Halifax has increased interest rates

Durham_andrew

Hi my very old Halifax MasterCard (15 years +) has just increased my interest rate from 10.20% to 19.2% my balance is always paid in full each month. I only use it for the .25% cash back. If I was to close the account now would i receive the cash back now. It is normally paid in May. Thanks

BoGoF

Why would you close it if you pay in full every month?

nickcc

Why bother to close it as you're still earning interest and the increase in charges won't affect you as you pay in full every month.

Replies crossed.

Durham_andrew

It was more just in case I ever slipped up and missed a payment as my dd is now set a minimum payment since Halifax change the way the do there dd. Thanks anyway I will just be a lot more careful with this card

Ben8282

If you pay in full every month then you are not paying interest so the APR is of no importance. Therefore not understood why you want to close the account for the stated reason.

Ben8282

Durham_andrew wrote: »

It was more just in case I ever slipped up and missed a payment as my dd is now set a minimum payment since Halifax change the way the do there dd. Thanks anyway I will just be a lot more careful with this card

Just change the dd back to full balance. On such an old card the credit limit is unlikely to be exceptionay low so unless you are spending massive amounts no reason to be making extra payments. Just let the dd take care of it.

Durham_andrew

Good idea I don’t no why I never thought of that thanks ben

jonesMUFCforever

...To answer your question though - NO you would not receive the cashback now - IMO you would forfeit it if the card was closed before next May.