Why is Halifax associated with a credit card offering loan-shark rates?

Q I received a mailshot inviting me to apply with confidence for a new Aqua credit card, even if I have previous arrears or county court judgements, am self-employed, am not on the electoral roll and/or have a low salary. It offers me a credit limit up to ?1,000 and an 'affordable' interest rate of 32.9%.

Aqua is a trademark of SAV Credit Ltd, which is used by Halifax plc under licence. If I went into my local branch of Halifax with all or any of the above problems, staff would probably throw me out. They certainly would not open a bank account for me if I was not on the electoral register. Perhaps you could ask Halifax why it would want to exploit vulnerable people by generously offering a credit card at loan-shark rates.

KH

A Halifax assures me it is merely a third-party administrator for SAV - in other words it does the 'office work' end of things, such as managing statements. SAV runs its own business, vets its applicants and sets its own rates, so Halifax's involvement is minimal.

I agree that this Aqua card sounds appallingly expensive, but I don't think you can take Halifax to task for it. Just steer clear of any credit card offering that sort of appallingly high interest rate.