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 FlexiCard Credit Card|
|APR||Representative 6.4% APR (variable)
Rates from 6.4% APR (variable) to 14.9% APR (variable), depending on individual circumstances.
|Interest rates||Introductory promotional rates||Standard Monthly Rate (variable) - simple %||Standard Annual Effective Rate (variable)%|
|Purchases||Not applicable||0.522% or 1.167%||6.45% or 14.95%|
|Cash transactions||Not applicable||0.522% or 1.167%||6.45% or 14.95%|
|Balance transfers||Not applicable||0.522% or 1.167%||6.45% or 14.95%|
|Instalment plans||Not applicable||0.522% or 1.167%||6.45% or 14.95%|
|Default charges - the simple annual rate is 6.264% or 14.004%|
|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.|
|Purchases||Date debited to your account||Paid in full|
|Cash transactions||Date debited to your account||Paid in full|
|Balance transfers||Date debited to your account||Paid in full|
|Instalment plans||Date debited to your account||Paid in full|
|We do not charge interest on default charges for the first 28 days after the day we give you notice (usually in your statement) that these charges are payable. After that we charge simple interest, so we will not charge interest on interest|
|Allocation of payments||
If you do not have any Instalment Plans set up, we use your payments to clear any overdue amounts before we apply them to your latest Minimum Payment.
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
Maximum credit limit
|Subject to status.
Subject to status.
|Your credit limit is the total amount you can borrow under this agreement. We set this limit and tell you what it is in writing soon after opening your account. It is important to stay within your credit limit. All Transactions on your account will reduce your available credit and all repayments you make will free up any credit for you to borrow again. Please see your credit card agreement for any limitations that apply to certain transactions|
|Annual fee||No annual fee.|
|Fees||Cash transactions (any currency)||3% or minimum £3.|
|Introductory balance transfer fee
||0% of the amount of each Balance Transfer you make within the first 90 days of opening your account.|
|Non-introductory balance transfer fee||3% of transfer (min £3).|
|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||2.95% of the amount of the sterling transaction value.|
|Cash transaction fee||3% minimum £3|
|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 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.
The example assumes the following:
|Illustrative example for a £1,000 purchase based on 6.4% APR|
|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 1st year?||£59.70||£48.40|
|How much interest will you be charged in the 2nd year?||£52.93||£13.37|
|How long would it take to clear the balance?||16 years 1 month||1 year 11 months|
Setting up instalment plans means that you can use the simple online repayment planner to decide how much you’d like to put in an instalment plan and over how many months you want to pay it back. You will also see how much interest you will pay. Paying more that the minimum payment each month will mean you pay off the amount you owe quicker and therefore pay less interest.
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 would like advice, we will be happy to refer you to a member of staff who will be able to help you. They will also be able to help you if you're experiencing financial difficulties.