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Halifax Clarity - interest linked to BoE base rate
Comments
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My interest rate is going up from 12.94% to 12.95%. The letter helpfully tells me that borrowing £1000 will cost me an extra penny a month.
I can live with that. Even if the rate went up to 15-16% it would still be cheaper than other forms of withdrawing cash abroad.0 -
cautiousjon wrote: »Your risk profile is priced into your 'personal base rate'. I have a great credit record and yet have a 21.45% base rate.
Indeed. It's purely so that Halifax can perform a rate hike without seeming too hard on customers. "Your rate rise is the Bank of England's fault, honest!"
Indeed, I'm in the same boat here. Interestingly, one of the FAQs mentions limiting cash withdrawals to reduce your perceived risk - one of the main benefits of the card (and its only use to me!).0 -
I will have to re-check my letter but I'm sure it says the interest rate is 12.95% for cash or purchases, I clear the balance on reciept of the statement anyhoo.0
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Yes but if you pay your bill in full every month you will never pay any interest on purchases. If you withdraw cash you pay interest from the day it is withdrawn whether you pay the bill in full or not.I will have to re-check my letter but I'm sure it says the interest rate is 12.95% for cash or purchases, I clear the balance on reciept of the statement anyhoo.0 -
12.95 for me too, so not really badDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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