Halifax clarity

MrBullfinch

The Halifax Clarity credit card is rightly recommend by MSE for getting cash when abroad. However, I have suddenly had my interest raised from 12.95% to 15.95%. They said my credit score had changed, yet it is 999/999 and I always pay off the bill every month by direct debit. After numerous phone calls, they will not give me a concrete reason why the rate has changed. I am offended by this treatment. Anybody had the same experience?

[Deleted User]

Don't be offended.

They're reviewed your account and increased the rate, along with thousands of others. It's nothing to do with the Experian score you see, as that's not worth a bag of beans.

They won't give you the precise reason.

[Deleted User]

If you pay it off every month, the interest rate won't matter.

MrBullfinch

Yes, but the interest rate does matter when you take out cash in foreign places. I know that I can pay it off immediately by online banking but, nevertheless, I am astonished at their interest rate hike for no reason whatever.

[Deleted User]

It's not for no reason. It's for a reason they won't tell you.

grumbler

MrBullfinch wrote: »

...I have suddenly had my interest raised from 12.95% to 15.95%. ...

I.e. the monthly rate increased from 1.02% to 1.24%.
Do you really withdraw that much cash to notice the difference?

My rate is 17.95% from the start, and I can't care less.

20aday

And as the APR is variable they are allowed to increase/decrease it as per the Terms & Conditions.

andyfromotley

It may be as simple as the CC division was told to improve its profits. Therefore everyone who scored xyz on their internal scoring has their apr bumped up. As said, a) they wont tell you, b) defeat them by paying no interest and let others less disciplined keep paying to keep this cracking card going.

chattychappy

grumbler wrote: »

I.e. the monthly rate increased from 1.02% to 1.24%.
Do you really withdraw that much cash to notice the difference?

My rate is 17.95% from the start, and I can't care less.

And I'm on 35% on Santander Zero and still sometimes use that for cash.

I'm on 12.9% for Clarity.

OP... if you withdraw £100 in cash and pay back a week later, do you realise the extra interest is only about 5p ?

Are you "astonished" if a supermarket puts their prices up "for no reason"?

MrBullfinch

Thanks for the comments. Yes, I agree that the actaul difference in what I would ever pay is miniscule and I shall, of course, subvert the the system by paying foreign cash withdrawals off immediately by online banking. Nevertheless, I cannot understand what they hope to gain from this action and I object to their high-handed attitude when I have an exemplary credit record.

slinga

MrBullfinch wrote: »

Thanks for the comments. Yes, I agree that the actaul difference in what I would ever pay is miniscule and I shall, of course, subvert the the system by paying foreign cash withdrawals off immediately by online banking. Nevertheless, I cannot understand what they hope to gain from this action and I object to their high-handed attitude when I have an exemplary credit record.

I totally agree.
While we know the reason is to increase profits thay should at least come up with some alternative.

Banks huh.
I can't see how anyone can try to agree with what they do.

Look at yesterday's announcement of crooked dealing on FX and this after they've been brought to book over so many of their bad practices.