HSBC 'Interest Free' Overdraft
Options
normanmark
Posts: 4,156 Forumite
Just got a letter through from HSBC with regards to my interest free overdraft.
They've said they've reviewed & put my limit at £1,750 however underneath is where it gets confusing....
'We will not charge interest on any over overdrawn balance up to £12500 until 31 July 2007 and thereafter £12500.
On the rest of any overdrawn balance interest will be charged at 3% over our base rate (which may change) and which is currently 5.75%, making a current effective annual rate of 8.75%'
So are they saying that only £1250 of the overdraft is interest free? and the remaining £500 i would affectively be charged on?
Thanks in advance for any help
They've said they've reviewed & put my limit at £1,750 however underneath is where it gets confusing....
'We will not charge interest on any over overdrawn balance up to £12500 until 31 July 2007 and thereafter £12500.
On the rest of any overdrawn balance interest will be charged at 3% over our base rate (which may change) and which is currently 5.75%, making a current effective annual rate of 8.75%'
So are they saying that only £1250 of the overdraft is interest free? and the remaining £500 i would affectively be charged on?
Thanks in advance for any help
0
Comments
-
Well i popped into my branch earlier & confirmed what i thought! Manager was no help at all!
Would STRONGLY advise any student to not bother with HSBC, you can get so much for your money at Halifax/RBOS!!!0
This discussion has been closed.
Categories
- All Categories
- 343.3K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 248K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards