It’s always good to know the exact details so here is a clear summary of all the key credit card features. The information contained in this table summarises key product features and is not intended to replace any terms and conditions.
|SUMMARY BOX - Halifax Clarity CREDIT CARD|
|APR||Representative 19.9% APR (variable)
Rates from 19.9% APR to 27.9% APR, depending on individual circumstances.
|Interest rates||Introductory promotional rates||Standard monthly rate (variable) simple %||Standard annual effective rate (variable) %|
|Purchases||Not available.||1.527% or 2.075%||19.95% or 27.95%|
|Cash transactions||Not available.||1.527% or 2.075%||19.95% or 27.95%|
|Balance transfers||Not applicable.||1.527% or 2.075%||19.95% or 27.95%|
||Not applicable.||1.527% or 2.075%||19.95% or 27.95%|
Default charges - the simple annual rate is 18.324% or 24.9%
We will charge you £12 if you do not make at least your minimum payment to us by the payment due date requested on your statement. You will lose your promotional offers if this happens and the standard interest rates for the applicable transactions will apply.
|Interest charging information||
We calculate interest daily based on the total amount you owe. We add together all the daily interest amounts in each statement period and add the total to your balance on your statement date.
There are three exceptions to this rule:
|Allocation of payments||
We use your payments to clear any overdue amounts before we apply them to your latest minimum payment.
We will reduce the amount you owe in the following order:
We use your payments to pay off balances charged at the highest interest rate first and so on down to balances with the lowest interest rates. This means the more expensive balances are always paid off first.
If there is more than one type of balance at the same interest rate, they are paid off in the following order: cash transactions, purchases, balance transfers and money transfers, and then default charges (plus any interest or charges incurred as a result of those balances). For each type of balance, your payments will pay off the oldest balance (and related fees, charges or insurance) first.
The minimum payment we ask for is charged on a monthly basis and will be the higher of £5 or the total of:
If you owe less than £5, you must pay the full amount you owe.
|Credit limit||Minimum credit limit||Subject to status.|
|Maximum credit limit||Subject to status.|
|Your credit limit is the total amount you can borrow under the credit card agreement. We set this limit and tell you what it is in writing soon after opening your account. Please see your credit card agreement for any limitations that apply to certain transactions.|
||No annual fee.|
|Fees||Cash transactions (any currency)||None|
|Promotional balance transfer fee
||0% on each balance transfer you make within the first 90 days of opening your account.|
|Promotional money transfer fee
|Non-promotional balance transfer fee
||0% of transfer.
|Non-promotional money transfer fee
||0% of transfer.
|Non-sterling transactions (foreign usage)||Payment scheme exchange rate||Indicative rates can be found at Mastercard Currency Conversion Tool.|
|One or more of the following may apply:|
|Non-Sterling Transaction fee||None|
|Cash transaction fee||None|
|Default charges||Late Payment charge||£12|
Credit cards are designed to be a flexible form of borrowing. Paying the minimum amount every so often can help you manage your money more effectively, although we would not recommend that you make minimum payments for a long period of time once your promotional offers have ended. Once your account is open, you can set up a Direct Debit for any fixed amount over the minimum payment by calling 03457 28 38 48. Lines are open 7am - 11pm, seven days a week.
For longer term borrowing it may be more appropriate to choose a loan from us. If you would like to find out more about this you can call Halifax Personal Loans on 0345 600 4611, (Lines are open 8am to 10pm, Monday to Friday, 9am to 6pm on Saturdays and 9:30am to 5:30pm on Sundays) or visit halifax.co.uk/loans or call into a Halifax branch, where our staff will be happy to help.
The following example highlights the difference between only paying the minimum and paying a fixed amount:
For a purchase of £1,000 on your Halifax Clarity CREDIT CARD.
|Monthly Payment||If you pay the minimum payment each month||If you pay £50 each month|
|How much interest will you be charged in the first year?||£175.30||£150.87|
|How much interest will you be charged in the second year?||£155.17||£61.71|
|How long would it take to clear the balance?||18 years 5 months||2 years 2 months|
The above example assumes the following:
Halifax is a responsible lender and we only want you to borrow what you can afford and in a way that is best for you. If you’d like to talk to us about the choices you’ve made or you would like further information, please contact us. We will also be able to help you if you’re experiencing financial difficulties.