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.