Halifax Clarity, Students and Interest

glider3560

I'm looking at getting a Halifax Clarity Credit Card for use when I go abroad but also for my spending in the UK (for the reward payment).

I've got a few questions, if anyone could help me with some answers:

1. I'm a student with the usual loan/grant/summer work combo of around £6000 income. I also have savings with Halifax (slightly under being a 5 figure sum). My "guaranteed overdraft" limit is £1700, although I don't have an overdraft with Halifax. Would it be likely for me to be accepted?

2. My monthly repayment would be for the whole balance, so I would be charged no interest if I only make purchases? Is it possible to set up a direct debit to simply pay the whole balance every month?

3. I'd be using it for cash withdrawals abroad too. If I withdrew, say £100 worth of Euros and then paid back the whole balance of the credit card (by bank transfer) the day I returned from holiday, I'd only be charged a maximum of 7 days interest? So it would be about 42p per £100, per week, assuming I get the highest APR of 21.9%? This seems cheaper than paying £1 + 2% each time I withdraw.

Note: I am moving to London in about 6 months time, but don't have any plans to go there in the next three months so I can't open an account with Metro Bank at the moment.

Thanks in advance

rb10

1. As you will appreciate, it's impossible to give an an accurate answer to this question. However, there are plenty of students who do get approved for the Clarity card, so I'd say you're in with a good chance.

2. If you only make purchases on the card, then you will pay no interest. You can set up a direct debit to pay it off in full (other options for the DD are minimum repayment, fixed percentage of the balance or fixed amount each month) when you phone up to activate the card, or on online banking.

3. Yes, the interest that you'd be charged is tiny, not worth worrying about.

Note that it doesn't seem possible to open the Clarity Reward card online at the moment (just the standard Clarity card), but as far as I know it can still be done in a branch or by phone.

glider3560

Thank you rb10 for a very informative response (as always).

I just applied online and have been offered an estimated credit limit of £1000. I'm in complete shock!

They didn't say what the rate would be - I assume I won't find this out until I receive the credit agreement.

glider3560

rb10 wrote: »

Note that it doesn't seem possible to open the Clarity Reward card online at the moment (just the standard Clarity card), but as far as I know it can still be done in a branch or by phone.

I used the link on http://www.halifax.co.uk/creditcards/home.asp
The Apply button appears to link to a page with a slightly different URL on the Reward/Standard options, so I assume the application would have been for a Reward card. I'll see what it says on the paperwork and if it isn't, I'm sure they can change this quite easily.

glider3560

Just called to double check that I was on the Reward version and yes, I am. It seems that link in my post above is the only way of currently applying for the Reward Clarity online.

Lokolo

I got £1100 on the X card with Halifax on a £5k income. 0% for 10/11 months.

rb10

glider3560 wrote: »

I just applied online and have been offered an estimated credit limit of £1000. I'm in complete shock!

Great news, well done!