Halifax Clarity Card Launch Today!

BFem

Thanks to the original postee for sharing this.

I am awful when it comes to % and interest rates etc. I am trying to figure out what the minimum repayments would be if you were to borrow £5,000. It unhelpfully states on halifax summary box 'Each month in which you have a balance outstanding on your account you must repay an amount equal to the total of any Credit Card Repayments Cover premiums, interest, default sums plus 1% of the balance shown on your statement (minimum £5), or the full balance if less than £5.'

Are they saying that basically, the minimum repayments are 1% of the balance unless you have protection plans etc? Do you then have to add on the 12.9% (or whatever interest rate you got)??

This is a bit beyond me.....I whole heartedly and sincerely appreciate all you number people out there who are kind enough to give the rest of us your advice and knowledge!

chopper78

Lets say your card had a £1000 balance, including £100 interest added on, a £12 charge for something or other and £2 PPI. Then the minimum payment would be the £100 interest, plus the £12 charge, plus the £2 PPI and then 1% of the balance (£100), so that would be £214. In the past, some credit card issuers (MBNA were cretins for this) were making the minimum payments less than the interest charged and so with the minimum payment paid, the balance would still go up and you'd never pay it off, ever. Now that isn't possible as you have to pay off all interest and charges as well as 1% of the balance so that you actually have a fighting chance of paying it off even just paying the minimums.

ES10

RedOnRed wrote: »

I applied for this card back in July hoping to be able to take it on holiday a reasonable one month or so later in late August...how wrong was I! It's now September and I still haven't got it.

Firstly they rejected my application online, which I sent off a written appeal against and won as I have a maximum credit rating, and now every few weeks they seem to be asking for some other form of info', such as two forms of ID, etc.

I've never known anything like it. All of the other credit cards that i've had i've received within about 10 days. One came within a few days!. It's almost like they're stalling just to wind me up!

If it wasn't for the fact that this card is so good for overseas use I would have kicked this into touch ages ago.

Word for word - I am having exactly the same problem ..Halifax have apologised and said that they would give me £20 credit on the card and £75 cheque for the bad service ...to date I still have no card or cheque ! (and 2 searches by them on my credit report - despite only 1 application!) I am almost at the point of giving up ...there seems to be a theme here that if you are good at managing credit - ie no defaults - pay of cc in full every month ...you are refused initially in the online process

oscarhugo

Has anybody else noticed Halifax p1ss1ng about with the name of their credit card on their internet banking? Last week I noticed that they'd changed the description of my card (& my wife's) to "Standard Introductory Credit Card" or something & I was a bit concerned that praps this was preparatory to their doing away with the Clarity £5 cashback. But yesterday it was back to being called Clarity Card. So that's OK, then. But today it's (they've) changed again & now being called Standard Credit Card(s) ! What's going on...?

chopper78

Big internal systems change at Halifax last week, looks like they're still having teething issues with it. I noticed last Monday my Mortgage balance went down by £3000. Oooooh said I. Alas, it was back to normal a couple of days later