Halifax Scam

saracenvii

Hi, I have registered just to let any Halifax credit card holders know that they are running a nasty little scam. They offered me a great balance transfer deal for the life of the balance. I did the transfer over the phone and though I had quite a bit outstnading I transfered £2400. Three days later, I get a letter telling me that my APR has gone up 4% .

Just so you know.

Mickey_Monk

Are you sure that the increased rate isn't just for card purchases etc?

saracenvii

The balance transfer rate isnt what went up just the standard rate. But of course since all my payments will go towards my transfer until its paid off, they just made themselves an extra 4% on the rest until then, thats the scam.

mintymoneysaver

That's why Martin tells you never to spend on a card you've done a balance transfer too. Can't you get another 0% card to put your purchases on?

YorkshireBoy

mintymoneysaver wrote: »

That's why Martin tells you never to spend on a card you've done a balance transfer too. Can't you get another 0% card to put your purchases on?

Whilst what you say is correct, I think the OP's gripe is that they already had a standard rate balance on the card prior to BT'ing more debt to it.

saracenvii

mintymoneysaver wrote: »

That's why Martin tells you never to spend on a card you've done a balance transfer too. Can't you get another 0% card to put your purchases on?

As YorkshireBoy says, no money spent just did a BT to a card with existing debt. The difference of rate between the card and that transffered from made it worthwile. However the 4% increase does not.

Luckily I have another card I can transfer the whole lot to if they dont fix this. Its not 0% but its a 2% lower than what they've raised the Halifax to.

My actual aim was to make people aware of the scam being perpetrated by these sob's.

YorkshireBoy

saracenvii wrote: »

Luckily I have another card I can transfer the whole lot to if they dont fix this. Its not 0% but its a 2% lower than what they've raised the Halifax to.

Then why didn't you shift the balance off the Halifax card first, before bringing the whole lot back at the LOB rate?

saracenvii

YorkshireBoy wrote: »

Then why didn't you shift the balance off the Halifax card first, before bringing the whole lot back at the LOB rate?

Cuz im an idiot who should think about things more. Maybe I still can

CannyJock

saracenvii wrote: »

Cuz im an idiot who should think about things more. Maybe I still can

Just means picking up a few more 3% BT fees along the way, but if you do the arithmetic you'll see if it's worth it, or post up the balances and % rates and someone here might help you out with the numbers.

saracenvii

CannyJock wrote: »

Just means picking up a few more 3% BT fees along the way, but if you do the arithmetic you'll see if it's worth it, or post up the balances and % rates and someone here might help you out with the numbers.

Thanks CannyJock.

Halifax standard rate is now 19.4%
Balance transfer rate 6.95% for Life of Balance

Rate n other card is 17.9%
Total amount Im going to be transferring back and forth is aprrox £8000
so I guess ill be paying £480 for fees but saving nearly double that in one year, or is my maths wrong?

coolsolution

You cant win with this big scammers until you start playing smart.

I Got HSBC credit card with interest rate of 15.9% and over a grand of outstanding balance.

so i applied for a new card and did BT. now HSBC has increased the interest rate of my card to 24.99% APR

WOW .what a treat.Doesnt matter anyway i got 0 balance on them.What i will do next is cancell it and wait few months , i think they will send me pre apporved application packas they did b4.