Halifax Clarity Interest rate.

Mannanan

Sorry if it's been asked before, but how do I apply to get the 18% rate that is often quoted. I seem to be paying 21% interest on my balance. I know it's pennies but as I have a good credit record, it would be nice to get the better rate. Thanks.

[Deleted User]

You get the rate the lender feels is appropriate. Only 51% of successful applicants need get the headline rate.

PeacefulWaters

Mannanan wrote: »

Sorry if it's been asked before, but how do I apply to get the 18% rate that is often quoted. I seem to be paying 21% interest on my balance. I know it's pennies but as I have a good credit record, it would be nice to get the better rate. Thanks.

It depends on their definition of good.

They have four different credit scores:

Inadequate - decline
Quite good - accept at highest rate
Good - accept at middle rate
Fab - accept at cheapest rate

See, they agree that you have a good credit rating and charge you accordingly.

Other than overseas cash withdrawals, why would you pay any interest?

Mannanan

Ok, thanks. Guess I am stuck with the higher interest rate they have assigned to me for the time being. I use the card mainly abroad for ATM withdrawals when I may be away for weeks at a time. Full balance is always paid immediately I return to the UK. Occasional large purchases (up to £1000) are made in UK but I normally pay them when the statement arrives. Guess I should make the effort to pay all balances immediately and not wait for the statement date.

Westminster

I clear my account in full every month so don't know what APRs are applied to any of my CCs but I was curious so had a look at Halifax.

On my clarity statement for this month I have a 17.70% APR for cash, purchases and BT.

I presume this is a legacy rate as on the application page the list 18.9% for 51% of customers followed by 21.9% or 25.9%

[Deleted User]

Mannanan wrote: »

Guess I should make the effort to pay all balances immediately and not wait for the statement date.

No. If clearing in full, always wait for the statement and then pay by due date, unless there is cash you want to clear.

bigadaj

Westminster wrote: »

I clear my account in full every month so don't know what APRs are applied to any of my CCs but I was curious so had a look at Halifax.

On my clarity statement for this month I have a 17.70% APR for cash, purchases and BT.

I presume this is a legacy rate as on the application page the list 18.9% for 51% of customers followed by 21.9% or 25.9%

Unless you've got the old legacy rate of 12.9% of course.

Ryan101

I have had my Clarity Card now for years, but to be honest I hardly use it since they stopped the £5. The last statement was October and the rate was 12.94%, so is this an old rate ??

littlemissbossy

Ryan101 wrote: »

I have had my Clarity Card now for years, but to be honest I hardly use it since they stopped the £5. The last statement was October and the rate was 12.94%, so is this an old rate ??

+1

My last statement was Oct 16 too, my rate says 12.70%.

Yawn

Mannanan wrote: »

Ok, thanks. Guess I am stuck with the higher interest rate they have assigned to me for the time being. I use the card mainly abroad for ATM withdrawals when I may be away for weeks at a time. Full balance is always paid immediately I return to the UK. Occasional large purchases (up to £1000) are made in UK but I normally pay them when the statement arrives. Guess I should make the effort to pay all balances immediately and not wait for the statement date.

These interest rates can also go up and down, though mostly up I imagine. Halifax wrote to me last spring telling me that a higher interest rate was more 'suitable' for me. I cancelled and took out the Creation credit card which has a much lower interest rate.

System

Didn't Halifax change it to a % above BOE base rate some time ago.
I know that mine went down when the BOE base rate got cut to 0.25%