Re reducing interest on my halifax cc

second_chance

Hi all, I currently have a Halifax cc with £5000 outstanding...the 0% apr offer finished in dec and now with a min monthly payment of £97 only approx £15 is coming off the balance....Ive tried to switch cards but have been declined is there any point in me ringing them to see if they can reduce my interest rate? if so what do I say? im really nervous about ringing them as I dont know what im going to do if they say no! Many thanks in advance

izools

By my calculation the APR is 19.9% or 21.9%. This is quite high. It's worth calling to see if they will reduce it - nothing ventured, nothing gained.

If they say no it might be worth applying for a Balance Transfer to the Creation Mastercard:

https://apply.creation.co.uk/creation/web_channel/cards/apply/productdetails.aspx

They are widely regarded as one of the most lax credit card companies around who offer good balance transfer periods.

Make sure to put the transfer details on the application to improve the likelihood of them providing you with enough of a limit to do the whole thing.

Good luck! :beer:

second_chance

Thanks!!! I will take a deep breath and ring them!! will my several applications for cc go against me with the creation mastercard?xx

Cash_Flow

second_chance wrote: »

Thanks!!! I will take a deep breath and ring them!! will my several applications for cc go against me with the creation mastercard?xx

Not as much as your current debt levels.:(

Good luck with halifax.

Credit_Card_Junkie

If Halifax don't reduce you rate, make sure you call back in six months. As long as you keep your payments up they review rates every 6 months. However they won't reduce it unless you ask.

Hope this helps

second_chance

thank u v much...im just plucking up the courage!!xx

micheala_2

After reading this post I have rung my credit card provider, spoken to numerous departments and been fibbed off. I have been told to put my request in writing but basically it's a no unless I am seriously in debt. I'm not at the moment but l have only recently bought a house with my partner and we are now both facing possible redundancy. I asked if they could lower the interest rate so I could plan ahead. Please help me

second_chance

micheala wrote: »

After reading this post I have rung my credit card provider, spoken to numerous departments and been fibbed off. I have been told to put my request in writing but basically it's a no unless I am seriously in debt. I'm not at the moment but l have only recently bought a house with my partner and we are now both facing possible redundancy. I asked if they could lower the interest rate so I could plan ahead. Please help me

sorry to hear that im sure someone will offer you some good advice and help you sort it out ...I still havent rung im scared!!!!

micheala_2

They weren't scary, everyone I spoke to was very polite. Just unhelpful. It was definitely worth a try even though unsuccessful. I would recommend giving it a go. What's the worst that could happen?