Can I still transfer the Balance on a closed card?

robgoingcrazy

The story is, Halifax upped my interest rate, so rather than pay the increased rate, after trying to get it reversed, I told them to freeze it at the existing rate and I would pay it off over time.

How I do this isn't clear, because I logged into my Halifax banking to check my balance, and don't have any credit card accounts listed any more. Since I usually make my payments through there, how am I now supposed to make the payments or even check my balance?

I will ask them this of course, but my main concern is, if that credit card account now mysteriously no longer exists, can I still transfer the balance to a 0% card? I have not actually ever done a balance transfer before, but I assume I would need to tell the new card people I want to transfer x amount from card number xxxxxxxxxx - except like I said that card account no longer exists according to my Halifax online banking account... :mad:

Consumerist

If you can't access the account online then Halifax should send you a statement through the post every month which also advises you of the minimum payment you should make.

If you intend to apply for another card you should act quickly because Halifax is likely to enter the Arrangement to Pay on your credit file which will damage your chances of acceptance by another lender.

robgoingcrazy

Consumerist wrote: »

If you can't access the account online then Halifax should send you a statement through the post every month which also advises you of the minimum payment you should make.

If you intend to apply for another card you should act quickly because Halifax is likely to enter the Arrangement to Pay on your credit file which will damage your chances of acceptance by another lender.

??? The credit card company upped the interest rates, which I have in writing was nothing whatsoever to do with my credit score/file, etc? So I exercised my right to freeze the interest at its current rate, and you are saying this will now damage my credit score?

!!!!!! - I start off with a perfect credit rating, exercise my legal right not to pay a higher rate of interest, and will now have a damaged credit rating for doing so?

Something's not right here...

YorkshireBoy

Consumerist wrote: »

If you can't access the account online then Halifax should send you a statement through the post every month which also advises you of the minimum payment you should make.

...and also gives the payment details to be used, ie sort code & account number. Don't forget to use your 16-digit card number as the reference.

If you intend to apply for another card you should act quickly because Halifax is likely to enter the Arrangement to Pay on your credit file...

What arrangement to pay? OP has not made any special arrangement for a reduced payment, payment holiday, etc...merely exercised their right to opt out of the rate hike.

Consumerist

YorkshireBoy wrote: »

What arrangement to pay? OP has not made any special arrangement for a reduced payment, payment holiday, etc...merely exercised their right to opt out of the rate hike.

Those darling little banks tend to see things a bit differently. Repayments will not be based on the new interest rate but on a "reduced" rate. Now, I could be wrong but I wouldn't be surprised if an AP is entered on the credit file. I think this is the banks revenge against customers exercising their rights.

YorkshireBoy

Consumerist wrote: »

Repayments will not be based on the new interest rate but on a "reduced" rate.

Minimum contractual monthly repayments are based on a percentage of the balance, ie 2%, 3%, etc...not on interest rate.

Consumerist

YorkshireBoy wrote: »

Minimum contractual monthly repayments are based on a percentage of the balance, ie 2%, 3%, etc...not on interest rate.

They used to be but recent trends tend to set the minimum repayment at a fixed amount on top of the charges made on the statement.

TBH I can't remember where I read about this AP tactic and so I could be wrong. I hope so for the OPs sake but I still have this nagging suspicion.

[Deleted User]

Rejecting an interest rate doesn't result in an arrangement to pay. So OP, you don't need to worry about your credit rating because of rejecting the increase.