Halifax Credit Card, Terms and Conditions

bossman247

Has anyone else noticed their monthly Halifax credit card repayment minimum amount has shot up. The Halifax have seemingly changed the way they charge you interest. Surely this is going to put a lot of people in difficulty meeting their minimum payments?

[Deleted User]

Is this the realignment to 1% plus fees and interest?

It was brought in several years ago, and there are a few older accounts on other formulae, which are no presumably being brought up to date.

Or is it something else?

bossman247

Applies to all customers apparently, they have change the way interest is calculated. so that the balance is brought down quicker. So rather than just paying off interest each month you pay a larger portion of the balance outstanding. But obviously it's meant higher monthly repayments.

[Deleted User]

I haven't had a notice of variation about it - but my account was opened under the 1% plus fees and interest regs.

This sounds like the older accounts only.

dazzaofdagenham

I don't think it's the way interest is calculated.

It's the min payment that's altered.
Think it's now 1% of balance plus interest

PeacefulWaters

bossman247 wrote: »

Has anyone else noticed their monthly Halifax credit card repayment minimum amount has shot up. The Halifax have seemingly changed the way they charge you interest. Surely this is going to put a lot of people in difficulty meeting their minimum payments?

They've applied a regulator's formula to older cards.

Bad news for them because it means less interest.

Good for you, because it means less interest.

But why not seek out a cheaper deal elsewhere?