Halifax Makes No Sense

moggins

Thanks for that, we'll give it another go but maybe leave it a couple of months as I really don't want too many searches showing on our credit file.

The credit card is really good news though as it's 0% for 9 months and he only had one of those Citicard jobbies which had a very nasty APR but it was the only one he could get at the time so we'll BT the Citicard onto the Halifax card which will save us a fortune.

bargains83

MarkyMarkD wrote:

There are VERY few of these machines in use. I haven't had a transaction processed by one in the last 3 years that I can recall.

Merchants using any sort of card reader (including mechanical ones) still have floor limits to comply with and will telephone manually for authorisation if these limits are exceeded. So a VISA card isn't a licence to print money in exactly the way you specify.

That said, I find it fairly strange that a bank would give a credit card and not give a current account, and it should be worth appealing the current account rejection (or, indeed, applying for a current account again, now that the card application has been accepted).

There are still a lot of these used by traders at special events such as car shows, engine ralleys etc. This is because there is no possible way of hooking up an electronic terminal in these situations. They are redundant in the mainstream though which is probably why you haven't seen any. Not so sure about floor limits as I don't understand how they work.

But they are still kicking about and give high potential to spend what you don't have so still present a risk factor for banks.

bargains83

moggins wrote:

Thanks for that, we'll give it another go but maybe leave it a couple of months as I really don't want too many searches showing on our credit file.

The credit card is really good news though as it's 0% for 9 months and he only had one of those Citicard jobbies which had a very nasty APR but it was the only one he could get at the time so we'll BT the Citicard onto the Halifax card which will save us a fortune.

If you appeal now they shouldnt need to do another search, as the previous one will be sufficient for them to work off. If I were you I would write them a letter explaining why you need a debit card, and also point out that your credit history has been clean for the last 5 years. Might also be worth sending them some citi card statements as that will allow them to see how you've conducted that account.

I've posted my letter to Abbey this morning so I'll let you know how I get on. Co-Incidently I recieved an account review from them this morning pointing out that I would be better off on the preffered in-credit interest rate option where you recieve more interest if you hardly use the overdraft. At the moment im in the preffered overdraft interest rate option. So I should consider changing.

MarkyMarkD

bargains83 wrote:

There are still a lot of these used by traders at special events such as car shows, engine ralleys etc. This is because there is no possible way of hooking up an electronic terminal in these situations. They are redundant in the mainstream though which is probably why you haven't seen any. Not so sure about floor limits as I don't understand how they work.

But they are still kicking about and give high potential to spend what you don't have so still present a risk factor for banks.

They could validate transactions by mobile phone, if there's no landline available. Otherwise the merchant is taking a risk if they accept a card without checking its validity.

Tupperware_Queen

I agree that banks take some understanding. Last year I asked Natwest for a loan for £1500 to pay off a store card and £1000 (agreed) overdraft with them. They refused. Two weeks later they increased my overdraft to £1500!!!! I can't quite understand, as if they had agreed the loan I would have cancelled, or greatly reduced the overdraft, so would not have owed any more. Bizarre.

davidcampbell

possible to do with how you credit scored as having had an existing overdraft amanged within its limits (presumably?) you would then be "internally scored" on the overdaft itself while other products (ie the loan) would warrant a credit search.

that would be my guess. does that make sense.....


hth
DC


lets all sing together

"this reign of plastic.....
... that replaced a reign of gold ...."

MarkyMarkD

That's unusual. Banks usually prefer loans to overdrafts, because they have a fixed required payment and it's easier for them to track whether people are in defaulting or not.