Halifax Clarity Card chaning the way they work out the interest rate

ABRDF

Just received a letter this morning from the Halifax saying they are changing the way they calculate my monthly interest. From the 21st of August they are charging to a standard interest rate linked to the BOE base rate and my own personal interest rate ie 0.5% BOE plus personal interest rate of 12.45% making 12.95%.

I never use this card in the UK only whilst away on holidays so never have a balance to pay interest on (100% DD) but it seems like a good way of maintaining profits from interest charged to other customers, if and when the BOE rate goes up they will not be faced with telling customers and the new rate is applied automatically under the terms of the card.

Daz2009

Like you I only use my card to get cash abroad from an atm.However I still get charged interest from the moment I withdraw the cash til the day my DD goes through.
Is there any way to pay it off earlier if you don't have a Halifax current account ?

PeacefulWaters

Daz2009 wrote: »

Is there any way to pay it off earlier if you don't have a Halifax current account ?

Send a faster payment from your bank.

eDicky

Daz2009 wrote: »

Is there any way to pay it off earlier if you don't have a Halifax current account ?

Yes, you can transfer it from any account. I needed to do this recently, no problem except that I had to call CS to get the acc number and sort code details for the payment, as they are not apparent online.

Daz2009

eDicky wrote: »

Yes, you can transfer it from any account. I needed to do this recently, no problem except that I had to call CS to get the acc number and sort code details for the payment, as they are not apparent online.

I don't suppose you have their bank details to hand do you ?

PeacefulWaters

Daz2009 wrote: »

I don't suppose you have their bank details to hand do you ?

Have you looked at the details on your credit card statement?

codeX

I got the same letter this morning. But a quick Google search tells me that this is nothing new.

http://www.moneysavingexpert.com/news/cards/2011/04/halifax-revamps-credit-card-interest-which-could-lead-to-large-hikes

Daz2009

PeacefulWaters wrote: »

Have you looked at the details on your credit card statement?

It's an e-statement.The only option they show for non Halifax current account holders is by DD.
Will the DD account/sort code details be the same ones to use for a 1 off payment by BACS ?

ETA you were right,I was only looking at the online statement rather than the actual bill which opens in another window and the details were there.
cheers

SuperHan

I've also had the same letter. I liked the way they phrased it like they were doing me a favour, although they were actually (very marginally) increasing my rate from 12.94% to 12.95%.

dzug1

I've had the letter too.


Would I be right in thinking that if I only make purchases (no cash transactions) and pay off in full each month, there will continue to be no interest?

SuperHan

That is indeed correct.