19 / 12 = 4.516% PCM

1.04516 ^ 12 = 1.699

1.699 -1 = 0.699

0.699 as a percentage is 69.9%

Vanquis differ from every other creditor in the land as they don't show you your APR, they show you your non-compounding (Simple) interest rate, to fool you into thinking your card is cheaper than it is

doelani

TFD wrote: »

That's the simple rate, not the APR. Yours is 69.9% APR, sorry.

izools wrote: »

Yes, to calculate your APR you need to:

54.19 / 12 = 4.516% PCM

1.04516 ^ 12 = 1.699

1.699 -1 = 0.699

0.699 as a percentage is 69.9%

Vanquis differ from every other creditor in the land as they don't show you your APR, they show you your non-compounding (Simple) interest rate, to fool you into thinking your card is cheaper than it is

and there I though I was special lol Oh well must write not to make sure I ring them tomorrow to cancel, and aquacard and capitalone..............although I have been saying this for months and keep forgetting :rotfl:

Zack1

wizzywig27 wrote: »

Hey

Does anyone know if Halifax have changed the design of their cards? I got mine in December and its like a light blue with different shades of blue, as though it is going through a crystal, my mate applied last week, got his card and its light blue with a dark blue stripe going down one side with 'Reward' written on it....

I like the black card, the student one I think it was. It was the only reason I wanted their card (and a chance to get a high internal score, as I know they do pre-approved, unlike Natwest), but they rejected me

Anyone know when Halifax online banking refreshes for the new day btw? Natwest goes down about 2 and then comes up at about 2:30am, and signing in soon after that brings up the new days stuff. Want Halifax's list of stuff for tomorrow, wanna see if I got my £500 or not :rotfl:

TFD wrote: »

That's the simple rate, not the APR. Yours is 69.9% APR, sorry.

izools wrote: »

Yes, to calculate your APR you need to:

54.19 / 12 = 4.516% PCM

1.04516 ^ 12 = 1.699

1.699 -1 = 0.699

0.699 as a percentage is 69.9%

Vanquis differ from every other creditor in the land as they don't show you your APR, they show you your non-compounding (Simple) interest rate, to fool you into thinking your card is cheaper than it is

That's quite clever of them to do that...

But I still don't understand this. http://www.vanquis.co.uk/vanquis-card/terms-and-conditions - Term 2.6, isn't that the actual APR rather than a "simple" one? So this one can be compared with Natwest etc who show it? So I don't get where 69% is coming from unless they've done a Capital One and plucked it out the sky for some people and said they've since changed but they aren't changing you? Or I'm still missing something lol

Edit: Oooh "variable", is this where the extra 10% comes in? That's quite a hike though!

izools

The interest rate quoted on statements is simple.

The interest quoted online and in the credit agreements is APR.

kilasuit

Zack1 wrote: »

Anyone know when Halifax online banking refreshes for the new day btw? Natwest goes down about 2 and then comes up at about 2:30am, and signing in soon after that brings up the new days stuff. Want Halifax's list of stuff for tomorrow, wanna see if I got my £500 or not :rotfl:

Halifax and lloyds seem to do a rolling update as do barclays and alliance and leicester

it really more depends on the time to deposit from whoever sends the funds.

latest i'd say it would show would be at 3am and if not by then the 9/10am when the "business day" starts.

HTH

Zack1

kilasuit wrote: »

Halifax and lloyds seem to do a rolling update as do barclays and alliance and leicester

it really more depends on the time to deposit from whoever sends the funds.

latest i'd say it would show would be at 3am and if not by then the 9/10am when the "business day" starts.

HTH

Ah thanks, I thought it may be a set time like Natwest who just seem to take the whole thing off but rolling update makes sense. It's a bank transfer that was sent a few days ago, and I think tomorrow (well, today!) should be the day it arrives, so don't know when it was paid in as such, I thought it would just appear when the new days stuff does (like Natwest, who also show Monday's transactions as pending at 2:30 on Saturday for some reason )

Innocent_Guy

sutton111 wrote: »

Have you closed it yet?

Left it is one of my oldest account. I think when the time is due for me to request an increase from Barclaycard & Sygma I will settle the account first.

What you think?

Innocent_Guy

doelani wrote: »

and there I though I was special lol Oh well must write not to make sure I ring them tomorrow to cancel, and aquacard and capitalone..............although I have been saying this for months and keep forgetting :rotfl:

I closed my Aqua and Crappy1 this month :-)

seeya23

Good morning to all