By: Harvey Jones | Updated: 12th February, 2019.
Who doesn't love 0% introductory balance transfer credit cards? Yet most have one annoying niggle -- an upfront fee of up to 3% of the balance you transfer, which wipes out some of the savings. Halifax has decided it doesn't need to do that on this card, which saves you money and makes this a compelling offer.
This Halifax Balance Transfer card strikes a nice balance between offering 20 months of 0% interest on balance transfers, along with no-fee balance transfers over the first 90 days. A nice additional perk is a 6-month window for 0% interest on purchases. In all, this is a nice choice for those looking for some time to pay down balances without racking up extra interest charges.Read full review >
|A variable representative of||19.9% APR|
|A variable annual purchase rate of||19.95% p.a.|
|Based on borrowing||£1,200 over 12 months|
Yes, you can find 0% balance-transfer deals stretching for much longer periods. The best run to 34 months, while the Halifax No Fee 0% Balance Transfer offer only runs to a maximum of 20 months. However, most cards with those ultra-long offers slap on a fee costing up to £30 for each £1,000 of balance you transfer. With this Halifax offering you pay no balance-transfer fee at all.
I’ve been a personal financial journalist for 30 years, writing for national newspapers, magazines and websites. I reported on the technology boom in the 1990s, and the subsequent bust. I covered the financial crisis, and the tentative recovery. Decades of writing about the big banks has taught me to be sceptical, to examine every pledge and promise, and look closely at the small print of their product offerings. I’m on the side of the consumer, alert to rip-offs while also keen to highlight top deals. There are plenty out there, if you know where to look.
I don’t like to carp, but the Halifax No Fee 0% Balance Transfer card could have been a little more generous in one or two places.
It’s a pretty decent offering for those who want to transfer their existing card balance without paying a fee, although you can get a longer fee-free introductory rate if you shop around.
To qualify, you must be over 18, have a regular income, and not have applied for a Halifax Credit Card, and been declined, within the last 30 days.
Like every card issuer, Halifax will carry out credit checks. It is obliged to offer its best rates to at least 51% of successful applicants but those with past credit problems could get reduced benefits, for example, the 0% balance transfer rate could fall to 18 months, and you may have to pay a 3% fee. Or the APR on purchases may jump to a much higher level. Your application is likely to be rejected if you have any outstanding County Court Judgements (CCJs) against your name, are currently bankrupt or subject to an Individual Voluntary Agreement.
Halifax says it only takes five minutes to get a decision on your credit card application, but it will help you gather some key information in advance. This will include your current UK address, plus any previous address (if you’ve moved in the last three years). You also need to know your annual income before tax, main bank account number and sort code, and email address and phone number.
You should also collect details of any non-Halifax Bank credit or store cards you want to transfer over, although you can do this later within online banking or over the phone.
If you’ve got credit or store-card debt and reckon you can pay it off within 22 months, this card could be perfect as you escape the dreaded balance-transfer fee. If you need longer, you can find intro rates running for more than 30 months, but most charge an upfront fee of up to £30 for each £1,000 you transfer. A shorter introductory period may actually be an advantage, if it forces you to pay off that debt faster. If debt isn’t the problem, look for a card with other benefits such as 0% purchases or rewards and points.
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