Card options

jessypie

Hi

I am hopefully on a plan to be debt free in 2 years! I have moved into cheaper accomodation to decrease my out goings.

I am not using any management program, I am just budgeting.

I am interested to know 2 things:

1. I have a current account with Halifax, is it possible to also obtain a card from them to transfer my disposable income into each month? A card with no overdraft, just a basic 'spending card'?

2. I am on a reduced payment plan for my credit card, but I would like to revert back to normal payments as I have freed up income to do this. If I do this will my card be reactivated or will I be unable to use it? (I am not planning on using it, but I like to know where I stand with these things)

Any help you can offer will be really appreciated

x

redfragglebiker

Hi Jessypie,

Halifax do something called an easycash account. It;s a basic, no frills bank account that you get a visa electron card with that can also be used at cashpoints etc. You can set up Direct Debits etc with it too but there is no overdraft with it whatsoever so basically if you haven't got the money you can't spend it! I've been using one for a couple of months in order to get myself back on track and so far it;s working out okay.

With regards to your credit card I think you would have to check with your provider as it may depend on their terms and conditions. I see no reason why you couldn't request for the card not to be reactivated when you up your payments but a quick all to your credit card company should clear this up and allow you to discuss your options with them

Hope this has helped but if you need any more info on the Halifax Easycash account then feel free to get back to me either via this board or send me a PM.

Well done on taking control by the way. It's not always easy but you do feel a great sense of relief when you have control of your own finances again!

jessypie

Thank you that is a great help

The cash card you have, does it literally mean if there is not enough in there it will not authorise the transaction?

I ask because with the card I have at the moment, if I have been over my over draft limit near the end of the month, if I for example went into tesco and did some shopping, the transaction still goes through and I am left even more overdrawn (even though in theory I thought that it shouldnt allow as I was over my overdraft??)

I hope that makes sense!

redfragglebiker

Yep that's exactly it Jessypie, Even if you're out by a penny it will just refuse the transaction completely. There's no overdraft and no leniency - If you haven't got the money in the account it will just decline!