Re: Can they do this, if so is this a loop hole???

smartsaver2011

Hi there people,

I have a Halifax One credit card, APR 11%. This is after the intro free period and yesterday I called to re-apply. The gentleman on the phone advised re-apply doesn't guarentee me the same APR and I may not get the free rate or be charged more than the 11% I have at the moment.

I wanted to stay with Halifax as I bank with them have just managed to get my credit back on track as 5 yrs ago it wasn't as great.

If I apply online for the 0% apr and don't get it, surely I can keep my current one at 11%??

Thanks

Thrugelmir

smartsaver2011 wrote: »

If I apply online for the 0% apr and don't get it, surely I can keep my current one at 11%??

The Halifax are merely covering themselves as your personal financial circumstances may have changed in the intervening period. Also they might have changed their lending criteria.

Nothing stays the same, as they say.

Its your call.........

chattychappy

Of course they can.

If you start again with a fresh application, then it's a new deal - so they can decide whatever they like. The only restriction is that a certain proportion (two thirds, I think) of people given a card must receive any advertised "typical" rate.

Getting a particular interest rate isn't some sort of entitlement based on good behaviour - it's a commercial choice. So it's not a "loophole" if you don't get what you think you deserve.

YorkshireBoy

I understand Halifax's policy is "one mainstream card per customer", although I'm aware that some people (either on here or the stoozing website) have held Halifax and BoS 'One' cards at the same time.

So an application for exactly the same card as you already hold is likely to be a wasted application.

If you want to close down your current card and try again I believe the wait is 30 days, although I'd suggest 60 days to play safe. But the current typical rate for the 'One' card is 15.9% APR.

Not sure if you're aware, but you can hold a mainstream card and a Charity card (offering 9 months 0% on purchases and BTs) simultaneously if that's of use to you?

redpete

donald3 wrote: »

Thanks for the info dude

It's very kind of you to thank people, but how about just pressing the Thanks button instead of filling threads with messages.

chattychappy

redpete wrote: »

It's very kind of you to thank people, but how about just pressing the Thanks button instead of filling threads with messages.

Probably a bot?