Halifax Creditcard cancled

BigGoofyGiant

I received a letter from Halifax credit card services that they will not renew my card till the debt on the card is cleared, but my interest rate stays the same.

I'm all for paying it off, and since I haven't used the card for well over a year I'm fine with not being able to use it.

I'm just wondering since you pay a pretty high amount of interest for a service; IE the credit card or at least the use of it

Shouldnt they lower the amount of interest paid since now its technically a loan?

Kind regards
BGG

[Deleted User]

No.

You're paying the interest rate for the credit baed on your risk profile.

thenudeone

BigGoofyGiant wrote: »

I'm just wondering since you pay a pretty high amount of interest for a service; IE the credit card or at least the use of it

You're not paying anything at all for the service. i.e. the ability to pay for goods and services without having to carry cash, and without having to pay for them until several weeks later. That facility costs nothing.

You are paying to borrow money on a very flexible basis (unlike a loan). If the interest rate is too high, then (unlike a loan) you can pay it all off today without any penalty. All you need is to find someone who will lend to you at a lower rate:D

chanz4

what reasons do they give for not renewing?