Halifax reward account qualification options

qsk

Anyone knows if you switch option, when does it take effect? At the moment, I keep £5000 for £5 offer and get £5 reward on 12th each month. I wish to switch to "£500 debit card for £5" from next month, which happens to be my anniversary. Can I withdraw the £5000 and make a £500 debit card on Nov 1st to qualify for Nov, or do I have to wait until Nov 12th payday?

General_Grant

qsk said:

Anyone knows if you switch option, when does it take effect? At the moment, I keep £5000 for £5 offer and get £5 reward on 12th each month. I wish to switch to "£500 debit card for £5" from next month, which happens to be my anniversary. Can I withdraw the £5000 and make a £500 debit card on Nov 1st to qualify for Nov, or do I have to wait until Nov 12th payday?

The payment on around the 12th of the month is not affected by what happens in the earlier days in that calendar month.

The switch to the changed criterion should take effect from the date it says.  Have you seen the invitation to confirm or change your reward?  Have you advised them of the change?

soulsaver

@qsk Check the Rewards Extra tracker (under My Current Account options on PC, 3 dots in app) for the expiry date.

The prior posts have some suggestions if the date is further away than you'd like.

Get that £5k into a top easy access ac as soon as... £5 pm is only 1.2% - even if you can't renew yet.

qsk

Thanks for the advice @General_Grant,  @soulsaver.
 
Checked the renewal invitation and it says "Your Reward Extra will end 30th Nov 2022". I have chosen the option for £500 DC payment but the confirmation didn't say anything about the start date. Rather, it says "it will start the day after the current one expires". So does this mean that I need to keep the £5000 until 30th Nov and withdraw and spend £500 DC on Dec 1? It is now only Oct and it feels a bit weird they ask you to choose this early.

changearound1

qsk said:

Thanks for the advice @General_Grant,  @soulsaver.
 
Checked the renewal invitation and it says "Your Reward Extra will end 30th Nov 2022". I have chosen the option for £500 DC payment but the confirmation didn't say anything about the start date. Rather, it says "it will start the day after the current one expires". So does this mean that I need to keep the £5000 until 30th Nov and withdraw and spend £500 DC on Dec 1? It is now only Oct and it feels a bit weird they ask you to choose this early.

You can only do the £500 DC spend from December. You're probably better off leaving the £5000 with Halifax until the end of October then moving it out to an Easy Access account with a interest rate on November 1. You'll lose the Halifax £5 for November but make more on interest.

soulsaver

qsk said:

Thanks for the advice @General_Grant,  @soulsaver.
 
Checked the renewal invitation and it says "Your Reward Extra will end 30th Nov 2022". I have chosen the option for £500 DC payment but the confirmation didn't say anything about the start date. Rather, it says "it will start the day after the current one expires". So does this mean that I need to keep the £5000 until 30th Nov and withdraw and spend £500 DC on Dec 1? It is now only Oct and it feels a bit weird they ask you to choose this early.

I'd keep the £5k in until Nov 1st, then move it to Barclays 5% or any other top EA account as you earn more than £5 interest in the meantime.
I'd start the monthly debit card spend in November anyhow, then you're assured of qualifying for the December reward.

qsk

soulsaver said:

qsk said:

Thanks for the advice @General_Grant,  @soulsaver.
 
Checked the renewal invitation and it says "Your Reward Extra will end 30th Nov 2022". I have chosen the option for £500 DC payment but the confirmation didn't say anything about the start date. Rather, it says "it will start the day after the current one expires". So does this mean that I need to keep the £5000 until 30th Nov and withdraw and spend £500 DC on Dec 1? It is now only Oct and it feels a bit weird they ask you to choose this early.

I'd keep the £5k in until Nov 1st, then move it to Barclays 5% or any other top EA account as you earn more than £5 interest in the meantime.
I'd start the monthly debit card spend in November anyhow, then you're assured of qualifying for the December reward.

But the new DC option won't start until Dec. Do you think they would be kind enough to pay for Nov spend

phillw

qsk said:
But the new DC option won't start until Dec. Do you think they would be kind enough to pay for Nov spend

Check what the reward tracker says on November 1st.

If it still says about keeping a £5000 daily balance, then I would assume they won't pay you for a £500 debit card transaction.

soulsaver

When it's up and running you qualify in month 1 for reward paid in month 2.

When it was launched, they gave a concession in the first month after sign up as they couldn't base the reward on something you did prior to the launch.

I don't know how a conversion works, maybe you get another concession; but if it's easy enough to do the DC spend to qualify for a reward, why wouldn't you do it in November and be certain to qualify for December payment if that's how it works?

And if it doesn't, you've lost nothing anyway as you'll have earned more in the EA ac. 

Otherwise it's impossible to qualify for December, unless you keep the £5k there, which doesn't make MSE sense?

General_Grant

The £5 for £5K balance ends 30 Nov.
So, to be paid £5 in December you would need to keep the £5K in the account. throughout November.
If you want to earn more in interest than £5, move the £5K out on 1 November. to a recommended account (as suggested above).
No £5 payment will go to your account in December. but you will have earned more in interest elsewhere.
Then during December make the £500 debit card spend (avoiding using your overdraft) and you'll be paid £5 in January.