If you’ve got any existing credit card debt you want to switch to a new card, this deal from Halifax is worth checking out.
This is what you get:
• 33 months’ interest-free for balance transfers • 0.59% effective fee applies on each balance transfer made in the first 90 days. (An initial 3% fee applies but Halifax refunds 2.41% within 90 days, so the effective fee is 0.59%.) • If you transfer balances outside the initial 90 days, the 3% fee stands. • £20 cashback direct from Halifax (not a cashback site) on your first balance transfer made within 90 days of account opening. This ends on 13 June. • 0% interest for three months from account opening on purchases, then 18.9% APR.
If my maths is correct, that means you can transfer up to £3,390 for free as the £20 cashback will cancel out the 0.59% fee.
Note: This isn’t Halifax’s longest 0% balance transfer offer – it has 41 months with a 2.29% fee and 37 months with a 1.39% fee. It’s the 0.59% fee and £20 cashback that makes it a good deal if you reckon you can pay off your debt in 33 months.
Small print to note
• Minimum £100 balance transfer.
• At least 51% of customers will get 0% on balance transfers for the first 33 months and a representative rate of 18.9% APR (variable). Others will get 0% on balance transfers for the first 33 months and a rate of 21.9% APR (variable), or 0% on balance transfers for the first 18 months and a rate of 25.9% APR (variable).
• The £20 cashback will be paid in to your credit card account within 90 days of the balance transfer being made.
• To keep any promotional rates, you must pay at least the minimum payment on time and stay within your credit limit.
Why I like it
33 months might not be the longest 0% balance transfer deal around but it’s not bad, while the 0.59% fee and £20 cashback keeps the cost of transferring balances low or free in some cases.
All comments (40)
pinacolada123
19 May 17#1
Thanks, will look into it later need one to transfer some balance
whelan189
19 May 17#2
what does this mean, i don't have any credit cards, what does free balance on 3k mean
matt3454
19 May 17#3
Could I overpay my mortgage by £3k if I had this?
Surely I'd save quite a bit of mortgage interest as long as I can pay off this card within 33 months.
writergirl74
19 May 17#4
No, you can only transfer other credit card debts to a balance transfer card. A "money transfer" card allows you to transfer other debts to a 0% credit card.
summerof76
19 May 17#5
Heat added
Babbler
19 May 17#6
Beware they tend to give lower limits...
mrimac94
19 May 17#7
Technically it's possible if you have another CC. Do a balance transfer for the most you can to the other CC, then ring up the CC with a (now) positive balance and ask for a credit deposit into your current account. Not sure if this is against Ts & Cs but is certainly a workaround.
soap_box
19 May 17#8
Doesn't really apply to you since you don't have one. But It means if you owed on an existing card, you could move what you owed over to this Halifax card, and the amount owed wouldn't increase by any interest for 33 months. You'd be charged 0.59% of the balance you transferred.
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Opening post
This is what you get:
• 33 months’ interest-free for balance transfers
• 0.59% effective fee applies on each balance transfer made in the first 90 days. (An initial 3% fee applies but Halifax refunds 2.41% within 90 days, so the effective fee is 0.59%.)
• If you transfer balances outside the initial 90 days, the 3% fee stands.
• £20 cashback direct from Halifax (not a cashback site) on your first balance transfer made within 90 days of account opening. This ends on 13 June.
• 0% interest for three months from account opening on purchases, then 18.9% APR.
If my maths is correct, that means you can transfer up to £3,390 for free as the £20 cashback will cancel out the 0.59% fee.
Note: This isn’t Halifax’s longest 0% balance transfer offer – it has 41 months with a 2.29% fee and 37 months with a 1.39% fee. It’s the 0.59% fee and £20 cashback that makes it a good deal if you reckon you can pay off your debt in 33 months.
Small print to note
• Minimum £100 balance transfer.
• At least 51% of customers will get 0% on balance transfers for the first 33 months and a representative rate of 18.9% APR (variable). Others will get 0% on balance transfers for the first 33 months and a rate of 21.9% APR (variable), or 0% on balance transfers for the first 18 months and a rate of 25.9% APR (variable).
• The £20 cashback will be paid in to your credit card account within 90 days of the balance transfer being made.
• To keep any promotional rates, you must pay at least the minimum payment on time and stay within your credit limit.
Why I like it
33 months might not be the longest 0% balance transfer deal around but it’s not bad, while the 0.59% fee and £20 cashback keeps the cost of transferring balances low or free in some cases.
All comments (40)
Surely I'd save quite a bit of mortgage interest as long as I can pay off this card within 33 months.