Shocked at annual interest on savings

colsten

droopsnoot wrote: »

Ah, I see - I never get anywhere close to my credit limit on a monthly basis, so it's not something I memorised.

jimjames wrote: »

but to be honest I don't know my credit limit either. I could look it up on a statement but when I spend maybe £500 on the card and the limit is in excess of £15,000 I don't need to worry about exceeding it.

So you both do know what your credit limit is.....as you both know you are not getting anywhere near it.

I would bet my bottom dollar that it you say you can't remember the exact limit but you are sure it is over xthousand, you will pass the question in an ID dialogue.

LXdaddy

colsten wrote: »

you have completely lost me. Knowing the limit of your CC(s) is simply necessary. ... as every time you use your card you must make sure you are not busting it.

I don't know the limit on my active credit card. It is substantial and I never get close to it even though the average I spend on it is in 4 figures per month. I'd find a security question about the credit limit very hard to answer.

mgdavid

colsten wrote: »

you have completely lost me. Knowing the limit of your CC(s) is simply necessary. If you cannot remember it by heart, write it down in a place you have instant access to. But if you only have one CC, it should be easy enough to remember your limit, as every time you use your card you must make sure you are not busting it.
.......

and you've lost me; first you say look on a statement or look it up online, now you offer completely different suggestions. Many many people (especially MSE people) spend a couple of hundred quid on a card and pay it off asap. Whereas credit limits are often (usually?) in the thousands. I have no idea what my limit is - nor need I. I noticed some years ago it was £11500 but as I have never in 40 years and more gone even into 4 figures why should I concern myslelf with it or even notice it? If you tell me I'm unique I won't believe you!

masonic

mgdavid wrote: »

Many many people (especially MSE people) spend a couple of hundred quid on a card and pay it off asap. Whereas credit limits are often (usually?) in the thousands.

That's certainly what I do. My balance has never even reached £1000 and all I know is my limit is a lot more than that. I doubt that would be good enough to pass a security question if I was ever asked about it.

It seems odd to me that Halifax are allowed to ask "what is the credit limit on your credit card?" (about a credit card held elsewhere, which surely wasn't mentioned by the caller), thereby revealing its existence. If someone went into a bank with no knowledge of a customer's account details, the bank would not be allowed to confirm the existence of the account. Maybe Droopsnoot can comment on whether (s)he was first asked to confirm any credit cards (s)he held.

droopsnoot

masonic wrote: »

It seems odd to me that Halifax are allowed to ask "what is the credit limit on your credit card?" (about a credit card held elsewhere, which surely wasn't mentioned by the caller), thereby revealing its existence. If someone went into a bank with no knowledge of a customer's account details, the bank would not be allowed to confirm the existence of the account. Maybe Droopsnoot can comment on whether (s)he was first asked to confirm any credit cards (s)he held.

No, I wasn't asked about which credit cards I hold, just what the credit limit is. Before the questions, the person explained that the answers are based on my Experian credit check. I wasn't asked to say who my card was with or give any information other than the credit limit, so I didn't perceive an issue there. It was quite vague - which I understand in a way, because if they give me too much detail on exactly what they're checking, it might give someone who was trying to commit fraud some information on how to do that.

Perhaps next time there's a scandal about how many illegal immigrants are getting through our borders, I might suggest that they subcontract the security checks to the Halifax. Though on reflection that perhaps won't work - I had no trouble getting the money into the account, just getting it out. But my transfer has worked, so all is good.

We're drifting (OK, I'm rowing quite hard) away from the OPs topic though, sorry about that.